With a million dollars in hand, you could buy anything from a sleek downtown condo in Vancouver to a 4-bedroom colonial in Orlando. The homes available at this price point are as varied as the cities they’re in, and reveal the difference in buying power between the U.S. and Canada.
On a grand scale, both countries are dealing with low inventory which is keeping prices relatively high, however, some cities stand out as more affordable than others. In April, the Canadian Real Estate Association (CREA) reported that Edmonton, Saskatoon, Saint John and Ottawa had average home prices below the national average of $716,000 CAD – or $532,243 USD.
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Similarly in March, according to U.S. News & World Report, Orlando, Jacksonville, San Antonio, and Philadelphia had median prices that were below the national median of $401,000 USD – or $539,398 CAD.
That’s a $176,602 CAD – or $131,243 USD – disparity in home prices between the two countries. Though a gap exists between national prices in the US and Canada, the gap is less obvious in metropolitan cities. See how $1 million homes compare in various regions, and how far $1 million can actually take you in the US and Canada’s major states and provinces:
Vancouver, BC and Los Angeles, CA
Homebuyers can enjoy luxurious condo living in Vancouver and Los Angeles, where beautiful vistas and modern details are regular features. Another thing these west coast cities have in common is that they’re two of the most expensive real estate markets to enter in North America.
901 – 555 Jervis Street, Vancouver BC
Property details:
- 2 beds, 2 baths, 1 parking
- Condo Apartment
- Walking score 85/Transit score 99
With beautiful views of the North Shore Mountains, Stanley Park and the Marina, this home is a rare find. Featuring a bright and spacious open-concept floor plan, floor-to-ceiling windows, renovated flooring and bathrooms, and located near plenty of attractions, this condo is one-of-a-kind.
View the listing here.
1100 Wilshire Boulevard #2806, Los Angeles CA
*price is shown in U.S. dollars. (998,000 USD = 1,341,588.91 CAD as of June 1, 2023)
Property details:
- 2 beds, 2 baths, 2 parking
- Condo Apartment
This exquisite home offers panoramic views of both downtown LA and the picturesque hills to the north. The kitchen boasts granite countertops, sleek European-style cabinetry and top-of-the-line appliances. The main suite features a luxurious en-suite bath, dual vanity, and generous walk-in closet. Situated in a prime location, you can experience the best of urban living.
View the listing here.
British Columbia and California Suburbs
Head out into the suburbs of British Columbia and California for access to stunning nature and equally stunning houses. Prices there are more affordable than the major cities, and homebuyers can often get more yard space too.
3429 272 Street, Langley BC
Property details:
- 4 beds, 3 baths, 8 parking
- Detached
- Walking score 40/Transit score 35
This family home is located near several amenities and has undergone a lot of renovations. Recent upgrades include a newer kitchen with stainless steel appliances, new flooring, new paint, and two new bathrooms. The large backyard is fully-fenced – perfect for relaxing or playing.
View the listing here.
1535 Siskiyou Dr, Walnut Creek CA
*price is shown in U.S. dollars. (973,000 USD = 1,308,225.78 CAD as of June 1, 2023)
Property details:
- 3 beds, 3 baths
- Townhouse
This end-unit townhome is a beautiful and serene place to call home. Enjoy your morning coffee in the backyard garden, relax in the fully-updated bath in the large primary bedroom, and eat your meals in the updated kitchen with ample countertop space and stainless appliances.
View the listing here.
Toronto, ON and New York, NY
As the largest cities of their respective countries, Toronto and New York have plenty of high-end listings. Though $1 million in New York or Toronto might not get you as far as in their suburban counterparts, you can expect convenience and accessibility to be supreme.
12 Rhyl Ave, Toronto ON
Property details:
- 3 beds, 1 bath, 1 parking
- Semi-detached
- Walking score 84/Transit score 72
Extensively renovated in 2020, this remarkable 2-storey home is located on a quiet street in the heart of The Beaches. A manicured front yard will first welcome you to the home. Stepping inside, you’ll see the spacious main level, featuring high ceilings, light hardwood flooring and an open floor plan. Upstairs are the three bedrooms and an updated 3-piece bath.
View the listing here.
2257 Adam Clayton Powell Jr Boulevard #3B, New York City
*price is shown in U.S. dollars. (1,000,000 USD = 1,362,259.40 CAD as of June 1, 2023)
Property details:
- 2 beds, 2 baths, 0 parking
- Condo Apartment
- Walking and Transit scores N/A
This bright 2-bedroom apartment offers expansive, comfortable living in its more than 1,200 sq. ft. of space. The entire wall of windows brings in lots of natural light and leads to the oversized balcony. You can easily access several amenities as the condo is just steps from the subway, parks, cafes and shopping.
