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.

Tags:

accessorize listed on couponmatrix.ukbows-boutiques listed on couponmatrix.ukperfectdraft listed on couponmatrix.ukflower-station listed on couponmatrix.ukjoshua-james-jewellery listed on couponmatrix.ukyumi-direct listed on couponmatrix.uk
accessorize listed on couponmatrix.ukCreating the freshest, most vibrant jewellery, bags and footwear on the high street, Accessorize is the trendiest place to deck out every outfit. Uncover the perfect pair of pumps, chunky statement earrings or silver-plated necklace for less with an Accessorize discount code and take your accessory game to a whole new level. Refresh your everyday wardrobe with the hottest Accessorize picks and step out of the house feeling fabulous!
bows-boutiques listed on couponmatrix.ukFrom the catwalk straight into your wardrobe, discover a world of fashion lines that you won’t find anywhere else at Bows Boutiques. Whether you’re a blogger, celebrity, girl-on-the-go, party animal or big-time boss, you’ll find clothing and accessories to suit every wardrobe with your Bows Boutiques discount code. At Bows Boutiques, you’ll find looks to suit whatever type of Bows Babe you want to be, so you know with a Bows Boutique outfit, you can always find your best self.
perfectdraft listed on couponmatrix.ukIt isn’t a party until the drinks arrive - at least that’s what Beer Hawk believes. Get all your favourite beverages for a bargain price when you use your Beer Hawk discount code on an order, and get it all delivered straight to the door for an even more stress-free solution to your drinks shopping. From craft ales to mixed and homebrews, you’re sure to find a flavour to suit your fiesta on the Beer Hawk site.
flower-station listed on couponmatrix.ukFlower Station is your one-stop shop for any and all beautiful bouquets needed to make a much-loved face light up. Whether it’s their birthday coming up, they’re feeling a little low or you’re simply looking to surprise your partner, save on your spending with a Flower Station discount code. Flower Station also provide a decorative service for big events such as weddings and funerals, so be sure to hit them up if you’re in need of a quality florist.
joshua-james-jewellery listed on couponmatrix.ukIf you love jewellery, look no further than Joshua James. Here, you'll find beautifully crafted designer jewellery for every occasion. Whether you're shopping for a certain someone, an engagement or just fancy treating yourself, the Joshua James collection brings you exceptional quality for affordable prices. Now, with a Joshua James discount code, you can enjoy fashionable jewellery for even less. Love being glamorous with Joshua James.
yumi-direct listed on couponmatrix.ukHow can I use my Yumi discount code? You’ll be instructed to enter a code once you are on the transaction page. There will be a clearly shown area to enter the code. Remember to enter the promo code before you complete the transaction, as it may not be possible to apply the code afterwards.