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Here’s how much home you can get for $1M across Canada these days – Global News

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Higher interest rates and resilient home prices mean most Canadians are getting less for their homes at the $1-million benchmark, according to a new Royal LePage report.

The analysis comes as would-be homebuyers continue to struggle with housing affordability, which market watchers say worsened again at the end of last year.

Royal LePage released a study Thursday morning that reviewed the average square footage, bathrooms and bedrooms available for homes listed around the $1-million price tag (give or take $50,000 or so) in major cities across Canada in December 2023.

The national average for a million-dollar home comes with an average of 3.2 bedrooms, 2.6 bathrooms and 1,760 square feet of space, according to the national real estate brokerage.

That’s relatively consistent with a similar report from last year, but in most cities, the amount of space available in the typical $1-million home shrank year-over-year.

And across those cities, there was a steep variability between what homebuyers are getting for a million dollars.

“It is all about perspective,” Karen Yolevski, COO of Royal LePage, tells Global News. “Depending on where you are in Canada, where you may be looking for a home, $1 million can mean something dramatically different.”

If you had a million dollars…

Coming in at the bottom of the pile was the core of Vancouver, which offers an average 900 square feet of space at the million-dollar mark. That’s roughly a third of what a homebuyer can get in Edmonton for the same amount.

A million dollars can get a homebuyer in the core of Toronto a home with an average of 2.8 bedrooms, 1.9 baths and 1,218 square feet of space, though those figures rise a bit higher if the lens is expanded to include the wider Greater Toronto Area.

The Greater Toronto and Vancouver areas, as well as their respective cores, all fell below the national average for space in million-dollar properties. Montreal and Calgary boast 300-400 extra square feet over the national average, while Regina, Winnipeg Halifax, Ottawa and Quebec City were well above that bar.

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Edmonton topped out among the major cities surveyed with an average of 2,675 square feet of space for a million-dollar home and was the only region to see its average size improve over last year’s report.

Million-dollar homes in some markets like Regina put the property firmly in the luxury category, the Royal LePage report notes, while Vancouver and Toronto buyers are more likely getting condominiums or bungalows for that amount.

Yolevski says that a million dollars can represent a “move up” home for markets like Calgary, but it’s closer to a starter home in Canada’s largest cities.

Though home prices have declined modestly or plateaued in most Canadian housing markets over the past year amid higher interest rates from the Bank of Canada, Yolevski says a million dollars is not what it used to be with prices in markets like Toronto essentially doubling over the past decade.


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“One million dollars is essentially the median price, or even a bit of a starter price for homes in our big cities,” she says.


A home listed at just under $1.1 million dollars in Edmonton with four bedrooms and four baths, 3,613 square feet.


Royal LePage


A home listed at just under $1 million in North Vancouver with two bedrooms and two baths, 1,058 square feet.


Royal LePage

Royal LePage also provided a snapshot of homes around the $2-million price mark in its report.

For Toronto, $2 million means an average of more than 2,000 square feet of space; in cities like Ottawa or Montreal, that amount of money gets a buyer closer to 3,000 square feet. Yolevski says these homes likely look like the kinds of luxury properties that Canadians might have considered a million-dollar home over a decade ago.

“In some markets, the new ‘million dollars’ is $2 million,” she says.

Housing affordability worsens again in Q4

Also on Thursday, National Bank of Canada released its fourth quarter housing affordability index, which held little good news for renters and would-be homebuyers.

The index, which factors in home prices, mortgage rates and income levels in gauging how affordable homes in different Canadian markets are, degraded for the second quarter in a row to end 2023.

Every city saw the average mortgage payment as a proportion of income rise in the fourth quarter, according to National Bank, putting overall housing affordability almost back at its worst levels since the 1980s and nearing a recent peak in the second quarter of 2022.

That came as overall home prices ticked up 1.8 per cent quarter-to-quarter and mortgage rates rose amid expectations the Bank of Canada’s benchmark rate would stay higher for longer.

Mortgage rates remain elevated as the central bank holds its benchmark rate steady and has yet to signal that rate cuts are imminent. Economists expect the policy rate to ease this year as inflation cools with many penciling in June for the first cuts.

There’s little respite expected for renters, either, with National Bank noting its rental affordability index is at its worst-ever levels amid a tight rental vacancy rate across Canada. That report flagged a dearth of building permits in many Canadian cities issued at the end of 2023 as likely to keep supply strained in the rental market in the near future.


