Richmond Hill

Richmond hill, a friendly, down-to-earth town, began as a small settlement in the 1870s, and today it is one of the fastest-growing communities in the country. It is one of Ontario’s urban growth centers and mobility hubs. 

Located Only 5km north of Toronto, this expanding municipality is perfect for those who seek to be close to the city but are looking for a safer community and less-expensive real estate. Moreover, Richmond Hill is extremely multi-cultural and takes pride in facilitating all faiths. 

Why Invest in Richmond Hill Real Estate?

 Ideal for families or individuals, Richmond Hill real estate is a good investment. With the population expanding, there is increasing demand which could drive up the price of real estate so now is the perfect time to buy property in this town.

What makes investing in real estate in Richmond Hill even more lucrative is the town’s easy accessibility. With buses running up and down Yonge between Finch to Aurora every five minutes, getting to a neighbouring town is not an issue even if you don’t own a car. furthermore, Richmond Hill also has an expansive YRT transit system and a Go Train Station located on Major MacKenzie. So whether you plan to go to the city for a fun night out or to Vaughan Mills Mall for some shopping, you don’t have to be concerned about how to get there in Richmond Hill.

Whether you are taking a stroll at the beautiful Mill Pond or participating in some retail therapy at the Hillcrest Mall, there is something for everyone in Richmond Hill. There is a wide array of Entertainment in this town for both families and individuals. For Art lovers, there is no need to go all the way to Toronto to celebrity-spot or visit art galleries when you can get all that whilst living in Richmond Hill. The town offers a diverse cultural experience for any interested art-goer.

Richmond Hill is also investing in the Richmond Hill Regional Centre, resulting in a surge in residential and commercial real estate. There is a rising percentage of employment in business areas, finance, and management in the city. The average household income in Richmond Hill is more than $100,000 and this is above the national average. Recently, an increase in suburban housing demand has led to Richmond Hill being considered one of the most sought-after markets in the GTA. This city is home to a diverse population of over 190,000 people. As a city offering many employment and housing opportunities, Richmond Hill was named one of the best places to live in Canada. There are several opportunities to invest in a new condo development in Richmond Hill as the city continues to expand. Living in Richmond Hill will open doors to a variety of job opportunities, recreational amenities and areas, outstanding educational institutions, and a diverse range of housing options. As if that wasn’t enough, Richmond Hill also has the perfect location as it is a short distance from the province’s capital of Toronto, which is ideal for professionals who need to work in Downtown Toronto.

 From Richmond Hill, the locals can either use public transit or drive to Toronto and arrive in less than an hour. There are also many large parks in the area, such as Lake Wilcox Park, which has a waterfront recreational area and walking trails, and Mill Pond Park, where the locals can stroll along a boardwalk or go ice skating in the pond during the winter season.

Purchasing a new home in Richmond Hill

Richmond Hill is the third-largest city in the York region in population. It is expected to exceed 242,200 inhabitants by 2031, owing to many investments in condos being developed and populated in recent years. The city is popular for its multiculturalism with some of the communities being Cantonese, Chinese, Italian, Persian, and Russian in the area. The real estate market in Richmond Hill is already flourishing, and therefore the prices have also been escalating with no signs of slowing down soon. This has led the way for the city to become 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 at present. The city has a lot to offer to its residents, from a wide range of housing options to education and career opportunities, making it ideal to invest in new condos in Richmond Hill. Families that require elementary and secondary education have an access to the best education offered by York Region District School and York Catholic District School Board. For higher education, there are also several available options for students to choose from that are within their reach including Ryerson University, York University, Seneca College, George Brown College, and the University of Toronto, which are all within one hour distance from Richmond Hill. And last but not least, Residents can also benefit from careers in the city’s main sectors of Professional, Scientific and Technical Services, Health Industry, Finance and Insurance, and Information and Cultural Industries.

Employment opportunities in Richmond Hill

Investing in a new condo in Richmond Hill will give you access to the many job opportunities in the city. This city is home to a culturally rich and highly skilled population of over 190,000 people, and out of this, 65% are actively involved in the labour force. The city’s unemployment rate is at present 6.9%, which is less than the provincial rate of 9.1% and the national rate of 7.8%. Richmond hill city is home to over 5,000 companies that have generated more than 73,000 jobs. The city’s location has contributed much to attracting businesses because of the easy access to highways, airports, and Toronto. Furthermore, Richmond Hill has a very skilled workforce, with more than 77% of the population having received higher education.

