What Your Budget Buys | $1M
What $1 million buys you
The $900,000 to $1.1M band is the most consequential price range in this market, and not because of what the homes look like. It is where the newly built home tax exemption ends.
The short answer
210 active newly built ground-oriented homes list between $900,000 and $1.1M, about 14% of the market. The median is $999,900 for 1,468 sq ft at $691 per square foot. 210 of them sit at or below the $1,100,000 newly built home threshold, where property transfer tax drops to zero.
- Active listings
- 210
- Median size
- 1,468 sq ft
- Median per sq ft
- $691
- Tax-exempt
- 210 of 210
Newly built homes listed between $900,000 and $1.1M
210 active listings
- Median list price
- $999,900
- Median price per sq ft
- $691
- Median size
- 1,468 sq ft
- Median strata fee
- $347
- Median annual property tax
- $3,003
typical range $939,900 to $1,098,000
typical range $475 to $940
typical range 1,085 sq ft to 2,240 sq ft
typical range $227 to $609
144 of 210 listings state one
typical range $1,445 to $4,679
63 of 210 listings state one
Measured across 210 active listings on .
The $1.1 million cliff
British Columbia gives a full property transfer tax exemption on a newly built home up to $1,100,000. Between there and $1,150,000 the exemption shrinks in proportion. Above that it is gone.
On a $1,000,000 purchase the tax you avoid is $18,000. That is not a rounding error, and it is a genuine reason to look hard at the top of your range. A home at $1,090,000 and a home at $1,160,000 are $70,000 apart on the listing and $21,200 further apart once the tax lands.
The exemption requires you to move in within 92 days of registration, keep it as your principal residence for the first year, and buy a parcel of 0.5 hectares or less. It is for people moving in, not for an investment purchase.
What you pay on a $1,000,000 newly built home
| List price | $1,000,000 |
|---|---|
| GST at 5% Normally added on top. A rebate may reduce it on qualifying purchases. | $50,000 |
| Property transfer tax before exemption 1% of the first $200,000, then 2% of the rest. | $18,000 |
| Newly built home exemption Full exemption applies at or below $1,100,000. | -$18,000 |
| Total before legal fees and adjustments | $1,050,000 |
Legal fees, title insurance, and closing adjustments are extra and are not shown here. Rebate eligibility depends on your circumstances, so confirm it with the Canada Revenue Agency or your lawyer before relying on it.
What is actually in this band
Where these homes are
- Vancouver 34 (16%)
- Langley 33 (16%)
- Surrey 31 (15%)
- Coquitlam 29 (14%)
- Richmond 16 (8%)
- Abbotsford 15 (7%)
- Mission 11 (5%)
- Pemberton 8 (4%)
A further 33 listings sit in 10 other cities.
The neighbourhoods with the most of them
- Willoughby Heights, Langley 31
- Coquitlam West, Coquitlam 14
- Abbotsford East, Abbotsford 12
- Hamilton, Richmond 12
- Mission, Mission 11
- Burke Mountain, Coquitlam 11
- Fleetwood Tynehead, Surrey 9
- Knight, Vancouver 8
Areas with three or more listings in this band.
How many bedrooms your money gets
- 2 bedrooms 20 (10%)
- 3 bedrooms 120 (57%)
- 4 bedrooms 53 (25%)
- 5 bedrooms 6 (3%)
- 6 bedrooms 10 (5%)
- 8 bedrooms 1 (0%)
Median size
1,468 sq ft
Median per sq ft
$691
Median list price
$999,900
Type
160 townhouses, 48 half duplexes , 2 row houses
Ownership
174 strata, 35 freehold with no strata , 1 not stated
Where $1 million reaches
Surrey, Langley, Coquitlam, Richmond, and the Fraser Valley carry this band. Click a pin for the photo and a Street View link before you rule an area in or out.
203 of 210 homes plotted. 1 more has coordinates but was left off to keep the map readable. The ones shown are spread evenly across the price range rather than taken from one end. 6 listings have no coordinates in the feed and cannot be placed. Click a pin for the photo, the price, and a Street View link. Zoom with the plus and minus buttons or by pinching.
