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Mapping the million: What $1 million can buy in Canada's major real estate markets
Mapping the million: What $1 million can buy in Canada's major real estate markets Cana...
About this update from Bridgemarq Real Estate Services, Inc.
[{"type":"text","content":"\n \n \n \n Mapping the million: What $1 million can buy in Canada's major real estate markets\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n Nationally, a typical\n \n $1-million\n \n home boasts an average of 3.2 bedrooms, 2.6 bathrooms and almost 1,800 square feet of living space\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Feb. 23, 2023\n \n \n /CNW/ - In examining what a budget of approximately\n \n $1 million\n \n – give or take\n \n $50,000\n \n – can buy in\n \n Canada's\n \n major housing markets,\n \n Royal LePage\n \n determined that the average home in\n \n Canada\n \n valued between\n \n $950,000\n \n and\n \n $1,050,000\n \n in December of 2022 had 3.2 bedrooms, 2.6 bathrooms and 1,763 square feet of living space, inclusive of all property types. Data for the report was provided by\n \n Royal LePage's\n \n sister company RPS Real Property Solutions, a leading Canadian real estate valuation company.\n \n \n Canadian homeowners, renters and buyer hopefuls continue to keep a close eye on real estate trends in their markets and nationally, after almost two years of exceptional housing demand and record price appreciation. Home prices in\n \n Canada\n \n have moderated over the last nine months, following a series of interest rate hikes by the Bank of\n \n Canada\n \n . Still, a fundamental shortage of inventory has kept Canadian property values relatively stable, and in major markets across the country, a\n \n $1-million\n \n price tag on a home is not unusual. However, the type of property that a million dollars gets you differs from one region to the next.\n \n \n \"The mythical million dollar house may not be the mansion it once was, yet a million-dollar budget will still buy a luxurious home in many parts of\n \n Canada\n \n ,\" said\n \n Phil Soper\n \n , president and CEO of\n \n Royal LePage\n \n . \"For those who live in our most expensive cities, low seven figures will get you a lovely, if more modest home.\"\n \n \n In today's post-pandemic landscape,...