Click to play video: 'Housing affordability a focal point of B.C. throne speech'

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Housing affordability a focal point of B.C. throne speech


But a Ratehub.ca analysis released Wednesday shows signs of affordability improving in January as lower mortgage rates on offer and declining housing prices in some markets saw the income needed to afford a home drop in all major cities included in the report.

The annual income needed to buy the typical home in Vancouver dropped by nearly $10,000 month-to-month and fell nearly $7,800 in Toronto, Ratehub said, though both markets still required households to earn more than $200,000 to make homeownership accessible.

Ratehub co-CEO James Laird tells Global News that Canadians will need “top tier incomes” in their household to be able to afford the average home in the most expensive markets.

“The frustration is going to continue. It is not easy and will never be easy again to buy a home in Vancouver or Toronto,” he says.

Affordability still a challenge at the $1M price point

As part of the Royal LePage report, Leger surveyed more than 1,500 Canadians in late January about whether they thought $1 million was enough to buy the size of home they needed.

While 64 per cent of those polled indicated $1 million was sufficient, that tumbled to 42 per cent in British Columbia and 53 per cent in Ontario. Quebec topped out in this regard with 80 per cent indicating a million dollars was enough for their housing budget.

The average homebuyer indeed needs close to $1 million to afford the typical home in some of Canada’s most expensive housing markets, according to the Ratehub analysis.

The average home price in Toronto was just over $1 million in January 2023, roughly on par with December’s figures.

While most cities have not had much fluctuation year-over-year in the space-per-dollar in their millionaire markets, Yolevski notes that the carrying costs for those properties have changed as the Bank of Canada’s policy rate continued to rise in 2023.

Canadians buying million-dollar properties today are forced to pay more expensive mortgages in most cases than those who bought a year ago, she notes.

“So that million dollars is costing more per month now than it did a couple of years ago, when interest rates were much lower,” she says.

In addition to higher borrowing costs – and a tougher mortgage stress test, making it more difficult for prospective buyers to qualify for the loan – Yolevski notes there’s an additional hurdle for million-dollar properties.

Homes bought for more than $1 million in Canada do not qualify for mortgage insurance, which allows buyers to put down less than 20 per cent in a down payment on a home.

This means that in many cases Canadians are forced to put down $200,000 or more on a million-dollar starter home in markets like Toronto and Vancouver, Yolevski explains.

”Twenty per cent on $1 million is a large amount of money and can be a challenge for people, particularly first-time buyers looking to get on the property ladder for the first time, where they don’t have any equity in a pre-existing home already to contribute to that down payment,” she says.

Yolevski says the Royal LePage report shows that, outside Canada’s biggest housing markets, there’s more space for homebuyers who can qualify for the million-dollar price point and an easier path to homeownership for those short of that bar.

She says she expects the lingering remote and hybrid work opportunities from the pandemic, alongside the affordability crunch from higher interest rates and still elevated home prices, will push more Canadians to look outside their home provinces to the Maritimes and Alberta in particular to break into the housing market in 2024.

A Re/Max report released earlier this month pointed to home prices, elevated interest rates and taxation policies driving Canadians towards Alberta in a wave of interprovincial migration.

– with files from Global News’ Anne Gaviola


Click to play video: 'Surging home prices driving exodus from Canada’s ‘priciest provinces’'

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Surging home prices driving exodus from Canada’s ‘priciest provinces’


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Tua Tagovailoa sustains concussion after hitting head on turf in Dolphins’ loss to Bills

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MIAMI GARDENS, Fla. (AP) — Miami Dolphins quarterback Tua Tagovailoa sustained a concussion for the third time in his NFL career, leaving his team’s game Thursday night against Buffalo after running into defensive back Damar Hamlin and hitting the back of his head against the turf.

Tagovailoa remained down for about two minutes before getting to his feet and walking to the sideline after the play in the third quarter. He made his way to the tunnel not long afterward, looking into the stands before smiling and departing toward the locker room.

The Dolphins needed almost no time before announcing it was a concussion. The team said he had two during the 2022 season, and Tagovailoa was diagnosed with another concussion when he was a college player at Alabama.

Dolphins coach Mike McDaniel said Tagovailoa would get “proper procedural evaluation” and “appropriate care” on Friday.

“The furthest thing from my mind is, ‘What is the timeline?’ We just need to evaluate and just worry about my teammate, like the rest of the guys are,” McDaniel said. “We’ll get more information tomorrow and take it day by day from here.”

Some players saw Tagovailoa in the locker room after the game and said they were encouraged. Tagovailoa spoke with some players and then went home after the game, McDaniel said.

