Why Invest in Richmond Hill Real Estate?
Richmond Hill is one of Ontario’s urban growth centers and mobility hubs. Richmond Hill is investing in the Richmond Hill Regional Centre, resulting in a boom in residential and commercial real estate. There is a high percentage of employment in business areas, finance, and management in the city. The average household income in Richmond Hill exceeds $100,000 and is higher than the national median. A recent increase in suburban housing demand has led to Richmond Hill being considered as one of the hottest real estate markets in the GTA. The City of Richmond Hill is home to a diverse population of over 190,000 people. As a city offering many opportunities for employment and housing, Richmond Hill was named one of the best places to live in Canada. There are many opportunities to invest in a new condo development in Richmond Hill as the city continues to grow. Living in Richmond Hill will give you easy access to a variety of job opportunities, recreational facilities and areas, excellent educational institutions, and a wide selection of housing types. Richmond Hill also has an ideal location of not being too far from the province’s capital of Toronto, which is beneficial to professionals who need to work in Downtown Toronto. From Richmond Hill, residents can either use public transit or drive to Toronto and arrive in less than one hour. Motorists have access to three major roadways to help them reach other areas of the city and the GTA, including Highway 404, Highway 407, and Highway 7. There are also several large parks in the area, such as Lake Wilcox Park, which features a waterfront recreational area and walking trails, and Mill Pond Park, where residents can walk along a boardwalk or go ice skating in the pond during the wintertime.
List of New Condos in Richmond Hill
Why Buy a New Home in Richmond Hill?
Richmond Hill is the third-largest city of the York region in population, projecting to exceed 242,200 inhabitants by 2031. The high rate is due to many investments in condos being developed and populated in recent years. The city has a large multicultural population, Cantonese, Chinese, Italian, Persian and Russian communities in the area. The real estate market in Richmond Hill is already booming, and as a result, prices have also been soaring without showing signs of slowing down. It has now taken the honour of being termed as the hottest real estate market in Canada. So, if you are looking to invest in a condo, then there isn’t a better time than now. The city has a lot to offer to its residents, making it ideal to invest in new condos in Richmond Hill. For housing, education, and careers, the city offers a variety of options. Families needing elementary and secondary education have access to excellent schools offered by York Region District School and York Catholic District School Board. From Richmond Hill, students also have a wide selection of post-secondary institutions within their reach, including Ryerson University, York University, Seneca College, George Brown College, and the University of Toronto, which are all within one hour away from Richmond Hill. All more reason to invest in a new condo development in Richmond Hill. Residents can also take advantage of the careers in the city’s key sectors of Professional, Scientific and Technical Services, Health Industry, Finance and Insurance, and Information and Cultural Industries.
Employment in Richmond Hill
Investing in a new condo in Richmond Hill will put you in one of the country’s largest technology clusters and give you access to the many job opportunities in the city. Richmond Hill is home to a culturally diverse and highly skilled population of over 190,000 people, approximately 65% of which are actively participating in the labour force. The city’s unemployment rate currently sits at 6.9%, which is below the provincial and national rates of 9.1% and 7.8%, respectively. The city is home to over 5,000 companies that have created more than 73,000 jobs. The city’s prime location makes it a magnet for businesses because of the easy access to highways, airports, and Toronto. Richmond Hill boasts a very talented workforce, with more than 77% of the population having received post-secondary education. The four key industries in Richmond Hill include Professional, Scientific and Technical Services, Health Industry, Finance and Insurance, and Information and Cultural Industries. Richmond Hill is home to leading life sciences companies that provide services and products, such as pharmaceuticals, health products, and medical devices, to improve the well-being of Canadians. One of the leading companies in the city’s health industry is Apotex, which is a leading pharmaceutical brand that produces generic drugs. Professional, Scientific and Technical Services in Richmond Hill’s other strong sector, which has a focus on engineering, information technology, and research. Compugen Inc. is an IT company that has its headquarters in Richmond Hill. The finance and insurance sector is another one of the city’s key sectors, with companies such as Johnson Inc., Primerica, and CWB Maxium Financial. The information and cultural industry are also one of the city’s key sectors, which has a focus on internet solutions, visual arts, and media. The city is home to much international company’s head offices, such as Mazda Motor Corporation, Levi Strauss & Co., and Bayerische Motoren Werke AG (BMW).
Average Prices of Condos in Richmond Hill
Among all types of residences, including new condominiums in Richmond Hill, the average price is $1,317,557, according to the Toronto Real Estate Board data. The price of all types of homes in Richmond Hill is higher than the average cost for all types in the Greater Toronto Area, which comes to $1,075,636. In 2021, the average selling price for condos in Richmond Hill will be $595,367, with a 12-day average time on the market. The average price of a condo in the York Region is $641,408, which is lower than Richmond Hill. Similarly, the average condo price in Richmond Hill is also lower than the average price in the Greater Toronto Area, which is $683,479. Condo prices in Richmond Hill are benchmarked at $605,400, a 15.08 percent change over last year.