Homes listed between $900,000 and $1.1M
$909,90041 7574 207 STREET
Willoughby Heights · 3 bed · 1,403 sq ft
$914,900110 19451 SUTTON AVENUE
South Meadows · 3 bed · 1,403 sq ft
$915,000
Freehold
32539 HIGGINBOTTOM COURT
Mission · 4 bed · 2,687 sq ft
$918,0002 3391 PRICE STREET
Collingwood · 3 bed · 1,059 sq ft
$919,90051 7918 204B STREET
Willoughby Heights · 3 bed · 1,425 sq ft
$919,9001934 EVERGREEN LANE
Brennan Center · 2 bed · 1,248 sq ft
$919,900306 595 KEMSLEY AVENUE
Coquitlam West · 3 bed · 1,237 sq ft
$919,9001 8745 ASHWELL ROAD
Lower Landing · 5 bed · 2,480 sq ft
$919,9006 6983 204 STREET
Willoughby Heights · 3 bed · 1,757 sq ft
$929,000117 1301 BREWSTER DRIVE
Scott Creek · 3 bed · 1,340 sq ft
$929,90026 4900 CENTRAL AVENUE
Hawthorne · 4 bed · 1,352 sq ft
$929,90040 20335 70A AVENUE
Willoughby Heights · 3 bed · 1,685 sq ft
$929,90039 20335 70A AVENUE
Willoughby Heights · 3 bed · 1,685 sq ft
$929,900
Freehold
2990 SERENDIPITY STREET
Abbotsford East · 4 bed · 2,349 sq ft
$929,90075 7574 207 STREET
Willoughby Heights · 3 bed · 1,421 sq ft
$929,90010 388 DUNCAN STREET
Queensborough · 3 bed · 1,284 sq ft
$933,00047 4337 BOUNDARY ROAD
Hamilton · 3 bed · 1,263 sq ft
$938,0001 4638 KNIGHT STREET
Knight · 3 bed · 1,275 sq ft
$938,000157 555 E 2ND STREET
Lower Lonsdale · 2 bed · 998 sq ft
$939,90017 6917 204 STREET
Willoughby Heights · 3 bed · 1,521 sq ft
$939,90088 20650 78 AVENUE
Willoughby Heights · 4 bed · 1,571 sq ft
$939,900254 720 ROBINSON STREET
Coquitlam West · 3 bed · 1,201 sq ft
$940,0006166 GRANVILLE STREET
South Granville · 2 bed · 982 sq ft
$942,00023 4337 BOUNDARY ROAD
Hamilton · 3 bed · 1,288 sq ft
185 more active listings are not shown here. Search every active listing . Prices are the list price. Most new homes have GST added on top.
Common questions
What does $1 million buy in Metro Vancouver?
A newly built townhouse or half duplex of 1,468 sq ft at the median, in Surrey, Langley, Coquitlam, Richmond, or the Fraser Valley. In Vancouver itself, $1 million buys little new ground-oriented housing, because the median there sits far above this band.
Why does $1.1 million matter so much as a threshold?
Because the newly built home property transfer tax exemption is full up to $1,100,000 and disappears entirely at $1,150,000. On a $1,000,000 purchase that exemption is worth $18,000. Crossing the threshold by $60,000 can cost you the whole amount.
What is the minimum down payment on a $1 million home?
$75,000, which is 5% of the first $500,000 plus 10% of the next $500,000. Mortgage default insurance still applies below 20% down, and it remains available because the price is under the $1.5 million cap.
How much is GST on a $1 million new home?
$50,000 at 5%, added on top of the list price unless the contract says otherwise. Most listings in this set state that GST is not included. The GST new housing rebate can reduce it on qualifying purchases, so confirm your eligibility before you budget the full amount.
Is a $1 million new townhouse better value than an older detached house?
They are different products and the data here cannot compare them, because this feed covers only newly built ground-oriented homes. What it can tell you is that at this price a new home comes with current code, a warranty framework, and no deferred repairs, which an older house at the same price will not.
How many homes are actually listed between $900,000 and $1.1 million?
210 active newly built ground-oriented homes list in this band, which is 14% of the whole market this hub covers. The median among them is $999,900 for 1,468 sq ft of finished floor area, at $691 per square foot. That median falls close to the middle of the $900,000 to $1.1 million range this page tracks.
What happens if a home is priced just above $1.1 million?
Above $1,150,000 the newly built home property transfer tax exemption is gone entirely, so the full tax applies. Between the full exemption ceiling and that upper limit the exemption shrinks in proportion, meaning a home priced only a little higher can cost thousands more once tax is added. That is why the exact list price at the top of this band matters more than it looks like it should.
How many homes in this price band qualify for the full tax exemption?
210 of the 210 active listings in this band sit at or below the $1,100,000 newly built home threshold, where property transfer tax drops to zero. The rest fall in the partial exemption range up to $1,150,000, where the exemption shrinks but does not disappear completely.
Where these figures come from
- VanPlex active listings, MLS® data
Active townhouses, half duplexes, and row houses built in the last two years across Metro Vancouver and the Fraser Valley.
Checked
- Government of BC, newly built home PTT exemption
Full exemption at $1,100,000 or less, partial to $1,150,000. Effective 1 April 2024.
Checked
- Government of BC, property transfer tax rates
1% to $200,000, 2% to $2M, 3% above $2M, plus a further 2% on residential value above $3M.
Checked
- Canada Revenue Agency, GST/HST new housing rebate
GST applies to new homes. The rebate reduces it on qualifying purchases.
Checked
- CMHC, mortgage loan insurance for consumers
Insurance is unavailable at a purchase price of $1.5M or more, where 20% down is required.
Checked
See the homes behind these numbers
Every figure on this page comes from listings you can open. Search the full set of newly built townhouses, half duplexes, and row houses, and filter by price, bedrooms, freehold or strata, pets, and parking.