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The size of a $1-million home in Canada differs between cities, according to a new study, and Edmonton homes in that price range have the highest square footage in the country.
A new report from Royal LePage comparing the size of million-dollar homes across the country shows that Edmonton homes in that price range have the largest number of bedrooms (3.3), bathrooms (2.9), and the greatest square footage (3,828 square feet). In comparison, the national average for such homes is 3.2 bedrooms, 2.1 bathrooms, and square footage in the 1,760 square feet range.
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“Depending on the market that you are shopping in, a $1 million home can mean something very different,” said Karen Yolevski, COO of Royal LePage, in a news release. “In Calgary, a budget of $1 million is considered the move-up price point for existing homeowners. In Vancouver, the same amount is often the starting point for entry-level buyers.”
The buying power of $1 million has remained largely unchanged year over year, said the report. Yolevski attributes much of the stagnation to a combination of more stringent mortgage qualification standards and a five per cent interest rate set by the Bank of Canada, the highest in more than two decades.
While a home buying budget of $1 million may seem like an unachievable milestone for many Canadians, a recent Royal LePage survey conducted by Leger revealed that 64 per cent of Canadians think that $1 million is a reasonable price for a home. That includes 22 per cent who say $1 million is ‘adequate’ and another 41 per cent who say it is ‘more than enough’ to afford a home that meets their household’s needs in their current city or region. Meanwhile, 22 per cent say it is ‘not enough.’
“Many buyers are expected to come off the sidelines this year as interest rates begin to come down,” Yolevski said. “This increased activity will undoubtedly put upward pressure on property prices, perpetuating affordability challenges even as monthly carrying costs are reduced.”
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