The purchasing power of buyers with a budget of one million dollars looking for a home in Canada varies significantly depending on the city they shop in, with those in Toronto getting less space and fewer bedrooms than anywhere else except Vancouver, according to a new report.

The Royal LePage report on million-dollar properties, released today Thursday, found that a million-dollar property in Canada has an average of 3.2 bedrooms, 2.1 bathrooms, and 1760 square feet of living space during December 2023.

However, the size of a million-dollar property can range from a luxury detached house to a two-bedroom condominium, depending on the location.

Karen Yolevski, Chief Operating Officer at Royal LePage Real Estate Services Ltd, said, "In Calgary, a million-dollar budget is the upper price point for current homeowners, unlike Vancouver where the same amount is often the starting point for first-time buyers."

The median home value in the Greater Toronto Area (GTA) is between $950,000 and $1,050,000 during December 2023, featuring 3 bedrooms, 2.3 bathrooms, and 1,459 square feet of living space – which is 301 square feet less than the national average.

Meanwhile, a home in the city of Toronto at the same price has 2.8 bedrooms, 1.9 bathrooms, and 1,218 square feet of living space – which is 241 square feet less than the average properties in the Greater Toronto Area, and 542 square feet less than the national average.

The average price for a Greater Toronto home assessed at a higher price point – between $1,950,000 and $2,050,000 – had 3.8 bedrooms, 3.1 bathrooms, and 2,692 square feet of living space – which is 191 square feet more than the national average.

A home within the same price point in the city of Toronto has 3.5 bedrooms, 2.7 bathrooms, and 2,075 square feet of living space – which is 717 square feet less than the average properties in the Greater Toronto Area, and 526 square feet less than the national average.

Toronto broker Sean Zigelstein explained: "In the city of Toronto, one million dollars is the base price for most types of properties, and with this budget, you can get a two-bedroom condominium or a detached house. If your budget is closer to 2 million dollars, you can move to larger, more updated properties in desirable downtown neighborhoods."

Zigelstein noted that the number of homes sold for over a million dollars in the Greater Toronto Area has increased significantly over the past six years, putting pressure on the lower end of the market, which is facing growing demand.

Vancouver was the only other market where buyers got less for their money compared to Toronto.

The median home value in Vancouver is between $950,000 and $1,050,000 during December 2023, with 2.4 bedrooms, two bathrooms, and 1,187 square feet of living space – which is 573 square feet less than the national average.

If you are shopping for a home in the heart of downtown Vancouver, one million dollars can get you a two-bedroom condo or a small detached loft-style house.

However, when expanding your search east and deep into the Fraser Valley, you can, as local sales representative Adel Dinani said, "find a detached single-family home at this price."

According to a survey conducted by Royal LePage through Leger, two-thirds of Canadians overall believe that a million-dollar budget is reasonable to buy a home that meets their family needs.

But Canadians living in the country's most expensive provinces are less likely to feel that a one-million-dollar budget is sufficient to buy a home.

Forty-five percent of British Columbia residents and 31% of Ontario residents say a million-dollar budget is not enough to meet their family's needs, while only 12% in Alberta and 8% in Quebec felt the same.