In real estate, the value of a dollar is ever-changing. Currently, there’s a global shortage of property priced under $250,000. However, there continues to be an increasing number of property listed in the million-dollar range.
Depending on where in Canada you live, what you can buy for $1 million varies greatly.
If you want to spend 7 figures on a small fixer-upper, Vancouver is the place to be. It is a city on the rise, meaning competition can be fierce and you often have to pay top dollar. Buyers are competing with domestic buyers and foreign investors.
Toronto is slightly more accessible than Vancouver, and you can get decent deals on starter homes. This is especially true for neighborhoods on the outskirts of downtown, like Pickering, Ajax and Brampton.
As they say, it’s all about location, location, location. If you’re looking for more space in an updated home, other parts of Canada may be more feasible.
Hunting for a Bargain
To get the most of your million, Winnipeg is where to look. A nice home averages four bedrooms and four bathrooms, which is much more space than you’d find in other regions.
If you’re looking to get the most for your money while staying near suburbs or city-centres, you should instead consider areas like Saskatoon and Montreal.
Alberta is another decent option because of the recent market. The million-dollar two-story homes in Calgary are at about the same value they were 10 years ago. In January of 2017, it was reported that $1 million could get you nearly 232 square feet of living area on a 650-square-metre lot.
To the contrary, buyers in Toronto could buy much more for $1 million if they were searching a decade ago.
Who is Buying?
These million-dollar homes are more popular among certain demographics. In Canada’s largest metropolitan areas, developers and first-time buyers are the predominant buyers of two-story homes selling for $1 million.
In other parts of the country, these homes are more popular among professional couples with children, usually young or middle-aged.
One million dollars can get you anything from a four-bedroom waterfront lap of luxury to a small home that needs some work. Which you choose depends on whether you’re willing to move for the home of your dreams, throw some extra money toward a better home in the area you want, or compromise on your expectations.
Just remember, it could always be worse. In Monaco, Hong Kong and New York, you’d be lucky to find a million-dollar property larger than 25 square metres.