When it comes to shopping for real estate, what you can get for $1 million varies greatly from region to region.
North of the border, what you get for your money varies significantly, as the location, size, home finishes and condition of a $1 million home varies.
According to Royal LePage, Canada’s leading real estate services provider, extreme variances in recent home price appreciation across Canada have contributed to vast differences in the types of properties a prospective homeowner can expect to buy with a $1 million budget.
The $1 million home was once an exclusive club, but it has become the norm in several Canadian markets. In other locations, it can purchase anything from an ultra-luxury abode to an entry-level residence.
Location, size, proximity to amenities and current condition is among the top factors that influence the price of a $1 million home. For example, in Canada’s two hottest markets – Toronto and Vancouver – the money will get a smaller, more dated two-storey “starter” homes when compared to larger, luxurious mansions elsewhere.
The number of rooms may not vary greatly. For example, at the start of the year a $1 million home in Vancouver had an average of 2.6 bedrooms and 2.1 bathrooms, while on Canada’s other coast, a $1 million home in Halifax had an average of 3.1 bedrooms and 3.8 bathrooms. Looking to Central Canada, $1 million secured an average of 3.4 bedrooms and 2.5 bathrooms in Toronto, while purchasing a $1 million home in Winnipeg delivered the biggest bang for your buck, with an average of 4.1 bedrooms and 4.0 bathrooms.
When it comes to space, among the seven cities studied across Canada – including Vancouver, Calgary, Saskatoon, Winnipeg, Toronto, Montreal and Halifax – Winnipeg provided the most living space overall, with $1 million fetching on average, a 3,505-square-foot home in a good location. In Vancouver, your money would get you a 1,229-square-foot home.
“There are striking differences in the options available for those who are looking to purchase a $1 million two-story home in Canada,” said Dianne Usher, senior vice president of Johnston and Daniel, a division of Royal LePage. “From an older starter home in Vancouver to a waterfront property with all of the bells and whistles in Halifax, the amount of value and space that prospective buyers receive is largely dependent on the characteristics of the market in which they are located.”
In the U.S., Bankrate.com found that in some places, $1 million will get you a mansion and a decent amount of land. On other places, you can afford a cozy two-bedroom condo.
In Hoboken, N.J., you could open your wallet for a 1,245 square-foot condo with two bedrooms and two baths. The listing price was $949,000.
If Vermont is more your pace, the same $1 million would get you an estate in the woods of Stowe, Vt., that features six bedrooms, five and a half baths and nine fireplaces. It also has a private pond. The 7,559 square-foot home is going for $975,000.
Is Boston more your style? A renovated penthouse with two bedrooms, a bath and a half and 1,054 square feet will set you back $938,000.
If Middle America is your desire, a home in the Kansas City suburb of Parkview, Mo., will cost $1 million. It features four bedrooms, six bathrooms and amenities galore. They include a theater room and wine cellar, plus access to a community swimming pool, exercise room and tennis courts, as well as an adjoining golf course. The single-family home comes in at 5,849 square feet.
On the North Coast, in Cleveland, $945,000 will get you a 5,471-square-foot, six-bedroom, six-bath mini-estate in the Tudor style with a brick-paved drive and an acre and a half of landscaped property.
If California is calling, be ready to ante up. If you want to reside in the Silver Lake section of Los Angeles, it will cost you $989,000 for a 1,486-square-foot, three-bedroom, three-bath house.
Whether it is in Canada or the U.S., $1 million properties and transactions have been more prevalent in highly sought-after markets where greater demand has pushed home values higher. As a result, this has led these regions to experience a weakening in the overall value received for $1 million when compared to other areas across the nation that are less constrained by supply and demand.