“I have a lot of love for Tua, built a great relationship with him,” said quarterback Skylar Thompson, who replaced Tagovailoa after the injury. “You care about the person more than the player and everybody in the organization would say the same thing. Just really praying for Tua and hopefully everything will come out all right.”

Tagovailoa signed a four-year, $212 million extension before this season — a deal that makes him one of the highest-paid players in the NFL — and was the NFL’s leading passer in Week 1 this season. Tagovailoa left with the Dolphins trailing 31-10, and that was the final score.

“If you know Tua outside of football, you can’t help but feel for him,” Bills quarterback Josh Allen said on Amazon following the game. “He’s a great football player but he’s an even greater human being. He’s one of the best humans on the planet. I’ve got a lot of love for him and I’m just praying for him and his family, hoping everything’s OK. But it’s tough, man. This game of football that we play, it’s got its highs and it’s got its lows — and this is one of the lows.”

Tagovailoa’s college years and first three NFL seasons were marred by injury, though he positioned himself for a big pay bump with an injury-free and productive 2023 as he led the Dolphins into the playoffs. He threw for 29 touchdowns and a league-best 4,624 yards last year.

When, or if, he can come back this season is anyone’s guess. Tagovailoa said in April 2023 that the concussions he had in the 2022 season left him contemplating his playing future. “I think I considered it for a time,” he said then, when asked if he considered stepping away from the game to protect himself.

McDaniel said it’s not his place to say if Tagovailoa should return to football. “He’ll be evaluated and we’ll have conversations and progress as appropriate,” McDaniel said.

Tagovailoa was hurt Thursday on a fourth-down keeper with about 4:30 left in the third. He went straight ahead into Hamlin and did not slide, leading with his right shoulder instead.

Hamlin was the player who suffered a cardiac arrest after making a tackle during a Monday night game in January 2023 at Cincinnati, causing the NFL to suspend a pivotal game that quickly lost significance in the aftermath of a scary scene that unfolded in front of a national television audience.

Tagovailoa wound up on his back, both his hands in the air and Bills players immediately pointed at him as if to suggest there was an injury. Dolphins center Aaron Brewer quickly did the same, waving to the sideline.

Tagovailoa appeared to be making a fist with his right hand as he lay on the ground. It was movement consistent with something that is referred to as the “fencing response,” which can be common after a traumatic brain injury.

Tagovailoa eventually got to his feet. McDaniel grabbed the side of his quarterback’s head and gave him a kiss on the cheek as Tagovailoa departed. Thompson came into the game to take Tagovailoa’s spot.

“I love Tua on and off the football field,” Bills edge Von Miller said. “I’m a huge fan of him. I can empathize and sympathize with him because I’ve been there. I wish him the best.”

Tagovailoa’s history with concussions — and how he has since worked to avoid them — is a huge part of the story of his career, and now comes to the forefront once again.

He had at least two concussions during the 2022 season. He was hurt in a Week 3 game against Buffalo and cleared concussion protocol, though he appeared disoriented on that play but returned to the game.

The NFL later changed its concussion protocol to mandate that if a player shows possible concussion symptoms — including a lack of balance or stability — he must sit out the rest of the game.

Less than a week later, in a Thursday night game at Cincinnati, Tagovailoa was concussed on a scary hit that briefly knocked him unconscious and led to him being taken off the field on a stretcher.

His second known concussion of that season came in a December game against Green Bay, and he didn’t play for the rest of the 2022 season. After that, Tagovailoa began studying ways where he may be able to fall more safely and protect himself against further injury — including studying jiu-jitsu.

“I’m not worried about anything that’s out of my hands,” McDaniel said. “I’m just worried about the human being.”

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Too much? Many Americans feel the need to limit their political news, AP-NORC/USAFacts poll finds

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NEW YORK (AP) — When her husband turns on the television to hear news about the upcoming presidential election, that’s often a signal for Lori Johnson Malveaux to leave the room.

It can get to be too much. Often, she’ll go to a TV in another room to watch a movie on the Hallmark Channel or BET. She craves something comforting and entertaining. And in that, she has company.

While about half of Americans say they are following political news “extremely” or “very” closely, about 6 in 10 say they need to limit how much information they consume about the government and politics to avoid feeling overloaded or fatigued, according to a new survey from the Associated Press-NORC Center for Public Affairs Research and USAFacts.

Make no mistake: Malveaux plans to vote. She always does. “I just get to the point where I don’t want to hear the rhetoric,” she said.

