Richmond Hill is not a huge metropolis with high-rise buildings that touch the sky. The city has a calmer atmosphere and a friendlier, cozier vibe. That’s probably why many new investors are interested in new condos in Richmond Hill. It’s a great place to live, to do business, or to rent your property out. With such a close proximity to Toronto’s downtown, you get to enjoy all the perks of the big city while escaping its bustling streets and retrieving to the peaceful suburbs.
Should You Invest in Pre-Construction Condos in Richmond Hill?
Making an investment is a serious step, especially when we’re talking about real estate. No wonder many people have doubts when checking pre-construction condos in Richmond Hill. Is the area favorable for business? How stable is the economy in Richmond Hill? Are condos a good investment right now?
Many questions can be running through your mind, but here’s what you should know right away: there are many reasons to invest in new projects under construction in Richmond Hill.
The first and the main one is the location of the city. Being only 36 km away from Toronto, Richmond Hill opens a whole world of opportunities to its residents. Even if you have to commute to Toronto daily, it shouldn’t be a problem, as the trip would take you around 30 minutes. Plus, living in Richmond Hill, you get easy access to all the metropolis amenities.
Such a great location makes Richmond Hill a safe harbor for those who want to take a break from the big city. It’s a good place for people who want to live in a calmer suburban neighborhood without giving up the metropolis conveniences. As a consequence, the demand for housing in Richmond Hill is quite high.
Another reason to consider this city as an investment option is its fast growth. Richmond Hill has its Official Plan, which is focused on land use. The city is going to transform its look and become bigger and more urban. New condominiums appear regularly, the real estate market is booming, and the boroughs expand.
The economy of the area is stable, which creates a favorable environment for investments. Richmond Hill has a comparatively low property tax and a competitive cost of doing business. Moreover, residents can receive business support, personalized business services, and navigation through City departments that could help them operate and expand their projects.
Richmond Hill is home to numerous local businesses and companies, many of which have been recognized by national and international industry rankings. The city supports various industries, including finance, health, insurance, technical services, cultural, scientific, and more. There are a lot of business and employment opportunities in Richmond Hill. There are more than 5,000 companies that create around 70,000 jobs. That’s why the area attracts more and more new citizens and faces a growing demand for housing.
Despite the drop in sales due to the pandemic, the real estate market in Richmond Hill remains stable and keeps its prices relatively steady. The area is quite popular among investors, so it is predicted to rebound and return to its normal selling pace.
Now, if you are interested in new condos in Richmond Hill, you may want to consider the general trends. The market experienced an approximately 15% growth in prices during the last year. Detached homes are more popular in the area as many larger families choose Richmond Hill to raise their children in. However, as the population expands and more young professionals move to the city, the demand for condos grows as well.
The average condo price in Richmond Hill is $570,000. However, the final price would depend on the unit type (plus a few other factors), so here’s a quick overview:
Unit type
Average price
1 bedroom
$495K
2 bedrooms
$580K
3 bedrooms
$648K
On average, new listings sped around 19 days on the market. There are plenty of brand new condos for sale in Richmond Hill, and approximately 300 of them were sold during the last month. One-bedroom units are currently the most popular ones.
Now, if you plan to rent your unit out, you may want to check the average rent costs in Richmond Hill to see how much revenue you will be able to get every month:
Unit type
Average rent cost (per month)
1 bedroom
$1,900
2 bedrooms
$2,300
3 bedrooms
$2,700
The most expensive neighborhoods in Richmond Hill are Doncrest and South Richvale. The rent costs tend to be much cheaper is more affordable neighborhoods such as Harding and Crosby. It’s worth mentioning that Richmond Hill is the 4th most expensive city in the Greater Toronto Area and the 14th fastest-selling one.
The List of Brand New Condos for Sale in Richmond Hill
Location: Yonge St & Bond Crescent, Richmond Hill, ON L4E 3K2
Developer: Dormer Homes and Rivermill Homes
Estimated completion: 2021
About: These elegant townhomes are meant to combine the uptown class and the urban living. The residents will get to enjoy beautiful interiors, stylish details, open-space concepts, and large windows. These light-filled suites will have stone countertops, European-style kitchens, and quality cabinetry. Combine that with spacious rooftop terraces, and you get a perfect urban townhouse that can satisfy any resident’s needs.
Number of units: 258 condo suites, 304 boutique townhomes
Estimated completion: 2023
About: Urban sophistication and luxurious living are only a few things you can expect from this new condo under construction. The Elgin East Condos is a new project that offers a variety of units and layouts, including larger townhomes and contemporary condos. There will also be penthouses available. The on-site amenities will include a party room, a piano lounge room (fancy, right?), a dining area, a music room, a business center, a gym, a warming kitchen, and many more.
Location: 8888 Yonge St, Richmond Hill, ON L4C 6Z1
Developer: Metroview Developments
Storeys: 15
Number of units: 199
Estimated completion: 2022
About: Do you think 8 is your lucky number? Well, it can be if you decide to invest in the new 8888 Yonge Street Condos. The building is going to offer everything you may need for a comfortable urban life (and a bit more, like a Zen garden, for example). Located in a vibrant, busy neighborhood, the 8888 Yonge Condos is going to have a cosmopolitan vibe, with its modern design and unique architectural solutions.
