What mil­lion dol­lar homes look like across Canada

The Hamilton Spectator - - REAL ESTATE -

Re­cent growth in home prices across the coun­try have con­trib­uted to dif­fer­ences in the types of prop­er­ties that home­buy­ers can ex­pect to find with a $1 mil­lion bud­get. While the once-ex­clu­sive price point has be­come the norm in cer­tain mar­kets, it can buy any­thing from an ul­tralux­ury abode to an en­try-level res­i­dence de­pend­ing where you choose to live.

In 2016, a mil­lion dol­lars on av­er­age bought Cana­dian home­buy­ers 3.8 bed­rooms and 3.0 bath­rooms, with 2,454 square feet of liv­ing space and a lot size of 23,226 square feet. While the av­er­age num­ber of bed­rooms and bath­rooms at this price point typ­i­cally didn't change, a home's liv­ing area and lot size did, with sub­ur­ban and ru­ral re­gions of­fer­ing con­sid­er­ably more space.

A home's lo­ca­tion, size, prox­im­ity to ameni­ties, and cur­rent con­di­tion ranked as the top four fac­tors in­flu­enc­ing its value. To­gether, these four char­ac­ter­is­tics var­ied con­sid­er­ably na­tion­wide, with ma­jor cities of­fer­ing smaller, more dated two-storey starter homes when com­pared to the larger, more lux­u­ri­ous man­sions found in sub­ur­ban and ru­ral ar­eas.

“When armed with $1 mil­lion, there are many fan­tas­tic op­tions avail­able to home­buy­ers, es­pe­cially when ven­tur­ing out­side of ma­jor city centres,” ex­plains Tod­lynn MacPher­son of Royal LePage Truro Real Es­tate. “From a home in the hills of Al­berta to a stun­ning water­front prop­erty near Hal­i­fax, pur­chasers with a seven-fig­ure bud­get can live like kings in sub­ur­ban and ru­ral ar­eas where homes are con­sid­er­ably more af­ford­able and of­fer an un­prece­dented amount of value.”

Typ­i­cally, mil­lion dol­lar prop­er­ties and trans­ac­tions were of­ten found in and around larger, highly sought-af­ter mar­kets where greater de­mand has pushed home val­ues higher. This has led buy­ers to re­ceive less value for their money when com­pared to other ar­eas that are less con­strained by sup­ply and de­mand.

Find more in­for­ma­tion at roy­allepage.ca.

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