One million dollars can seem like a lot of money, but can it actually buy you a large and luxurious house? That answer depends on where you’re looking.
According to the Canadian Real Estate Association (CREA), the national average price for a home was $750,100 in August 2023, while on the other side of the border, according to the U.S. Census Bureau and Department of Housing and Urban Development, the average price of a home in the U.S. in Q2 2023 was $495,100. Depending on the city you’re looking in, $1 million can get you anything from a sleek downtown condo or a spacious, detached family home.
In this article, we explore what $1M can buy you in different major cities in Canada and the United States in order to get a good understanding of the buying power in various markets.
Edmonton, AB and Columbus, OH
Seemingly an odd pairing, these two cities are similar in affordability. In August, Edmonton’s average price for a home was $374,000, while the median home price in Columbus in Q2 2023 was $327,500 according to the National Association of Realtors.
1247 Peregrine Tc Nw, Edmonton, AB
Property details:
- 5 beds, 3 baths, 4 parking
- Detached
- Walking score 5/Transit score N/A
This luxurious and modern home has a kitchen with a 9 ft island, wall-to-wall windows, a beautiful view and a primary bedroom with a sliding door to the private deck. It also features a walkout basement.
View the listing here.
289 Detroit Avenue, Columbus, OH
Property details:
- 4 beds, 4 baths
- Detached
- Walking score 86/Transit score 54
Newly built in Italian Village, this beautiful home offers new hardwood flooring, a large and modern kitchen, a gorgeous bathroom with a steam shower and two rooftop terraces. A beautiful contrast between the lighter tones in the walls allows the darker wood floor and chairs to create an essence of luxury.
View the listing here.
Ottawa, ON and Chicago IL
The benchmark price for a home in Ottawa in August 2023 was $649,800, while in Chicago, according to the National Association of Realtors, the median price for a single-family home in Q2 2023 was $362,600, showing quite a difference in buying power between these two cities.
584 Malahat Way, Ottawa, ON
Property details:
- 4 beds, 4 baths, 4 parking
- Detached
- Walking score 20/Transit score 42
Featured in this beautiful property is a chef’s kitchen with newly upgraded quartz countertops. Upstairs in the primary bedroom is a large walk-in closet with an upgraded 4-piece ensuite & private toilet room.
View the listing here.
2b – 2411 W Walton Street, Chicago, IL
Property details:
- 3 beds, 3 baths
- Detached
- Walking score 83/Transit score 64
This newly constructed home with a beautiful rooftop terrace offers white oak flooring throughout its open floorplan, a waterfall island that comfortably seats 5 people, and a primary bedroom with a delightful en-suite bathroom equipped with dual vanities and a soaking tub.
View the listing here.
Burnaby, BC and Hollywood, FL
Although these two cities have drastically different climates, they share roughly the same population size (both around 200,000) and a reputation for great views.
2907 – 4688 Kingsway, Burnaby, BC
Property details:
- 2 beds, 2 baths, 1 parking
- Condo
- Walking score 98/Transit score 87
Located in Station Square in Metrotown, this gorgeous property is steps from Crystal Mall, the metropolis, price smart food and Skytrain. With breathtaking views of the city, mountains and Deer Lake, this condo offers a functional floor plan and an open kitchen with stainless steel appliances.
View the listing here.
t3803 – 4010 S Ocean Drive, Hollywood, FL
Property details:
- 2 beds, 2 baths
- Condo
- Walking score 47/Transit score 36
With breathtaking ocean views, this beautiful condo has 1,054 sqft of living area plus 215 sqft of balcony. The condo features a beautiful and open kitchen with modern Italian cabinets. The building amenities include a private beach club with access to the ocean, 3 oversized heated pools and multiple sports areas.
View the listing here.
Toronto, ON and Las Vegas, NV
With over 3,600 km separating these two locations, they are both hot spots for tourism and home buying. Home prices in both cities tend to be some of the highest in their countries.
64 Richardson Avenue, Toronto, ON
Property details:
- 4 beds, 3 baths, 8 parking
- Detached
- Walking score 76/Transit score 67
With many new upgrades to the floor and appliances, this bright and spacious property features a 4 piece bathroom on the top floor and new light fixtures to give a warming and welcoming feeling. With massive rental opportunities, this property is truly a gem.
View the listing here.
379 Calabria Ridge Street, Las Vegas, NV
Property details:
- 4 beds, 2 baths
- Detached
- Walking score 4/Transit score N/A
This property is cozy, yet spacious for friends and family. With a large outdoor pool, LED lighting, and a gourmet kitchen with wood cabinets and quartz countertops, this home holds great value.
View the listing here.
Vancouver, BC and Phoenix, AZ
Vancouver is one of the most expensive places to live in Canada. Similarly, the housing market in Phoenix is quite expensive.
1202 Kaslo Street, Vancouver, BC
Property details:
- 3 beds, 2 baths, 1 parking
- Detached
- Walking score 85/Transit score 55
Newly built in a triplex, this property takes functionality and luxury to a new level. With engineered hardwood, plenty of cabinet space, air conditioning and radiant heating, this listing offers it all.
View the listing here.
15254 N 12th Street, Phoenix, AZ
Property details:
- 5 beds, 4 baths
- Detached
- Walking score 22/Transit score 33
Nestled in the Lookout Mountain Community, this property has a three-car garage with an extra-long driveway, a huge master bedroom, tall ceilings and a downstairs bedroom & bath. With multiple French doors & windows, the beautiful views can be enjoyed all day long.
View the listing here.
Halifax, NS and Winhall, VT
These eastern cities are both surrounded by nature and enjoy relaxed lifestyles, though Winhall has a significantly smaller population than Halifax.
19 Camden Street, Halifax, NS
Property details:
- 3 beds, 2 baths
- Detached
- Walking score 83/Transit score 36
With beautiful natural wood throughout the entire house, this property has a character that you can’t find in a lot of homes. Upstairs is a large bright ensuite with an air jet tub, and down in the basement there is tons of room for friends and family.
View the listing here.
33 Rouges Ridge Road, Winhall, VT
Property details:
- 4 beds, 3 baths
- Detached
- Walking score 2/Transit score N/A
This spacious home built in 2006 boasts a large eat-in kitchen, granite countertops and stainless appliances. With beautiful cherry hardwood floors and a large living room with a fireplace, this home is perfect for cozy nights in colder weather.
View the listing here.
Windsor, ON and Charleston, SC
With both cities having roughly 200,000 people living there, Charleston and Windsors have comparable housing markets.
768 Lake Trail, Windsor, ON
Property details:
- 5 beds, 3 baths
- Detached
- Walking score 42/Transit score 28
This gorgeous waterfront bungalow in Southwood Lakes has an indoor hot tub, walk-in closets, a large basement with a wet bar, 2 fireplaces, and a newly renovated kitchen.
View the listing here.
37 Percy Street, Charleston, SC
*price is shown in U.S. dollars. ($975,000 USD = 1,325,951.25 CAD as of Oct 11, 2023)
Property details:
- 4 beds, 3 baths
- Detached
- Walking score 95/Transit score 49
In the beautiful Elliotborough subdivision, this newly renovated detached property features a large deck, a beautifully contrasted kitchen with quartz countertops, stainless steel appliances and a second-floor balcony.
View the listing here.
Whether you’re looking for a million-dollar home or a starter home, our agents would be more than happy to guide you through the process. Give us a call today and connect with one of our experienced real estate agents.
