According to one report, million dollar homes in the greater Montreal area are generally larger than in the rest of Canada.
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As of December 2022, the $1 million budget made it possible to afford a home with 3.8 bedrooms, 2.4 bathrooms and 2,286 feet of living space, which was the average for Greater Montreal apartments valued at between $950,000 and $1.05 equivalent to million US dollars.
That would be 523 square feet more than the national average for homes at the same price.
“The iconic $1 million home may not be the mansion it once was, but a luxury home can still be bought on a $1 million budget in many parts of Canada,” said Phil Soper, President and CEO of Royal LePage.
Sales in excess of seven figures have now become the norm for single-family homes, both in the city center and in nearby suburbs, according to Roxanne Jodoin, residential real estate agent at Royal LePage Privilege.
She points out that it’s the post-pandemic increased demand for larger, more modern properties with more lots that “has put pressure on supply in this segment.”
In the heart of the metropolis, the $1 million budget enabled a 3.9 bedroom, 2.4 bathroom, 2,153 square foot home, slightly smaller than across the river.
On average across the country, the same budget would instead offer a 3.2 bedroom, 2.6 bathroom cabin with 1,763 square feet of living space.