Lots more here for a million bucks

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This article was published 06/03/2017 (3338 days ago), so information in it may no longer be current.

Winnipeg offers the biggest bang for your buck when it comes to buying a million-dollar home in a major Canadian city, according to a Royal LePage report released today.

The real estate firm said it recently conducted a study to find out what kind of two-storey home could be bought for $1 million in seven major Canadian cities — Vancouver, Calgary, Saskatoon, Winnipeg, Toronto, Montreal and Halifax.

It found that amount can buy anywhere from an entry-level starter home in Vancouver to an ultra-luxury abode in Winnipeg or Halifax, with Winnipeg providing the most in terms of overall living space.

In Winnipeg, for example, a million bucks will get you, on average, a 3,505-square-foot luxury home with four bedrooms, four bathrooms and a 13,453-sq.-ft. lot. And in a desirable neighbourhood, to boot.

But in Canada’s highest-priced market — Vancouver — all it will get you is a 1,229-sq.-ft. home with 2.6 bedrooms, 2.1 bathrooms, on a 3,134-sq.-ft. lot.

And in the country’s second-highest-priced market — Toronto — it will get you a 1,722-sq.-ft. home with 3.4 bedrooms and 2.5 bathrooms on a 3,731-sq.-ft. lot.

“There are striking differences in the options available for those who are looking to purchase a $1-million, two-storey home in Canada,” said Dianne Usher, senior vice-president of Johnston and Daniel, a division of Royal LePage.

“What used to be considered a luxury price point is now the status quo in Canada’s two hottest markets,” she noted. “Now, instead of a fully upgraded three-bedroom, three-bathroom, two-storey property in prestigious neighbourhoods like Rosedale or West Vancouver, you’re getting a much smaller two- or three-bedroom, two-bathroom property in need of renovation in a less sought-after location.”

But in Winnipeg, that same budget still goes a long way.

“Buyers with million-dollar budgets in Winnipeg are able to live like kings,” said Michael Froese, managing partner, Royal LePage Prime Real Estate. “Whether it’s an older colonial-type estate or modern mansion, the region’s extreme affordability relative to elsewhere provides purchasers with this budget access to a true luxury home.”

Froese said he wasn’t surprised Winnipeg came out on top in the seven-city comparison.

“Winnipeg has consistently been one of the most affordable of the major cities in Canada, across the board,” he explained, noting that while house prices have been rising here, they’ve been climbing even faster in most other major centres.

“Toronto and Vancouver have seen massive, massive spikes… But Winnipeg is slow and steady. Good, positive growth year after year. We don’t have the massive spikes in prices like some of those other places.”

Froese noted that while sales of million-dollar homes used to be rare in Winnipeg, it’s becoming more common as more luxury homes spring up in new subdivisions around the city.

“Before, if you wanted a big house you had to go to Wellington Crescent or Tuxedo. Now you have all these other options in these suburban neighbourhoods like Bridgwater Forest, Sage Creek and Pritchard Farm. There are just a lot more nice, bigger homes being built.”

He said the buyers of these homes tend to be professionals — doctors, lawyers, dentists, etc. — with either young children or no children.

“They seem to be snapping them up the most.”

murray.mcneill@freepress.mb.ca