What can $1m buy you in Halifax?

These days, $1m might get you a decrepit bungalow in Vancouver or a tiny condo in downtown Toronto. However, in Halifax, the same amount of money could get you a large mansion in an upscale neighbourhood or a well-appointed condo overlooking Halifax Harbour.

Case in point: a large mansion recently came to market at 72 Worthington Place in Bedford. According to Shereef Elkoshairi, realtor at Royal LePage Atlantic, it’s the biggest $1m home he’s seen in 15 years as a real estate agent.

The home has three floors, a basement, six master bedrooms, and other amenities. The backyard is fully landscaped and sodded, providing a level lawn and cement patio.

Elkoshairi estimates that a house of this calibre could easily fetch $8m and above in Vancouver.

The $1m home market in Halifax has seen an uptick over the last six years.

In late March, there were 65 $1m houses and apartments on the market, according to realtor.ca. Meanwhile, data from MLS Charts, which tracks homes sold north of $1m in Halifax, said 18 homes over the $1m mark were sold in the city in 2011; this jumped to 45 last year.

Also read: Vancouver insanity: Rundown house and lot for just under $7 million

 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate