While one million dollars is still considered a substantial sum of money for most people, the amount sadly won't get you anything too exciting in the Toronto housing market, as evidenced by a new report.

The summary, courtesy of Royal LePage, has broken down exactly what a million bucks can get you in and around the city. And though it can indeed buy you a house just like the Barenaked Ladies said it would, it won't be the luxuriously furnished mansion one might expect to get — and still can get, in other North American cities — for the price tag.

Based on what was available on the market in the GTA in December 2023, the real estate giant says that the typical million-dollar home in Toronto proper will most likely have 2-3 bedrooms (2.8, when averaged out), two bathrooms (1.9, on average) and will come in around 1,218 square feet total. It could also very well be a condo rather than a house.

If a buyer expands their search to the entire GTA, they could get a little more space, with three bedrooms, 2.3 bathrooms and a floorplan of 1,459 square feet, on average.

Predictably, these stats are far less than what one could realistically nab for the price point elsewhere in the country, as a standard Canadian home of around a million dollars has an area nearly 50 per cent greater than the standard Toronto home of the same price.

The range of what one million dollars can buy you in various cities across Canada, based on December 2023 data from Royal LePage.

At 1,760 square feet, the standard million-dollar home in Canada may end up having the same breakdown of bedrooms (3.2, on average) and bathrooms (2.1, on average) as you would find for the price in Toronto, but will have much larger rooms (along with potentially more of them), and probably even a yard.

And, people in Ontario seem to be well aware of their limitations on even a million-dollar budget: according to a survey conducted for the report, only 30 per cent of residents in the province feel that the amount would be sufficient to secure a decent place in their current region.

This is compared to around 60 per cent of people who felt it would be enough for a home in Manitoba, Saskatchewan and Quebec; just shy of 60 per cent in Atlantic Canada (57 per cent) and Alberta (56 per cent); only 18 per cent in B.C.; and 41 per cent nationwide.