View the listing here.
Ontario and New York Suburbs
Even in the suburbs, real estate in Ontario and New York State can be competitive, however, compared to suburban homes in New York, suburban homes in Ontario generally have less space and can be more costly.
62 Oak Hill Dr, Cambridge ON
Property details:
- 4 beds, 4 baths, 4 parking
- Detached
- Walking score 3/Transit score 33
Experience comfortable living in this 2-storey home. Recent renovations include new flooring, a refreshed kitchen, and a fully-finished basement with a large recreation room. Step outside to relax in the heated in-ground pool.
View the listing here.
30 Joan Avenue, White Plains NY
*price is shown in U.S. dollars. (950,000 USD = 1,277,285.08 CAD as of June 1, 2023)
Property details:
- 4 beds, 3 baths
- Detached
This well-maintained classic Colonial sits just steps from downtown White Plains. The home boasts a large foyer, hardwood floors throughout, stainless steel appliances, a patio and a fenced yard. Upstairs is the primary suite with a walk-in closet and a large bath, and three additional family bedrooms.
View the listing here.
Edmonton, AB and Jacksonville, FL
Although Edmonton and Jacksonville may seem like an odd pairing, they share similarities in their population size (both hovering around 1,000,000) and their reputation for being affordable markets.
9131 141 St Nw, Edmonton AB
Property details:
- 4 beds, 4 baths, 4 parking
- Detached
- Walking score 28/Transit score 41
This mid-century, custom-built home comes with immense style. Perfect for a large family, the two-storey home boasts a fully-finished basement with games room, a private backyard with a covered patio area, and a main floor laundry room.
View the listing here.
2506 Karatas Ct, Jacksonville FL
*price is shown in U.S. dollars. (999,000 USD = 1,357,907.49 CAD as of June 1, 2023)
Property details:
- 4 beds, 3 baths
- Detached
This Spanish-style home features expansive sliding glass doors, two spacious walk-in closets, a gourmet kitchen, and a screened lanai porch. Located near Jacksonville’s top beaches, shopping, restaurants, and schools, this is the perfect family home.
View the listing here.
Halifax, NS and Orlando, FL
Despite having opposing weather climates, the climate of their respective housing markets is not as drastically different. Halifax and Orlando have average home prices just under $400,000 USD – or $538,036 CAD – and are both fairly stable.
2635 Dublin Street, Halifax
Property details:
- 4 beds, 2 baths, 0 parking
- Detached
- Walking score 66/Transit score 66
This charming home has been renovated from top to bottom with modern and stylish additions. Upstairs, the main bedroom has a beautiful ensuite bath and walk-in closet. Best of all, the home is ideally located only a block from Oxford School and several amenities.
View the listing here.
715 Alameda Street, Orlando FL
*price is shown in U.S. dollars. (999,999 USD = 1,362,227.09 CAD as of June 1, 2023)
Property details:
- 4 beds, 4 baths
- Detached
This updated colonial has a bright and inviting main living area, a kitchen with stone counters and custom cabinetry, and a spacious primary suite with his and hers closets. Nestled between Lake Adaire and Lake Concord, the home offers exceptional natural beauty.
View the listing here.
Calgary, AB and Dallas, TX
Sometimes called the “Texas of the North”, is Alberta actually similar to Texas? Their respective real estate markets might not be so as this major Texas market saw home prices decrease in April, while the largest city in Alberta experienced soaring price highs in the same month.
6411 Laurentian Way Sw, Calgary AB
Property details:
- 3 beds, 2 baths, 4 parking
- Detached
- Walking score 11/Detached score 49
This sleek, contemporary home has been beautifully renovated with vinyl plank flooring, modern glass-railed stairs, wood burning fireplace and quartz countertops. The luxurious primary bedroom has a spa-like ensuite with an oversized shower and an abundance of shelving.
View the listing here.
1900 Palo Duro Road #1, Austin TX
*price is shown in U.S. dollars. (995,000 USD = 1,352,481.31 CAD as of June 1, 2023)
Property details:
- 3 beds, 3 baths
- Single Family Home
Located in a highly sought-after neighbourhood just 10 minutes from downtown, this modern home is absolutely stunning. With incredible natural light throughout, high ceilings, a covered patio, and an amazing dual vanity-walk-in shower bathroom, there’s plenty to love.
View the listing here.
If you’re looking to enter the Canadian or US market this year, give us a call! Whether you’re a first-time buyer or looking for an investment property, our agents will help you find the perfect home.
