Royal LePage real estate agency published its latest report Thursday on whether it's possible to buy a home on a budget of $1 million in the country's major cities, including Montreal and Quebec.
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According to the report, the average home in Canada worth $1 million — give or take $50,000 — has an average of 3.2 bedrooms, 2.1 bathrooms and 1,760 square feet of living space as of December 2023.
The greater Toronto and Vancouver areas are below the national average for $1 million properties (1,459 sq ft and 900 sq ft respectively), while the Greater Montreal area averages 2,226 square feet, 466 square feet above the national average.
“Photo courtesy of Royal LePage”
In the city of Montreal, this type of budget allows you to own an average four-bedroom home with 2,093 square feet of living space.
In Quebec, this same amount gets you 2,516 square feet of living space, or 756 square feet more than the Canadian average, with an average home of 3.8 bedrooms.
Montreal and Quebec were the two regions with the highest average rooms among the cities analyzed for $1 million budgets.
“Photo courtesy of Royal LePage”
Edmonton had the highest average square footage of all areas surveyed (2,675 square feet), while Vancouver had the lowest square footage (900 square feet) for properties priced at $1 million.
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