The four main industries in Richmond Hill include Professional, Scientific, and Technical Services, Health Industry, Finance and Insurance, and Information and Cultural Industries. It has one of the top life sciences companies that provide services and products, such as pharmaceuticals, health products, and medical devices, with an aim to improve the well-being of Canadians. One of the leading companies in the city’s health industry is Apotex, which is a top pharmaceutical brand that produces generic drugs. Professional, Scientific, and Technical Services are another of Richmond Hill’s main industries, with a focus on engineering, information technology, and research. One such top company that works in this sector is Compugen Inc., an IT company that has its headquarters in Richmond Hill. Then there is the finance and insurance sector, another one of the city’s main industries, with companies such as Johnson Inc., Primerica, and CWB Maxium Financial. And last but not least is the key sector of the information and cultural industry, which focuses on internet solutions, visual arts, and media. The city is home to many international companies’ head offices, such as Mazda Motor Corporation, Levi Strauss & Co., and Bayerische Motoren Werke AG (BMW).

Average Prices of Condos in Richmond Hill

As per Toronto Real estate Board data, the average price of a condo in Richmond Hill was $1,317,557 in 2021. The price of all types of homes in Richmond Hill was more than the average cost for all types of housing in the Greater Toronto Area, which was $1,075,636. In 2021, the average selling price for condos in Richmond Hill was $595,367, with a 12-day average listing time on the market. The average price of a condo in the York Region stood at $641,408, which is less than Richmond Hill. likewise, the average condo price in Richmond Hill is also less than the average price in the Greater Toronto Area, which was $683,479. Condo prices in Richmond Hill are standard at $605,400, which is a 15.08 percent change over the previous year

Transit and transportation in Richmond Hill

Due to its ideal location, Richmond hill city is the best place to invest in new condos in the area. Residents have easy access to highways including Highway 401, Highway 407, Highway 7, and various public transit services. Highways 401 and 407 links 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.

 

Furthermore, There is also Yonge Street and Bayview Avenue that runs north to south and links Richmond Hill to North York and the City of Toronto. it is a one-hour drive from Richmond hill to downtown Toronto and a half-hour drive to Toronto’s Uptown. There are several options of public transport available for Richmond hill locals including GO Transit and York Region Transit. There are two GO Transit train stations in the city, including Richmond Hill GO and Gormley GO. Additionally, the residents can also use GO Transit busses from Richmond Hill GO station and Richmond Hill Centre. Another transit option available for residents is the YRT which can be used to commute within the city and other cities served by the YRT. The Viva Blue line of the YRT runs its course north to south of Richmond Hill, from Finch GO Bus Terminal in North York, up to the Newmarket terminal. From Finch GO Terminal, travellers can also use subway services provided by the TTC. To sum up, If you purchase a new condo in Richmond Hill, you will have easy access to the various transit services available in the city, which will make commuting around the city and the Greater Toronto area much easy and more convenient.

The Bayview Hill neighbourhood is surrounded by Bayview Avenue, Major MacKenzie Drive, 16th Avenue, and Leslie Street, all of which allow the residents easy access to an array of shops and restaurants. In the center of the neighbourhood is Bayview Hill Park, where there are play structures, tennis courts, and a baseball diamond. In this neighbourhood, there is also an elementary school run by the YDSB, Bayview Hill Elementary. 

 Another happening neighbourhood is the Mill Pond neighbourhood which is located at the junction of Yonge Street and Major MacKenzie Drive. Similar to other neighbourhoods along Yonge Street, Mill Pond residents also have easy accessibility to many shops and restaurants. Located in the heart of the neighbourhood is Mill Pond Park, where residents can enjoy an aesthetic boardwalk and can go skating on the pond in the fall. In all of these neighbourhoods of Richmond Hill, you will come across excellent new condo developments.

Neighbourhoods in Richmond Hill

Richmond Hill is a city compromising of several culturally diverse neighbourhoods, with each having distinct attractions and features of its own. When searching for a new condo in Richmond Hill, there are many 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 and has Yonge Street and Bayview Avenue on its east and west side, which permits easy access to North York and Toronto. Near Yonge Street, there has been a growth in high-rise and mid-rise condos where residents can find a variety of retailers and dining options. Langstaff residents can also spend quality time enjoying nature at Royal Orchard Park, which also has a walking trail.

The neighbourhood of Richvale is another amazing neighbourhood that is located to the west of Langstaff and Yonge Street. Here, one can find many shopping and dining options at Yonge Street and Hillcrest Mall, which is situated northeast of the neighbourhood. There are two main education centers in Richvale, the Langstaff Secondary School, and the Charles Howitt Public School. Furthermore, there are also many parks in the area, for instance, Richvale Athletic Park, Hillcrest Heights Park, and Hunter’s Point Wildlife Park, all having trails, picnic areas, outdoor sports arenas, splash pads, and play structures. 

 

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