The Royal LePage 2024 Million-Dollar Properties Report includes insights into the average size and specifications of properties in major regions across the country within the $950,000 to $1,050,000 price range and the $1,950,000 to $2,050,000 price range.
“Depending on the market that you are shopping in, a $1-million home can mean something very different. In Calgary, a budget of $1 million is considered the move-up price point for existing homeowners. In Vancouver, the same amount is often the starting point for entry-level buyers,” said Karen Yolevski, COO, Royal LePage Real Estate Services Ltd. “Years ago, a $1-million budget could buy a generous amount of square footage and access to sought-after neighbourhoods in almost any market. Over time, however, we have watched the purchasing power of $1 million vary more widely between cities. These days, this budget can buy a luxurious detached home in one location, or a two-bedroom condominium in another.”
Key highlights from the 2024 Market Survey Forecast:
- On average, a $1-million property in Canada has 3.2 bedrooms and 2.1 bathrooms, while a $2-million property has 3.7 bedrooms and 2.6 bathrooms
- Edmonton boasts highest average square footage of all regions in the report (2,675 sq. ft.), while Vancouver records lowest (900 sq. ft.) in the $1-million category
- Cities and greater regions of Toronto and Vancouver rank below national average in square footage for $1-million properties, while the Greater Montreal Area boasts an average home size of 466 square feet larger than the national average
- Winnipeg and Halifax record largest average home size in $2-million category at almost 4,000 square feet
- Two thirds of Canadians overall (64%) believe that $1 million is a reasonable budget to afford a home that meets their household’s needs; that figure is significantly lower in Ontario (53%) and British Columbia (42%)
