This is what a $1M house looks like in Montreal
An example of a million dollar property in the Montreal metropolitan area is this house located in St-Bruno de Montarville listed for $989,000 and featuring 3 bedrooms and 2+1 bathrooms.
Have you ever wondered what kind of house you could afford with $1M? According to Royal LePage, the average home valued between $950,000 and $1,050,000 last December had 3.8 bedrooms, 2.4 bathrooms and 2,286 square feet of living space. Although this may not seem like much to you, it’s still 523 square feet more than the national average in Canada.
“The legendary $1M home may no longer be the mansion it once was, but a $1M budget still buys a luxury home in many parts of Canada,” the president said. by Royal LePage, Phil Soper. For those living in our most expensive cities, a seven-figure budget buys a nice, albeit more modest, home.”
The figures presented by Royal Lepage for Greater Montreal are similar to those of the typical $1 million property in the City of Montreal as such, which has 3.9 bedrooms, 2.4 bathrooms and 2,153 square feet of living space, which is 390 square feet more than the national average.
“Nowadays, a $1 million home in the Greater Montreal area is different from a property in this price range a few years ago, when interest rates were lower and home prices allowed for greater market accessibility,” explains Royal LePage Privilege Real Estate Broker Roxanne Jodoin.
Today, however, seven-figure sales would have become the norm for detached homes, both in the city center and in the inner suburbs. “The increased demand for larger, more modern properties with more land following the pandemic has put upward pressure on supply in this segment,” says Ms. Jodoin.
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A report published in May 2022 by the Montreal Metropolitan Community (CMM) revealed that between 2011 and 2021, house prices increased by 90%. Over the 2019-2021 period alone, there has been a 47% increase in prices for single-family homes, and 32% for condominiums.
Toronto and Vancouver
Unlike Canada’s other two largest metropolitan centers, the Greater Montreal area boasts an average house size significantly larger than the national average.
In Toronto , for example, the average home valued between $950,000 and $1,050,000 had 3.0 bedrooms, 2.2 bathrooms and 1,461 square feet of living space, or 302 square feet less than the national average.
As for Greater Vancouver, the average residence valued between $950,000 and $1,050,000 had 2.6 bedrooms, 2.1 bathrooms and 1,279 square feet of living space, which is 484 square feet less than the national average.