Accessibility and Transit
Richmond Hill’s location is one of the best reasons to invest in new condos in the area. Residents have easy access to highways and various public transit services. Highway 401, Highway 407, and Highway 7 are the three nearby highways in the city. Highways 401 and 407 connect the city to other areas of the Greater Toronto Area, while Highway 7 runs east to west through the regions of York, Peel, and Durham. There is also Yonge Street and Bayview Avenue that runs north to south and connects Richmond Hill to North York and the City of Toronto. From Richmond Hill, residents can reach Downtown Toronto in one hour and arrive in Toronto’s Uptown in less than 30 minutes. Richmond Hill residents have several options for public transit, including GO Transit and York Region Transit. There are also plans to extend the TTC Yonge-University line up to Richmond Hill, which will also allow residents to use TTC services in the future. There are two GO Transit train stations in the city, which include Richmond Hill GO and Gormley GO. Additionally, commuters can use GO Transit busses from Richmond Hill GO station and Richmond Hill Centre. YRT is also another transit option for residents, which can be used to travel within the city and other cities served by the YRT. The Viva Blue line of the YRT runs north to south of Richmond Hill, from Finch GO Bus Terminal in North York, up to the Newmarket terminal. From Finch GO Terminal, commuters can connect to subway services provided by the TTC. If you buy a new condo in Richmond Hill, you will have access to the many transit services available in the city, which will make travelling around the city and the Greater Toronto Area easy.
Neighbourhoods in Richmond Hill
Richmond Hill is home to 17 multicultural neighbourhoods, each having different attractions and features to offer. When looking for a new condo in Richmond Hill, there are plenty of options in the neighbourhoods of Langstaff, Richvale, Bayview Hill, and Mill Pond. The Langstaff neighbourhood is located south of the city and on Highway 7. The neighbourhood has Yonge Street and Bayview Avenue running on the east and west side, which allows for an easy commute to North York or Toronto. There has been an increase in high-rise and mid-rise condos near Yonge Street, where residents can find a variety of retailers and dining options. Residents who need GO Transit service can ride the GO Train from Langstaff GO Station. Langstaff residents can spend time in nature at Royal Orchard Park, which features a walking trail surrounded by greenery. The neighbourhood of Richvale is another great neighbourhood that sits directly west of Langstaff and Yonge Street. Richvale residents can find many shopping and dining options at Yonge Street and Hillcrest Mall, which is located northeast of the neighbourhood. There are two schools in Richvale, Langstaff Secondary School and Charles Howitt Public School. There are also several parks in the area, such as Richvale Athletic Park, Hillcrest Heights Park, and Hunter’s Point Wildlife Park, which all have trails, picnic areas, outdoor sports areas, splash pads, and play structures. The Bayview Hill neighbourhood is bordered by Bayview Avenue, Major MacKenzie Drive, 16th Avenue, and Leslie Street, which gives residents easy access to a variety of shops and restaurants. In the middle of the neighbourhood is Bayview Hill Park, where there are play structures, tennis courts, and a baseball diamond. In the neighbourhood, there is also an elementary school operated by the YDSB, Bayview Hill Elementary. Mill Pond is another excellent neighbourhood in Richmond Hill that is located by the intersection of Yonge Street and Major MacKenzie Drive. Like other neighbourhoods that sit along Yonge Street, Mill Pond residents have easy access to shops and restaurants. Located in the centre of the neighbourhood is Mill Pond Park, where residents can find a scenic boardwalk and can go skating on the pond in winter. You can find excellent new condo developments in Richmond Hill in these neighbourhoods.
Questions & Answers
It is common for a condo unit to have an interim occupancy period between moving into the unit and the closing date (the final closing). Interim occupancy periods can last from 4 to 6 months, depending on construction progress. Upon completion of construction, the units will be available for occupancy. The homeowner must still pay interim occupancy fees even if they move into the home during the interim period. Other than taxes and condo fees, interim occupancy fees also include interest on the remaining purchase price. After the interim occupancy period is over, the final closing date will be notified to the buyers. A closing will result in the building’s registration, and ownership will transfer to the buyers.
Elementary and secondary education in Richmond Hill is offered by York Region District School Board and York Catholic District School Board. There are also several post-secondary institutions near the city and can be reached within an hour’s commute. Some nearby post-secondary schools in the area are York University and Seneca College.
There are many things to do in the City of Richmond Hill. Visitors and residents can enjoy Richmond Hill Centre for the Performing Arts, Richmond Green, Lake Wilcox, or shop along Yonge Street or at Hillcrest Mall.