List of New Condos in Richvale Neighbourhood
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Investing in Richvale Real Estate
Richvale is a quaint neighbourhood demarcated by Highway 7 down south. The area has a healthy amount of green spaces like the simple yet gorgeous Hunter’s Point Wildlife Park and Morgan Boyle Park. Foodies are sure to love the signature kebab of Roses Kebab Land Restaurant while the Richmond Hill David Dunlap Observatory equipped with the largest 1.88m reflector telescope in Canada is a must-visit site for tourists and new visitors.
Why Buy Pre-Construction Condos In Richvale?
Purchasing new condos in Richvale is a wise investment decision because of the lower price point as compared to a completed unit in the market. Having the ability to customize the units to your personal preferences is a godsend while the nearby shopping centers like Hillcrest Mall and Times Square ensure a manifold return on investment.
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Entertainment & Recreation In Richvale
Richvale has an abundance of entertainment and recreational options available like the well-maintained Elvis Stojko Arena that is perfect for ice skating. The Richmond Hill Country Club helps host many private events throughout the year while the Richmond Hill Golf Club with its 18-hole golf course welcomes players of all skill levels. Movie lovers can also rejoice as the nearby SilverCity Richmond Hill Cinemas is located just next to Highway 7.
Average Price of Condos in Richvale
In the second quarter of 2023, the average price per square foot for new condos in the 905 region of the Greater Toronto Area (GTA) was $1,172, compared to the average of $1,673 per square foot in the former City of Toronto, which is comparatively low for Richmond Hill where pre construction condos are sold at an average price of $792 per square foot in 2023. The benchmark price of a resale condo by the end of 2023 was $573,100 in Richmond Hill, which is comparatively less than last year by 0.88%. Prices have consistently been on a trend and continue to rise each year. There has been increased demand for properties due to significant immigration rates, decreased affordability for homeownership and a strong job market. Rental rates for Richmond Hill condos have continued to rise. Reached a monthly rate of approximately $2,350 during the second quarter of 2023. This represents a growth rate of 12% when compared to figures from last year. The demand for purpose-built apartments has outpaced supply resulting in a decrease in vacancy rates, in Richmond Hill which currently stands at 0.6%.
Transit & Accessibility In Richvale
Transit has been made much easier in Richvale over the years as the area is well served by York Region Transit with several bus routes like 16 Bathurst St, 83 Richmond Hill Centre Terminal and 85 Napa Valley in the short span of 20 to 40 minutes, linking to the other parts of Richmond Hill. The area is also blessed with two train stations, Richmond Hill GO and Langstaff GO while proximity to major highways like Highway 7 enables easy access for cars, ensuring the residents have plenty of options to choose from when it comes to transportation.
