(NC) Recent growth in home prices across the country have contributed to differences in the types of properties that homebuyers can expect to find with a $1 million budget. While the once-exclusive price point has become the norm in certain markets, it can buy anything from an ultra-luxury abode to an entry-level residence depending where you choose to live.
In 2016, a million dollars on average bought Canadian homebuyers 3.8 bedrooms and 3.0 bathrooms, with 2,454 square feet of living space and a lot size of 23,226 square feet. While the average number of bedrooms and bathrooms at this price point typically didn’t change, a home’s living area and lot size did, with suburban and rural regions offering considerably more space.
A home’s location, size, proximity to amenities, and current condition ranked as the top four factors influencing its value. Together, these four characteristics varied considerably nationwide, with major cities offering smaller, more dated two-storey starter homes when compared to the larger, more luxurious mansions found in suburban and rural areas.
“When armed with $1 million, there are many fantastic options available to homebuyers, especially when venturing outside of major city centres,” explains Todlynn MacPherson of Royal LePage Truro Real Estate. “From a home in the hills of Alberta to a stunning waterfront property near Halifax, purchasers with a seven-figure budget can live like kings in suburban and rural areas where homes are considerably more affordable and offer an unprecedented amount of value.”
Typically, million dollar properties and transactions were often found in and around larger, highly sought-after markets where greater demand has pushed home values higher. This has led buyers to receive less value for their money when compared to other areas that are less constrained by supply and demand.
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