Here’s how much home you can get for $1M across Canada these days

If you had a million dollars, the kind of home you could buy in Vancouver is nearly a third the size of a property at the same price in Edmonton, a Royal LePage report shows.

Higher interest rates and resilient home prices mean most Canadians are getting less for their homes at the $1-million benchmark, according to a new Royal LePage report.

The national real estate brokerage released a study Thursday morning that reviewed the average square footage, bathrooms and bedrooms available for homes listed around the $1-million price tag (give or take $50,000 or so) in major cities across Canada in December 2023.

The national average for a million-dollar home comes with an average of 3.2 bedrooms, 2.6 bathrooms and 1,760 square feet of space, according to Royal LePage.

That’s relatively consistent with a similar report from last year, but in most cities, the amount of space available in the typical $1-million home shrank year-over-year.

And across those cities, there was a steep variability between what homebuyers are getting for a million dollars.

“It is all about perspective,” Karen Yolevski, COO of Royal LePage, tells Global News. “Depending on where you are in Canada, where you may be looking for a home, $1 million can mean something dramatically different.”

Coming in at the bottom of the pile was the core of Vancouver, which offers an average 900 square feet of space at the million-dollar mark. That’s roughly a third of what a homebuyer can get in Edmonton for the same amount.

A million dollars can get a homebuyer in the core of Toronto a home with an average of 2.8 bedrooms, 1.9 baths and 1,218 square feet of space, though those figures rise a bit higher if the lens is expanded to include the wider Greater Toronto Area.