The very first thing Canadian alt rock legends the Barenaked Ladies sang that they’d do in the event that they had 1,000,000 dollars back in 1988 was buy a house — but how much house could they really get as of late in a Canadian city?
A report from brokerage Royal LePage released Thursday seeks to reply that query by taking a look at the common size and amenities in a house valued at roughly $1 million in today’s Canadian housing markets.
Country-wide, the common home value 1,000,000 dollars (give or take $50,000) comes with roughly 3.2 bedrooms, 2.6 baths and 1,763 square feet of living space, in keeping with the brokerage’s data from December 2022.
But within the core of Canada’s biggest cities, 1,000,000 dollars gets you so much less space.
In Vancouver, that price tag would often include under 1,000 square feet of space, a median of 1.9 bedrooms and a pair of.8 baths, in keeping with Royal LePage.
In Toronto’s core, the standard million-dollar home has a median of two.8 bedrooms and 1.9 bathrooms amid 1,232 square feet of living space.
The Greater Toronto and Greater Vancouver areas see more average space and the next variety of rooms than simply taking a look at their cores, Royal LePage said.
Your million dollars will get you more room in cities comparable to Halifax, N.S., which boasts a median of three.7 bedrooms, 2.8 baths and a pair of,596 square feet of space.
Montreal’s average $1-million property has an above-average 3.9 bedrooms and a pair of,153 square feet of living space alongside 2.4 bathrooms.
Rounding out the Royal LePage report with above-average spaces and numbers of baths and bedrooms are Ottawa, Ont., Calgary and Edmonton, Alta., and Winnipeg, Man.
To place the Barenaked Ladies’ lyrics in a contemporary context, 1,000,000 dollars in 1988 works out to roughly $2.12 million of buying power in 2023, adjusting for inflation, in keeping with the calculator maintained by former Google engineer Ian Webster.
With that sort of money, you may afford any of the common homes in these Canadian cities with money leftover to purchase furniture for your home — perhaps a pleasant chesterfield, or an ottoman.
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