Here’s how much home you could buy in 8 Canadian cities — if you had a million dollars
Canadian alternative rock legends first sang if you had a million dollars buy a house in 1988 How many homes can you really afford in a Canadian city?
A report from brokerage firm Royal LePage, released Thursday, seeks to answer that question by examining the average size and amenities of homes valued at around $1 million in the Canadian housing market today.
According to the brokerage firm’s December 2022 data, the average home worth $1 million ($50,000 give or take) across the country has about 3.2 bedrooms, 2.6 baths, and 1,763 square feet. ft living space.
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But in the heart of Canada’s big cities, $1 million gets you much less space.
According to Royal LePage, in Vancouver, that price tag usually comes in less than 1,000 square feet of space, averaging 1.9 bedrooms and 2.8 bathrooms.
In downtown Toronto, you’ll find typical million dollar homes with an average of 2.8 bedrooms and 1.9 bathrooms in 1,232 square feet of living space.
According to Royal LePage, you’ll see more average spaces and more rooms in the Greater Toronto and Greater Vancouver areas than just looking at the core.
A $1 million investment can get you more space in cities like Halifax, New South Wales, which average 3.7 bedrooms, 2.8 bathrooms and 2,596 square feet of space.
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The average million dollar property in Montreal has above average 3.9 bedrooms with 2,153 square feet of living space and 2.4 bathrooms.
Rounding out the Royal LePage report are Ottawa, Ontario; Calgary; Edmonton, Alberta; and Winnipeg, Isle of Man.
To put the lyrics of Barenaked Ladies into a modern context, $1 million in 1988 equates to about $2.12 million in purchasing power in 2023, adjusted for inflation: According to a calculator maintained by ex-Google engineer Ian Webster:.
With that kind of money, any average home in these cities in Canada can afford to buy home furnishings with the remaining cash.
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