The 54-year-old Democrat said she’s most bothered when she hears people on the news telling her that something she saw with her own eyes — like the Jan. 6, 2021, attack on the U.S. Capitol — didn’t really happen.

“I feel like I’m being gaslit. That’s the way to put it,” she said.

Sometimes it feels like ‘a bombardment’

Caleb Pack, 23, a Republican from Ardmore, Oklahoma, who works in IT, tries to keep informed through the news feeds on his phone, which is stocked with a variety of sources, including CNN, Fox News, The Wall Street Journal and The Associated Press.

Yet sometimes, Pack says, it seems like a bombardment.

“It’s good to know what’s going on, but both sides are pulling a little bit extreme,” he said. “It just feels like it’s a conversation piece everywhere, and it’s hard to escape it.”

Media fatigue isn’t a new phenomenon. A Pew Research Center survey conducted in late 2019 found roughly two in three Americans felt worn out by the amount of news there is, about the same as in a poll taken in early 2018. During the 2016 presidential campaign, about 6 in 10 people felt overloaded by campaign news.

But it can be particularly acute with news related to politics. The AP-NORC/USAFacts poll found that half of Americans feel a need to limit their consumption of information related to crime or overseas conflicts, while only about 4 in 10 are limiting news about the economy and jobs.

It’s easy to understand, with television outlets like CNN, Fox News Channel and MSNBC full of political talk and a wide array of political news online, sometimes complicated by disinformation.

“There’s a glut of information,” said Richard Coffin, director of research and advocacy for USAFacts, “and people are having a hard time figuring out what is true or not.”

Women are more likely to feel they need to limit media

In the AP-NORC poll, about 6 in 10 men said they follow news about elections and politics at least “very” closely, compared to about half of women. For all types of news, not just politics, women are more likely than men to report the need to limit their media consumption, the survey found.

White adults are also more likely than Black or Hispanic adults to say they need to limit media consumption on politics, the poll found.

Kaleb Aravzo, 19, a Democrat, gets a baseline of news by listening to National Public Radio in the morning at home in Logan, Utah. Too much politics, particularly when he’s on social media sites like TikTok and Instagram, can trigger anxiety and depression.

“If it pops up on my page when I’m on social media,” he said, “I’ll just scroll past it.”

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Sanders reported from Washington. David Bauder writes about media for the AP. Follow him at http://x.com/dbauder.

The AP poll of 1,019 adults was conducted July 29-August 8, 2024, using a sample drawn from NORC’s probability-based AmeriSpeak Panel, which is designed to be representative of the U.S. population. The margin of sampling error for all respondents is plus or minus 4.0 percentage points.



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A linebacker at West Virginia State is fatally shot on the eve of a game against his old school

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CHARLESTON, W.Va. (AP) — A linebacker at Division II West Virginia State was fatally shot during what the university said Thursday is being investigated by police as a home invasion.

The body of Jyilek Zyiare Harrington, 21, of Charlotte, North Carolina, was found inside an apartment Wednesday night in Charleston, police Lt. Tony Hazelett said in a statement.

Hazelett said several gunshots were fired during a disturbance in a hallway and inside the apartment. The statement said Harrington had multiple gunshot wounds and was pronounced dead at the scene. Police said they had no information on a possible suspect.

West Virginia State said counselors were available to students and faculty on campus.

“Our thoughts and prayers are with Jyilek’s family as they mourn the loss of this incredible young man,” West Virginia State President Ericke S. Cage said in a letter to students and faculty.

Harrington, a senior, had eight total tackles, including a sack, in a 27-24 win at Barton College last week.

“Jyilek truly embodied what it means to be a student-athlete and was a leader not only on campus but in the community,” West Virginia State Vice President of Intercollegiate Athletics Nate Burton said. “Jyilek was a young man that, during Christmas, would create a GoFundMe to help less fortunate families.”

Burton said donations to a fund established by the athletic department in Harrington’s memory will be distributed to an organization in Charlotte to continue his charity work.

West Virginia State’s home opener against Carson-Newman, originally scheduled for Thursday night, has been rescheduled to Friday, and a private vigil involving both teams was set for Thursday night. Harrington previously attended Carson-Newman, where he made seven tackles in six games last season. He began his college career at Division II Erskine College.

“Carson-Newman joins West Virginia State in mourning the untimely passing of former student-athlete Jyilek Harrington,” Carson-Newman Vice President of Athletics Matt Pope said in a statement. “The Harrington family and the Yellow Jackets’ campus community is in our prayers. News like this is sad to hear anytime, but today it feels worse with two teams who knew him coming together to play.”

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