Here’s how much home you can get for $1M across Canada these days

globalnews.ca:

interest rates and resilient home prices mean most Canadians are getting less for their homes at the $1-million benchmark, according to a new Royal LePage report.The analysis comes as would-be homebuyers continue to struggle with housing affordability, which market watchers say worsened again at the end of last year.Royal LePage released a study Thursday morning that reviewed the average square footage, bathrooms and bedrooms available for homes listed around the $1-million price tag (give or take $50,000 or so) in major cities across Canada in December 2023.The national average for a million-dollar home comes with an average of 3.2 bedrooms, 2.6 bathrooms and 1,760 square feet of space, according to the national real estate brokerage.That’s relatively consistent with a similar report from last year, but in most cities, the amount of space available in the typical $1-million home shrank year-over-year.And across those cities, there was a steep variability between what homebuyers are getting for a million dollars.“It is all about perspective,” Karen Yolevski, COO of Royal LePage, tells Global News. “Depending on where you are in Canada, where you may be looking for a home, $1 million can mean something dramatically different.”Coming in at the bottom of the pile was the core of Vancouver, which offers an average 900 square feet of space at the million-dollar mark.