How much home will $1 million buy you in Canada? It depends very much on the city.
According to a Royal LePage report $1 million will get you a 2,500 square foot home in Calgary with three bedrooms and two bathrooms. Due to the economic downtown, that’s about the same home value buyers saw in Calgary 10 years ago.
In January the average $1 million property in Calgary had three bedrooms, two bathrooms at 2,477 sq.ft., and a lot size of over 7,000 sq. ft.
The best bang for your buck is in Winnipeg where you can buy a four bedroom four bath home, with 3,505 sq. ft. of space in a desirable neighbourhood. The size of that home in Winnipeg is bigger than the entire lot you would get in Vancouver. Homebuyers in that hot market would get about 1,229 sq. ft. on a 3,134 sq. ft. lot.
In Toronto you could buy a three bedroom, two bath two-storey starter home in an up and coming neighbourhood.
Saskatoon gets you the biggest lot size at an average of over 65,000 square feet. Homes for that price were virtually unheard of in that city 10 years ago.
One million dollars will buy you a waterfront property in Halifax with all of the bells and whistles.