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Richmond Hill city, with an impeccable growth vision of 'building a new kind of urban,' is among the most distinctive GTA communities. It is among the fastest-growing boroughs with an affluent historical background. This city's growth plan focuses on 360° development of land covering the community's social, economic, and physical development.
Richmond Hill municipality has its unique down-to-earth and friendly ethos that attracts residents from all over GTA. Condo market of this city is experiencing a massive demand because of this place's future development plans and population growth projection. This lush city enjoys the title of Canada's hottest real estate market due to increased housing demands.
The province of Ontario has recognized this city as the mobility hub of GTA. Located north & east at Yonge Street & Highway 7, it is the most profitable real estate investment. With a massive due development, the demand for pre-construction in Richmond Hill is already on the verge of disruptive progress.
The growth pace of this city reflects a substantial increase in under construction condos demand among residents. Situated in the southern portion of the York Region, the real estate prices are unstoppable here amid futuristic development plans.
As per TRREB data, the average price for 'all type homes' has increased by 6.58%, Detached by 16.32%, Semi-detached by 7.66%, Condo Townhouse by 16.25%, Condo Apartment by 1.25% in the year 2020 vs 2019. With a growing demand for new homes in Richmond Hill, the average per square foot price has touched $607 with a hike of 5.3% year-over-year.
Another alluring reason to invest in the real estate of Richmond Hill is continuously growing rental rates. The average rental rate is around $2,300 & it is also an appreciation rate of 2.8% for the past decade. The average resale cost of all home types, including Richmond Hill condos, sits around $1,026,149 with an appreciation rate of 8.8% over the past ten years.
The demand for new townhomes and new detached homes is on the higher side as the property vacancy rate is only 0.8%.
Richmond Hill is the third most populous area of the York Region and the 28th most populous municipality of Canada. According to the 2016 census, the population was 195,022, and it will exceed the mark of 242,200 by 2031. With an ever-growing population and urbanization, the city seeks an influx of more pre-construction condos.
It is among the most prosperous GTA areas and a median household income of $115,526, which is around 34% higher than the Canadian average. Also, 52% of the families of this community have reported their income greater than $70,000.
Richmond Hill's employment rate is around 66.36% & the occupations include finance, business, and management. The employment rate of Richmond Hill is higher than many other nearby places.
Richmond Hill is among those places that offer round-the-clock commuting facilities to its residents. The York Region Transit offers full bus commuting throughout the city. There are five modes of public transportation: GO Transit, VIA Rail, 407 Transitway, Yonge St Subway Extension EA, and VIVANext.
The GO bus operates within Bayview Avenue & Yonge that connects travellers to Finch Subway Station. The local train facility is also accessible from Newkirk Road station. The train takes less than 40 minutes to reach Toronto's Union station. Commuters have quick access to north-south corridors by using Bathurst Street, Bayview Avenue and Yonge Street.
With all-time accessible transportation, this city enjoys popular neighbourhoods, including Oak Ridges, Elgin Mills, Richvale, Bayview Glen, and more.
Richmond Hills greets its residents with open spaces, parks, and full-fledged amenities along with eye-pleasing infrastructure growth. The city's community spirit and vibrancy make it unique from many other neighbourhoods.
Richmond Hill is a lucrative investment option that will deliver profitable ROI in the upcoming time. Get in touch with us at 6478126544 or email us at [email protected] to know more about new condos in Richmond Hill and other investment opportunities.
RE/MAX Realty Enterprises Inc
1697 Lakeshore Rd West, Mississauga L5J 1J4