Location: 150 High Tech Rd, Richmond Hill, ON L4B 4N5
Developer: Pemberton Group
Storeys: 20
Number of units: 232
Estimated completion: 2021
About: One of the most prestigious developments in Richmond Hill, this new condominium has a lot to offer, including a very favorable location. Being a part of a master-planned community, it will have 2 high-rise buildings and residential suites of different layout variations. Each unit will have top-notch finishes, sleek details, and quality materials, making this condo suitable for almost any taste.
Location: 8868 Yonge Street, Richmond Hill, ON L4C 6Z1
Developer: Collecdev
Storeys: 17 and 24
Number of units: 427
Estimated completion: 2021
About: Claiming that they will make you rethink urban living, the Westwood Gardens Condos developer aims to alter the skyline of Richmond Hill and offers the best living conditions to its residents. The towers will have a ton of on-site amenities, including co-working spaces, an entertainment room, a yoga studio, saunas, an outdoor barbeque space, and more. You will find everything you might need in the Westwood Gardens Condos, and even a bit more.
Location: 9825 Yonge St, Richmond Hill, ON L4C 1V2
Developer: Metroview
Storeys: 22
Number of units: 435
Estimated completion: to be announced
About: Even though the developer hasn’t released many details about this upcoming condo under construction, it certainly will be very promising considering their previous projects. The 9825 Yonge condominium will have a 22-storey residential tower with countless on-site amenities and luxurious suites inside. You can expect to see contemporary interiors, large windows, and spacious balconies, plus a rooftop terrace for friendly get-togethers.
Being a part of the Greater Toronto Area, Richmond Hill is a diverse community that has a lot to offer to both residents and visitors. The current population of the city is a bit above 190,000 (and it keeps growing). Richmond Hill is famous for its diverse ethnic backgrounds and cultural versatility.
Now, if you are a fan of nature, Richmond Hill has a lot to offer. There are more than 150 parks in the city, which gives the residents plenty of space for recreational purposes. Locals enjoy hiking, sports, and simply taking a stroll among the greenery. This makes Richmond Hill an excellent place for those who want to remain active. Additionally, it’s a great city for families with kids, as such an abundance of recreation spots can help you keep your child active and healthy.
Richmond Hill has a strong education system that includes public, catholic, and private schools. For post-secondary education, residents typically choose Toronto’s institutions, as the commute is quite short.
Speaking of the commute, it’s worth mentioning how easy it is to get around Richmond Hill. The city is close to a few major GTA highways, including 404, 407, 7, 401, and the Don Valley Parkway. If you have a vehicle, you will easily get to Toronto and all around GTA when needed.
Additionally, there’s a well-developed system of public transportation. The Richmond Hill residents use the York Region Transit buses (YRT), the VIVA rapid transit service, and the GO Transit. The authorities are planning to expand the TTC subway system to the intersection of Highway 7 and Yonge, making subway more available to Richmond Hill residents.
Now, in reference to traveling, the closest airport is Toronto’s Pearson International. If you travel regularly, the commute would be short and easy.
Taking everything into account, it’s definitely worth considering new condominiums in Richmond Hill, whether you want to live there or invest in the local real estate market. The city has a chance of surprising you and promises even more to come in the future.
Condominiums Transit Options in Richmond Hill
The Bond On Yonge – 9 minutes away from the King City and the Gormley Go stations (by car). Easy access to the VIVA Blue transit line. Proximity to highway 404.
Elgin East Condos – Easy access to highway 404. Close proximity to the Richmond Hill GO station.
8888 Yonge Street Condos – 8 minutes away from the Richmond Hill GO station (by car). 14 minutes away from the Langstaff GO Station (by foot). Easy access to the VIVA, TTC, and York Region Transit bus stops. Proximity to highways 407 and 7.
ERA at Yonge Condos – Easy access to highways 7 and 407. Walking distance to the Langstaff GO Station. Proximity to the YRT and VIVA bus stops.
Westwood Gardens Condos – Minutes away from the Langstaff Go station. Easy access to the VIVA and York Region Transit. Proximity to major highways, such as 401, 7, 407, and 404.
9825 Yonge Street Condos – Easy access to the YRT, TTC, VIVA, and Go Transit buses. 4 minutes away from the Richmond Hill GO Station (by car). Close proximity to highways 404 and 407.
F.A.Q.
How far is Richmond Hill from Toronto?
The driving distance between Richmond Hill and Toronto is 36 km. It would take you around 30 minutes to get to Toronto from Richmond Hill by car.
Is Richmond Hill expensive?
The average living cost in Richmond Hill is $2,090, which includes rent, food, utilities, transportation, and even dining out and cinema.
How do I get from Richmond Hill to downtown Toronto?
The best way to get to Toronto from Richmond Hill is through the Don Valley Parkway (by car). If you don’t have a vehicle, the most convenient transportation method is by train, which would take you around 45 minutes. There’s also the Line 61 bus, which might take you approximately 50-55 minutes.
Is Richmond Hill safe?
Yes. Richmond Hill is a quiet neighborhood with low crime.
Is Richmond Hill a good neighborhood to live in?
Yes. Richmond Hill is safe, can boast of great schools, and allows for easy access to all the amenities you may require. The area has a stable economy and a lot of room to grow. Plus, the community is very warm, welcoming, and family-oriented.
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