All points in every projection are always relative to the {0,0} of the projection. For an Albers Conic Equal Area projection, this would generally be the intersection of the latitude of the "latitude_of_center" (45N) with the longitude of the "longitude_of_center" (126W), but there is a "false_easting" of 1 million meters applied (false origin values are often applied so that all coordinates in the appropriate mapping space are positive).
Therefore coordinate {1047184,501563} is 47.184 km east of 126W, and 501.563km north (not south) of 45N (in the units of the projection itself, not true distance).
The epsg.io
link you provided contained all the information needed to answer this, more specifically, the Well-Known Text description at the bottom:
PROJCS["NAD83 / BC Albers",
GEOGCS["NAD83",
DATUM["North_American_Datum_1983",
SPHEROID["GRS 1980",6378137,298.257222101,
AUTHORITY["EPSG","7019"]],
TOWGS84[0,0,0,0,0,0,0],
AUTHORITY["EPSG","6269"]],
PRIMEM["Greenwich",0,
AUTHORITY["EPSG","8901"]],
UNIT["degree",0.0174532925199433,
AUTHORITY["EPSG","9122"]],
AUTHORITY["EPSG","4269"]],
PROJECTION["Albers_Conic_Equal_Area"], <== Projection name
PARAMETER["standard_parallel_1",50],
PARAMETER["standard_parallel_2",58.5],
PARAMETER["latitude_of_center",45], <== Center Y
PARAMETER["longitude_of_center",-126], <== Center X
PARAMETER["false_easting",1000000], <== 1000km westward offset
PARAMETER["false_northing",0],
UNIT["metre",1,
AUTHORITY["EPSG","9001"]],
AXIS["Easting",EAST],
AXIS["Northing",NORTH],
AUTHORITY["EPSG","3005"]]