What $1 million can buy you in Winnipeg's housing market

If you’re in the market for a house in the $1 million range, Winnipeg is one of the cities in Canada where you will get more bang for your buck.

Royal LePage released its Million-Dollar Properties Report showcasing what kind of home Canadians could buy with $1 million depending on where they live.

In December 2023, a home worth $1 million – give or take $50,000 – on average had 3.2 bedrooms, 2.1 bathrooms and 1,760 square feet of living space in Canada.

“Depending on the market that you are shopping in, a $1 million home can mean something very different. In Calgary, a budget of $1 million is considered the move-up price point for existing homeowners. In Vancouver, the same amount is often the starting point for entry-level buyers,” said Karen Volevski, the COO of Royal LePage in a news release.

In Winnipeg, hitting the seven-figure mark means homes had around 3.2 bedrooms, 3.0 bathrooms and 2,558 square feet of living space, which is 798 square feet more than Canada’s average.

“If you compare to Toronto, Vancouver, and most of those other larger centres, you’re definitely getting a larger, more well-finished home than you will in any one of those markets,” said Chris Pennycook, a sales associate with Royal LePage.

A comparison between the national average and Winnipeg average of what $1 million can buying in the housing market as of Feb. 22, 2024. (CTV News Winnipeg)

When compared to similar markets in the prairies, Winnipeg homes offer more bathrooms and bedrooms than Regina, but Regina homes have slightly more living space.

Edmonton also has more living space than Winnipeg, but is fairly equal in the bed and bath department. However, compared to Calgary, Winnipeg is ahead in every category.

Pennycook said homes over $1 million still make up a small percentage of Winnipeg’s overall housing market – over 140 available to purchase at the moment.

“Last year, there were 81 homes – single family detached homes – that sold over $1 million. The year before, there were 122 and the year before that there were 92.”

Despite the lower number, he said the number of homes in the seven-digit price range is growing, mainly related to the costs of construction, the land and development of the property.

The report also showed what $2 million could get in Canada. The average in December 2023 was 3.7 bedrooms, 2.6 bathrooms and 2,501 square feet of living space.

In Winnipeg, that price tag could net someone a home with around 3.9 bedrooms, 3.9 bathrooms and 3,994 square feet of living space.

The closest comparison in the price range is Halifax, with 4.4 bedrooms, 3.8 bathrooms and 3,945 square feet of living space.

Pennycook said the numbers from the report show this is a good news story for Winnipeg and it should entice people to live in the city.

“I just had two clients move back since Jan. 1 of this year. One from Toronto who has a 1,100-square-foot condo that sold for $1.2 million and they were able to move here and buy a 2,900-square-foot home for under $1 million. So advantage Winnipeg as far as what you’re getting.”