What can $1 million get you in Canada’s real estate market?

If you had a million dollars, would it buy you a house in Canada?

That all depends on where you’re looking. However, a report from real estate company Royal LePage makes it clear, $1 million won’t land you a mansion anymore in places like Vancouver.

“The days of easily finding a detached home for $1 million in Vancouver are in the rearview mirror,” said Adil Dinani, sales representative, Royal LePage West Real Estate Services.

While a detached home for that price tag may be a difficult find, Dinani notes $1 million is “perceived differently” across the region.

“In some cases, it is not uncommon to spend this amount on a downtown condo or a newer townhome in an established suburban neighbourhood, depending on where you are looking,” he said.

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In the city of Vancouver itself, Royal LePage says the average home valued between $950,000 and $1,050,000 in December 2022 had nearly two bedrooms and just over one bathroom. At 941 square feet, the average square footage was 338 square feet less than the average region-wide, and 822 square feet less than the national average.

The real estate company says, at this price point, the average size of a home in the city was “just over half the size of the average Canadian property.”

Meanwhile, Royal LePage explains the average home in the Greater Vancouver region that was valued between $950,000 and $1,050,000 in December 2022 had just over two bedrooms and two bathrooms. The average square footage was 1,279 of living space, which is about 484 square feet less than the average across the country.

Though $1 million can’t necessarily buy you a home in the city itself, Dinani says it can get you a two-bedroom unit in the downtown core. You can stretch that money further if you head to the suburbs, where Dinani says you can typically buy a townhome.

‘Mythical million dollar house may not be the mansion it once was’

While buying a large home for $1 million may not be realistic to most in the Vancouver area, it can still get you into a luxury home in some other Canadian markets.

In Halifax, for example, it would get you a high-end house with multiple beds and baths, with about 2,600 square feet of living space.

The national average for a $1 million home is three bedrooms, two bathrooms, and about a 1,800 square foot floorplan.

“The mythical million-dollar house may not be the mansion it once was, yet a million-dollar budget will still buy a luxurious home in many parts of Canada,” said Phil Soper, president and CEO of Royal LePage. “For those who live in our most expensive cities, low seven figures will get you a lovely, if more modest home.”

Soper adds with remote work more of an option for many after years of COVID-19 pandemic changes, people aren’t necessarily being restricted when it comes to choosing where they’d like to live in Canada.

“For those who prioritize square footage, outdoor space, and luxurious features, $1 million will go a lot further in cities outside of Toronto and Vancouver,” Soper explained.

“Others, however, will pay a premium to live in the heart of our major cities and have access to top restaurants, shops, and entertainment within walking distance, even if it means having a smaller living space.”