What $1 million gets you in real estate markets across Ontario

By Abby O'Brien

Published: May 15, 2022 at 2:22PM EDT

How to back out of a home purchase you now regret As some housing prices drop, many who bought homes are feeling buyer's remorse. Real estate lawyer Mark Morris explains what you can do.

Both the Canadian and Ontarian real estate markets saw a record-breaking first quarter in 2022, with housing prices reaching new heights and sellers remaining well-positioned.

As of March, the average price of an Ontario home was $1,052,920. In the Greater Toronto Area, the average price is sitting at $1,269,900.

The Greater Toronto Area isn't the only area breaking real estate records in the first quarter of the year either — prices of detached homes in the four Golden Horsehsoe communities — Barrie, Cambridge, Kitchener-Waterloo and Oshawa — all surpassed $1 million for the first time.

The rise in prices is indicative of a larger national trend. Since last year, the national average home price climbed by more than 20 per cent to hit a record $816,720 in February.

With so many price tags hovering around the $1-million mark, buyers might be wondering how far a budget of that amount could get them across Ontario’s real estate markets.

Well, it depends on where you’re looking.

Here are a selection of Ontario real estate listings for under $1 million.