As the real estate markets vary widely across Canadian cities, a $1 million home holds different from region to region. A recent report by Royal LePage delves into what a budget of $1 million can secure in Canada's major housing markets.
In December 2023, the average home in this price range had 3.2 bedrooms, 2.1 bathrooms, and 1,760 square feet of living space. Despite a slowdown in activity and modest property price growth, the national scenario for a $1 million home remains relatively consistent year over year. However, the interpretation of a $1 million budget varies widely; in Calgary, it's a move-up price, while in Vancouver, it often marks the starting point for entry-level buyers.
The report also highlights the disparity of a $1 million budget across different regions, with larger urban centers demanding more concessions compared to more affordable locations. According to a recent survey, 64% of Canadians believe $1 million is a reasonable budget for a home meeting their needs, though interpretations differ.
Looking ahead, increased buyer activity, driven by decreasing interest rates, may heighten property prices, intensifying affordability challenges unless there's a substantial increase in supply.