Set on the waterfront in British Colombia, the home is said to belong to a Russian oligarch.
The businessman is said to be so secretive that he asked the estate agent who handled the purchase of the estate to sign a NDA.
This New Year will be Meghan and Harry's first as parents, after they welcomed their first son Archie in the spring.
Joining the trio for their New Year's Eve celebrations will be Meghan's mum Doria Ragland, who is said to be staying in a cottage on the grounds.
I wasn’t surprised when I found out Harry and Meghan are staying there. It’s certainly fit for royalty.
The Mirror reported that the home is set in several acres of grounds, with the lavish dining room featuring a a ten-seater table and not one but two chandeliers.
The kitchen is said to be fitted with a top-of-the-range pizza oven, while there's a luxurious double-height living room complete with balcony.
There's also a games room with wet bar, plus a wine-tasting room.
Not much is known about the owner of the property, but one local revealed that he's "never around".
They said: "It’s an incredible property, and one of the most prestigious around here."
The local added: "I wasn’t surprised when I found out Harry and Meghan are staying there. It’s certainly fit for royalty."
The family are said to have arrived 11 days ago and are set to check out on Friday (January 3).
The family bucked tradition this year by deciding against spending Christmas with the royal family.
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