Why Buy a Condo in Richmond Hill?

“A little north, a little nicer” is the unofficial motto of Richmond Hill, and it couldn’t be more accurate. The town, despite its all growth and prosperity, has kept its friendly and humble identity alive. Part of the Greater Toronto Area, Richmond Hill is Canada’s most populous and one of the most prosperous towns of the country. The town is known for its unique, ambitious spirit, multicultural population and robust economy.

Richmond Hill is one of the fastest growing boroughs, and this growth has stimulated rapid development and selling of condos in Richmond Hill area. In turn, yielding massive returns to the investors. The condo prices in Richmond Hill have gone through the roof, and the forecast is that it’s just getting started. The average price of a resale condo grew tremendously, generating around 28 percent returns. Sounds good? Of course, it does.

The Richmond Hill Regional Centre focused north and east around the juncture of Highway 7 and Yonge Street in the Town of Richmond Hill has been identified by the Province of Ontario as an Urban Growth Centre and a Mobility Hub, suggesting growth and investment in the nearby future.

Why Should You Invest in Richmond Hill?

Well, the question should be: “Why shouldn’t you invest in Richmond Hill?” That’s because it has got almost everything one could desire in an investment destination. The town has witnessed massive population upsurge, thanks to economic growth and booming real estate industry. The town’s population is projected to reach 275,000 by 2021. A big part of the credit goes to the expeditious development of new condos.

The prosperity of any area can be known from the state of its common man, and the people of Richmond Hill are sitting pretty when it comes to their income. The reported median household income in Richmond Hill in 2016 was $88,353; much higher than the national average of $70,336. Around 43.8% of households in Richmond Hill have incomes higher than $100,000, and 13.4% of households have incomes higher than $200,000. These number vouch for the town’s economic growth and development.

As far as the real estate sector in Canada is concerned, Richmond Hill is by far one of the most thriving areas. The average house price in Richmond rose by 30.1%, taking it to $1.138 million. And this growth in value isn’t going to stop anytime soon.

Average Condo Price in Richmond Hill

The pre-construction condo market showed splendid growth from the year 2016 to 2017. The average index selling price of a pre-construction condo in Richmond Hill rose from 4% to 6%, taking it to $560 per square foot. The average selling price of a pre-construction condo in Richmond Hill was reported to be $420,000.

The resale condo market in Richmond Hill continued its remarkable journey during 2017. The average selling price in 2017 increased by 27.75% compared to 2016. The average selling price of a resale condo in Richmond Hill was capped at $441,039.

Getting in and around Richmond Hill

Richmond Hill is a well-connected town, especially considering its size. On the eastern side, the town is bordered by highway 404, this highway leads directly to Toronto’s downtown core. On the southern side, Richmond Hill is accompanied by highway 407. Both these highways play a crucial role in integrating Richmond Hill with the rest of Ontario.

When it comes to getting in and around Richmond Hill, you have its robust public transportation system. York Region Transit (YRT) is the responsible body for public transportation in Richmond Hill. YRT launched a bus rapid transit system in 2005. This system serves across major routes in Richmond Hill and offers a swift way to commute as it has its own route, independent of the road traffic.

As it’s the case in most of the York region, GO Transit provides commuter train service in Richmond Hill as well. Richmond is home to two stations: Richmond Hill Station and Langstaff Station. Going forward, getting in and around is going to become even more convenient as new projects are lined-up.


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