Check out how this price segment varies regionally from coast to coast
When examining real estate markets across Canada’s cities, regions, and provinces, the meaning of a $1 million home can vary significantly. As the country continues to grapple with a supply shortage and affordability challenges for buyers, the definition of a $1 million property varies widely across major markets.
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%)
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