Why Invest in Richmond Hill Real Estate?
Richmond Hill is considered one of the urban growth centers and mobility hubs in Ontario. The city is investing on The Richmond Hill Regional Centre which will bring a boom in residential and commercial real estate. Employment rate in the city is higher than 65% focusing on finance, management sectors and business areas. Also, the unemployment rate is around 3.8% which is much lower than the Canadian average. Richmond Hill average household income is greater than $100,000 placing the city more than 30% above the Canadian average. Richmond Hill is one of the targets of real estate companies due to its fast growth rate, with house prices increasing more than 30% to an average amount of $1.1 million. The city is currently considered the hottest real estate housing market as suburban areas demand has increased due to Toronto real estate market reaching its peak.
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 270,000 inhabitants by 2021. High increase 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. Along Yonge Street junction, a high concentration of Persian immigrants can be found. 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. The prices of homes here shot up with an astonishing 30.1 percent reaching a price of $1.138 million. 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.
Richmond Hill is part of the York Region Transit services which provides bus services throughout the city. It counts on five different modes of public transportation which include GO Transit, 407 Transitway, VIA Rail, VIVA Next and Yonge St Subway Extension. The city has several easy accesses to Toronto using Yonge Street, Bayview Avenue and Bathurst street. Also, Highway 404 from the east of the city, is another quick option for commuters into Toronto.
Average Prices of Condos in Richmond Hill
The average resale price for all types of homes including condos in Markham was around $364,200 for the year 2019. New listings so far have been maintaining a price of $607 for every square foot which is currently following a growth path of 5.3 percent every year. The average rate of resale appreciation has been seen at 8.8 percent for the past 10 years. The average rental rate currently stands at $2300, which is in addition to a rental appreciation rate of 2.8 percent for the past 10 years. The vacancy rate currently sits at 0.8 percent, thereby making the demand for condos strong here.