“A dollar don’t buy what it used to.” And even a million of them is still not enough according to some Canadian house hunters.
Royal LePage is out with its latest Million Dollar Properties Report. It suggests more than 20% of Canadians feel that $1 million is not enough to buy a home that meets their needs in the area where they currently live. On the flip side of that, more than 60% of Canadians are convinced that $1 million is a reasonable budget for a home with 41% saying it is “more than enough” and 22% calling it “adequate”.
Not surprisingly that level of optimism changes by region. Just 18% of respondents in B.C., and 30% in Ontario agree that $1 million is more than enough. In Manitoba/Saskatchewan it is 60% and in Quebec it is 59%.
What do you get for $1 million? Well, it comes down to the old adage, “Location Location Location”. In Calgary, $1 million is seen as the “move up” price point. In Toronto and Vancouver, it is the entry level.
On average a $1 million home in Canada is 1,760 square feet with 3.2 bedrooms and 2.1 bathrooms. In Edmonton your million will get you 2,675 square feet of floor space, 3.3 bedrooms and 2.9 bathrooms. In Vancouver that shrinks to 900 square feet, 1.8 bedrooms and 1.6 bathrooms.
The stats for 2023 are virtually the same as 2022. The big change, according to Royal LePage, has come in affordability as carrying costs have climbed substantially due to higher mortgage rates.