WINNIPEG — $1 million can either buy you fixer-upper in Canada or a spacious starter “mansion” in some provinces.
A new report from real estate company Royal LePage says Winnipeg delivers the best bang for your buck if you have a million-dollar housing budget.
“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.”
Royal LePage gave 129 Autumnview Drive in South Pointe as an example, with a listing price of $990,000. The four-bedroom, four-baths piece of real estate sits on a 10,496 sq. ft. lot with 2,621 sq. ft. of living space.
When it comes to lot size, Saskatoon comes out on top if you have $1 million to spend, where the report says homes in that price range were hard to come by a decade ago.
In contrast, Vancouver offered prospective homebuyers the least amount of home for $1 million, with an average of 1,229 sq. ft. on a 3,134 sq. ft. lot.
The profile of a $1 million buyer was also found to vary by region, with developers and first-time buyers dominating the $1 million two-storey property segment in Canada’s largest metropolitan areas, while wealthy young to middle-aged professional couples with children acted as the predominant purchasers elsewhere.