According to Royal LePage, Canada’s leading real estate services provider, extreme variances in recent home price appreciation across Canada have contributed to vast differences in the types of properties a prospective homeowner can expect to buy with a $1 million budget. While the once-exclusive $1 million home has become the norm in certain markets, in others, it can purchase anything from an ultra-luxury abode to an entry-level residence.

A $1 million home’s location, size, proximity to amenities and current condition ranked as the top four factors that influenced its pricing, not unlike homes in other price ranges. However, together, these four characteristics varied considerably from region to region, with Canada’s two hottest markets – Toronto and Vancouver – offering smaller, more dated two-storey “starter” homes when compared to larger, luxurious mansions elsewhere. While the average number of bedrooms and bathrooms typically found in a $1 million dollar home did not differ by region as materially as the aforementioned four factors, there were noticeable differences between certain regions. In January, 2017, a $1 million home in the City of Vancouver had an average of 2.6 bedrooms and 2.1 bathrooms, while on Canada’s other coast, a $1 million home in Halifax had an average of 3.1 bedrooms and 3.8  bathrooms. Looking to Central Canada, $1 million secured an average of 3.4 bedrooms and 2.5 bathrooms in the City of Toronto, while purchasing a $1 million home in Winnipeg delivered the biggest bang for your buck, with an average of 4.1 bedrooms and 4.0 bathrooms.

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