Why Should You Invest In Richmond Hill Real Estate?
Over the years, Richmond Hill has remained a distinctive community, one of innovation juxtaposed with a strong rich historical background. It has remained a municipality with a friendly, down-to-earth essence. This is why the City’s unofficial motto is “A little north, a little nicer.”
Richmond Hill’s Official Plan focuses on land use. It contains policies for the physical, social and economic advancement of their community. Their vision is for “building a new kind of urban.” It’s recognized for its highly-educated workforce combined with a strong economy and ambitious spirit. It is one of the most diverse multicultural communities in the Greater Toronto Area. It is also one of the fastest growing boroughs, which was to be expected considering its adjacency to the downtown core. A copious supply of newly developed condos are being erected and sold at a rapid pace because of the real estate industry’s boom throughout the GTA in recent years.
Richmond Hill is currently at the forefront of soaring real estate housing prices, and its showing no signs of slowing down. Richmond Hill led the charge, with house prices skyrocketing 30.1% to an average amount of $1.138 million. They have taken the crown as Canada’s hottest real estate housing market, as they’re leading the way in an increased demand for suburban areas outside downtown Toronto.
The province of Ontario identified Richmond Hill as an urban growth centre and mobility hub. The Richmond Hill Regional Centre, which is located north and east around the intersection of Highway 7 and Yonge Street, is poised to become “Union Station North,” an attractive place for new residential real estate and office investments to flourish. It will be one of the primary places to focus on growth and investments for the future.
According to the city’s website, as of 2011 its community is quite affluent with more than 52% of families reporting income greater than $70,000. 31% of households have now reported incomes greater than $100,000. The average household income in Richmond Hill is $100,900 which is 34% higher than the Canadian average and 26% higher than the provincial average.
The employment rate is 66.36% with the most prevalent occupations being in business, finance, administration and management sectors. The Census showed that the unemployment rate is very low at 3.77%, compared to the 7.4% unemployment rate across Canada during the time of the Census.
Average Condo Price for Richmond Hill in 2019
The average selling price of pre-construction condos in the City of Richmond Hill for 2019 is $364,200. New listings, for the year thus far, has maintained a price per square foot of $607, while prices continue to grow to 5.3% year-over-year.
The average rental rate for the City of Richmond Hill is presently $2,300. This is in addition to a rental appreciation rate of 2.8% for the past 10 years. The demand for condos is still strong here as the vacancy rate currently sits at 0.8%.
The average resale price for all home types in the City of Richmond Hill is presently around $1,026,149. The average resale appreciation rate for the past 10 years has been 8.8%.
Richmond Hill started out as a small outpost partially located in the Township of Vaughan and partially in the Township of Markham. Located in the southern portion of York Region. It is part of the Greater Toronto Area and is also the third most populous municipality in the York Region and is currently the twenty-eighth most populous municipality in Canada. The town’s population is projected to exceed 275,000 residents by 2021, due in large part to the influx of new condos being developed and sold.
It is now bounded by Ontario Highway 404 (Markham city limit) to the east, York Regional Road 7 (Vaughan city limit) to the west, Markham city limit east of Yonge St. to the south, and Bloomington Rd. (Aurora town limit) to the north. The town extends 7 kilometres east to west and 14 kilometres north to south.
In recent years there has been a huge population upsurge due to the acquisition of land by many developers who are at the forefront of the real estate boom. It has a large multicultural population. It’s a cluster of diversity with most of it being made up of Persian, Chinese, Russian, Cantonese and Italian ancestry. It has particularly become a magnet for Persian immigrants, with many of them being concentrated along the Yonge Street junction.
The city’s allure is becoming widely known making life here truly exceptional. Why not make Richmond Hill your new homestead? Be a part of a new bold vision!