How much home does $1 million buy?

Breadcrumb Trail Links

  1. Homes
  2. Condos

New report shows how Calgary offers best real estate value for £1 million among Canada’s largest cities.

In Calgary, £1 million can purchase a near-luxury, single-family detached home.
In Calgary, £1 million can purchase a near-luxury, single-family detached home. Photo by Wil Andruschak /Postmedia

Article content

A new report illustrates how £1 million stretches further in Calgary’s real estate market than in other major centres.

Advertisement 2

Story continues below This advertisement has not loaded yet, but your article continues below.

Article content

“It really gets you a lot more than in Canada’s largest cities,” says local realtor Doug Cabral with Royal LePage Benchmark, referring to the realty firm’s recent Million-Dollar Property Report.

Article content

The study, released in late February, found that £1 million in Calgary can purchase an average home with 3.1 bedrooms, 2.8 bathrooms and 2,242 square feet. That is more than the national average for a £1 million of 3.2 bedrooms, 2.6 bathrooms and 1,763 square feet.

Calgary is also a significant bargain over pricey markets like Toronto where the average £1 millon home has 2.8 bedrooms, 1.9 bathrooms and 1,232 square feet. What’s more is that £1 million cannot even purchase the average priced home in Toronto, presently about £1.1 million, encompassing pricing for single-family detached homes, condominium apartments and townhomes.

Article content

Advertisement 3

Story continues below This advertisement has not loaded yet, but your article continues below.

Article content

Yet in Calgary, £1 million can purchase a near-luxury, single-family detached home.

“It really depends on where in the city you’re talking about, so a £1 million home is often a luxury product in suburban communities here,” Cabral says. “But inner city, that is likely more the price-range for an attached property with some nice upgrades.” He further notes recent price growth in Calgary — among Canada’s hottest markets after being mired in a slump for several years into the late 2010s — has increased the price threshold for what is considered luxury in the city. Since 2017, the benchmark price of a home in Calgary has increased more than 20 per cent, according to Calgary Real Estate Board data from the end of February, when the benchmark price of a home was nearly £531,000.

Advertisement 4

Story continues below

This advertisement has not loaded yet, but your article continues below.

Article content

Yet Calgary realtor Tim Jones, broker/owner with Re/Max Prime, says £1 million still buys “a very nice, detached home in the city.” And it’s significantly more than what buyers can get in Vancouver where “£1 million might buy you an empty lot” on which to build a detached home, he says. “But you would expect to pay £10 million-plus just for a tear-down in a premium neighbourhood” in Vancouver.

Even to purchase a townhome for £1 million in Vancouver, “you have to venture west towards Langley and beyond” involving long commutes to the city centre, Jones says. The Royal LePage report illustrates just how much less £1 million goes in Vancouver than in Calgary. It found the average £1 million Vancouver home has about 1.9 bedrooms, 1.7 bathrooms and 941 square feet.

Advertisement 5

Story continues below

This advertisement has not loaded yet, but your article continues below.

Article content

The Greater Vancouver Area offers better value with an average £1 million home having 2.6 bedrooms, 2.1 bathrooms for 1,279 square feet. In turn, the value Calgary’s market offers is drawing attention from buyers in the Lower Mainland of British Columbia and from the Greater Toronto Area, Cabral says. “They’re coming here because they are getting a better product that is larger within 20 minutes’ drive of downtown.”

In contrast, Calgarians house-hunting in this price range are “experiencing a bit of shock and awe” because the home they could purchase just a few years ago for £1 million often costs significantly more today, he says. “But anybody migrating to Calgary is absolutely pleased by the value Calgary real estate offers.”

Share this article in your social network

Comments

Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site.

We ask you to keep your comments relevant and respectful. We have enabled email notifications–you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.

Join the Conversation

Advertisement 1

Story continues below

This advertisement has not loaded yet, but your article continues below.

bloom-and-wild listed on couponmatrix.ukhussle listed on couponmatrix.uknavabi-uk listed on couponmatrix.ukthe-entertainer listed on couponmatrix.uktransport-for-wales listed on couponmatrix.uktrusted-travel listed on couponmatrix.uk
bloom-and-wild listed on couponmatrix.ukShow you care with a beautiful bouquet from Bloom & Wild. If you want a quick, simple way to send flowers - be it a colourful collection of peonies and roses or larger blends of white lilies, altitude roses and lisianthus - you'll find the perfect pick with this great selection. Make the most of a Bloom & Wild voucher from us and save on a gorgeous bunch for that special someone.
hussle listed on couponmatrix.ukPump up your gym game with Hussle and enjoy a contract-free experience that lets you work out at your own pace. Formerly known as the mighty PayAsUGym, Hussle has revamped its name, but the excellent value remains! Grab a Hussle voucher code from us to enjoy unlimited access to your chosen gym and thousands of others at the same price or less. Choose the flexible way to get fit with Hussle covering your back.
navabi-uk listed on couponmatrix.ukPlus size fashion with a difference, clothes and accessories by navabi are beautiful in design and comfortable in fit, so you can feel fabulously on-trend whatever you’re doing, wherever you are. Use a navabi discount code on us to slice the price of your order and help you upgrade your wardrobe for less. Whether you’re dressing up for a summer wedding or wrapping up for the winter, navabi has got your back.
the-entertainer listed on couponmatrix.ukHowever old you are, if you’re a kid at heart then there’s no better shop than The Entertainer, the UK’s largest and best-loved toy shop. With an amazing range of toys and games on offer, you’re sure to love what’s in store. With The Entertainer voucher code you'll got you’ll save yourself a bundle. Get shopping today - you’re never too old to enjoy a great bargain!
transport-for-wales listed on couponmatrix.ukWhether you travel for work, to explore or to meet familiar faces, Transport for Wales is there to help you stick to your schedule. Offering rail connections from Cardiff all the way to Edinburgh, all you need is the latest Transport for Wales discount to reach your destination without breaking the bank. With live updates, regular departures and an array of ticket types to match all budgets, it’s easy to see why so many make Transport for Wales their go-to for train travel.
trusted-travel listed on couponmatrix.ukGet your holiday off on the right foot with Trusted Travel and take the hassle out of booking airport parking, lounges and transfers online. Don’t forget to look for a Trusted Travel discount code from us before you get to work ticking off your to-do list, and you could save a packet on these travel essentials and join more than 150,000 happy customers. With a wide range of parking solutions and VIP lounges at all major UK airports, you can sit back and let Trusted Travel take care of the details, each and every time you fly.