It is well known that the average single-detached home in Vancouver costs more than in anywhere else in Canada, but just how much home can you get for $1 million?
In a March 6 Royal LePage report, the real estate broker said in 2016, the average square footage of homes being sold at this price point in the city was 1,229 square feet. This is more than 600 square feet less than the 1,846 square-foot home that could be purchased in the city in 2007 for the same amount.
By comparison, the national average was 2,436 square feet. In Toronto, buyers could find a 1,747 square-foot home for $1,000,000, and in Winnipeg—the city in which homebuyers could get the most bang for their buck in Canada-- homebuyers could get a 3,505 square-foot house.
Chart: Royal LePage
“There are striking differences in the options available for those who are looking to purchase a $1 million two-storey home in Canada,” said Johnston and Daniel senior vice-president Dianne Usher.
“From an older starter home in Vancouver to a waterfront property with all the bells and whistles in Halifax, the amount of value and space that prospective buyers receive is largely dependent on the characteristics of the market in which they are located.”
Looking out to the suburbs in Greater Vancouver, buyers could get significantly more living space for $1,000,000; the average square footage across the entire region one could buy for this amount was 2,175 square feet. In Greater Toronto, the average square footage was 2,363 square feet.
Chart: Royal LePage
“Significant value can still be found in the suburbs or city-centres like Saskatoon and Montreal, where homes are more affordable, landing you substantially more home with better features as a result,” Usher said.
In its report, Royal LePage said the profile of a $1 million buyer varies widely by region. In most cities across the country, wealthy professional couples are the buyers looking for homes in this price range. In Vancouver and Toronto, because of the high average home price, homes valued around $1 million are the norm, and those looking for homes valued at around this amount are either first-time buyers or developers.
@EmmaHampelBIV
