Canadian housing markets have experienced exceptional demand and record price appreciation over the last two years. 

Despite a recent moderation in home prices, a shortage of inventory has kept property values relatively stable, and in major markets across the country, a $1 million price tag on a home is not unusual. 

Royal LePage examined what a budget of approximately $1 million can buy in Canada’s major housing markets. Their research found that the average home valued between $950,000 and $1,050,000 in December 2022 had 3.2 bedrooms, 2.6 bathrooms, and 1,763 square feet of living space.

According to Phil Soper, president and CEO of Royal LePage, “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. For those who live in our most expensive cities, low seven figures will get you a lovely, if more modest, home.”

The report notes that in today’s post-pandemic landscape, more Canadians have the option to work remotely, resulting in the ability to choose the city or town where they want to live without being restricted by the local job market.

For those who prioritize square footage, outdoor space, and luxurious features, $1 million will go much further in cities outside Toronto and Vancouver. However, others 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.

The Greater Montreal Area, unlike Canada’s two other largest metropolitan centres, boasts an average home size that is larger than the national average within the price range of $950,000 to $1,050,000. 

 

Regional summaries

 

Greater Toronto Area

The average home in the GTA valued between $950,000 and $1,050,000 in December of 2022 had 3.0 bedrooms, 2.2 bathrooms and 1,461 square feet of living space, 302 square feet less than the national average.

The average home in the city of Toronto, valued between $950,000 and $1,050,000 in December of 2022, had 2.8 bedrooms, 1.9 bathrooms and 1,232 square feet of living space; 229 square feet less than the average property in the greater region, and 531 square feet less than the national average.

“Today, the $1-million benchmark is considered more of an entry-level price point in many neighbourhoods in the city,” said Shawn Zigelstein, broker and team leader with Royal LePage Your Community.  

“Sales over the seven-figure mark dominate the detached market in both the city centre and the suburbs. The increased demand for larger properties as a result of the pandemic has put pressure on supply in this segment.”

 

Greater Montreal Area

The average home in the Greater Montreal Area valued between $950,000 and $1,050,000 in December of 2022 had 3.8 bedrooms, 2.4 bathrooms and 2,286 square feet of living space, 523 square feet more than the national average.

The average home in the city of Montreal, valued between $950,000 and $1,050,000 in December of 2022, had 3.9 bedrooms, 2.4 bathrooms and 2,153 square feet of living space, slightly below the average property size in the greater region but 390 square feet more than the national average.

Roxanne Jodoin, residential real estate broker, Royal LePage Privilege, explains that with a budget of $1 million, potential buyers can afford a single-family detached home with a minimum of three bedrooms, two bathrooms, a powder room, but also modern amenities such as a pool or large garden in the outer suburbs of Montreal.

 

Greater Vancouver

The average home in Greater Vancouver valued between $950,000 and $1,050,000 in December of 2022 had 2.6 bedrooms, 2.1 bathrooms and 1,279 square feet of living space, 484 square feet less than the national average.

The average home in the city of Vancouver, valued between $950,000 and $1,050,000 in December of 2022, had 1.9 bedrooms, 1.7 bathrooms and 941 square feet of living space; some 338 square feet less than the average property in the greater region, and 822 square feet less than the national average – that’s just over half the size of the average Canadian property at this price point.

“…$1 million is perceived differently across the Vancouver 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,” said Adil Dinani, sales representative, Royal LePage West Real Estate Services.

Dinani noted that a $1-million budget could afford buyers a two-bedroom unit in a desirable downtown Vancouver building. In communities outside the city’s core, the same price point can attain a slightly larger property, typically a townhome, with connectivity to transit and other amenities.”

 

Ottawa

The average home in Ottawa valued between $950,000 and $1,050,000 in December of 2022 had 3.6 bedrooms, 2.7 bathrooms and 2,408 square feet of living space, 645 square feet more than the national average.

“A $1-million budget will comfortably get you into Ottawa’s single-family detached home segment, with some variations depending on the micro-market you’re searching in,” said Sarah Wright, sales representative, Royal LePage Team Realty. “$1,000,000 will typically get you a sizable home with large bedrooms on a substantial lot in Ottawa’s outskirts, or an older or heritage-style home with less square footage in the urban neighbourhoods, which remain within walking distance of everyday amenities.”

 

Calgary

The average home in Calgary valued between $950,000 and $1,050,000 in December of 2022 had 3.1 bedrooms, 2.8 bathrooms and 2,242 square feet of living space, 479 square feet more than the national average.

“We’ve reached a new height in the market. A few years ago, a $1-million home in Calgary would take approximately four months to sell, a timeline that has since been halved by consistent buyer demand and comparatively low home supply,” said Doug Cabral, sales representative, Royal LePage Benchmark. 

“A once-sluggish high-end market, the $1-million price point saw a burst of activity in 2021 and early 2022, as higher household savings, low-interest rates, and the migration of homebuyers from more expensive cities across the country pushed prices higher. Although $1 million is not considered the luxury price point it used to be, this size of budget still goes a lot further in Calgary than in other major cities.”

Cabral added that the region has seen many young buyers from Ontario and British Columbia flock to the city in search of larger properties at greater affordability, shorter commutes, lower living costs, and proximity to Kananaskis and the Rocky Mountains. 

 

Edmonton

The average home in Edmonton valued between $950,000 and $1,050,000 in December of 2022 had 3.3 bedrooms, 2.8 bathrooms and 2,593 square feet of living space, 830 square feet more than the national average.

“A $1-million property in Edmonton is undoubtedly considered a luxury home. Buyers who have a budget of this size often prioritize location and will pay a premium to live in sought-after neighbourhoods with desirable amenities,” said Mani Bagga, sales representative, Royal LePage Noralta Real Estate. 

“Edmonton’s real estate market continues to see a lot of demand from newcomers to Canada, as well as buyers from other provinces who are looking for more space and greater affordability.”

 

Halifax

The average home in Halifax valued between $950,000 and $1,050,000 in December of 2022 had 3.7 bedrooms, 2.8 bathrooms and 2,596 square feet of living space, 833 square feet more than the national average.

“A property worth $1 million in Halifax falls in the luxury segment of the market, so buyers shopping within this price range have big expectations. Homes in this city worth $1 million tend to offer all of the bells and whistles, such as gourmet kitchens, opulent floor finishes, lots of living space, and access to desirable school districts,” said Tanya Colbo, sales representative, Royal LePage Atlantic. 

“Over the last two years, we’ve seen a lot more activity in this segment of the market, with an influx of buyers from out-of-province. Many who sold their homes in higher-priced cities and moved to the Maritimes have been able to significantly upgrade their space for less.”

 

Winnipeg

The average home in Winnipeg valued between $950,000 and $1,050,000 in December of 2022 had 3.3 bedrooms, 3.0 bathrooms and 2,565 square feet of living space, 802 square feet more than the national average.

“Historically speaking, Winnipeg’s $1-million listings represent a small portion of the overall market,” said Chris Pennycook, sales representative, Royal LePage Dynamic Real Estate. 

“With the rise in construction costs, consistent buyer demand and low inventory levels, we’ve seen the number of home sales in the seven-figure segment spike. However, even as the number of $1-million sales in Winnipeg rises, the city still remains one of the most affordable in the country. In today’s market, large and newly-renovated homes with good-quality finishes are listed in this price range.”

Pennycook noted that most $1-million sales occur in the detached segment; however, some ultra-luxury condominiums are in popular neighbourhoods at this price point.