Is this who the average 1mm dollar home buyer is?

It’s pre-2010s. You’re a Canadian with a very average income, ~60k. Your partner earns the same, so you’re a dual income household of ~120k.

You get approved for 3-4x your household income. So, you’re able to get a ~400k mortgage.

You buy a home for 300k, because, you know, it’s pre-2010s and everything is cheap.

Housing explodes over the next decade. Like, doubling or tripling in value. That means that ~300k asset is now a ~700k asset. Say you have 200k left on the loan. Say HHI increased by 30k with job inflation increases. Say you also saved another 100k over the last decade and will use that as more downpayment on the new house.

It's not hard to believe this statistically average income family could comfortably mortgage the remaining ~400k on a 1M home with nothing but an average income.

Is this demographically who is buying these million dollar houses?