Projects  \  New Condos in Richmond Hill

New Condos in Richmond Hill

Pre-Construction Projects
Show more Less

Pre-Construction Condos & Homes in Richmond Hill

0 results
|

Sorry, No Results Found

We can’t find any results matching your search.

Search Suggestions

  • Make sure that all words are spelled correctly.
  • Try different keywords.
  • Try more general filters.
  • Try fewer filters.

Reasons to Invest in New Condos in Richmond Hill

Modern Living with Lower Upkeep

New homes in Richmond Hill come with the latest features and finishes, offering a lifestyle upgrade compared to older buildings. Brand-new appliances, energy-efficient systems, and modern floor plans all contribute to a more comfortable and enjoyable living experience. Additionally, since everything is new, you won’t have to worry about unexpected repairs or maintenance costs for the foreseeable future, saving you money in the long run.

Rental Income Potential

If you’re not planning to live in the new builds in Richmond Hill yourself, you can take advantage of high rental demand. New condos for sale in Richmond Hill are particularly attractive to renters, as they offer the benefits of a modern, hassle-free living space. With a steady stream of rental income, your condo can become a valuable asset that helps cover your mortgage and generate additional income.

Thriving Job Market and Economic Stability

Richmond Hill boasts a strong local economy anchored by key sectors like Professional, Scientific & Technical Services (PSTS), Electronics, Information Technology (IT), and Environmental Health. This translates to a wealth of job opportunities for residents, particularly those in new condos. With a booming job market right at your doorstep, you’ll enjoy career growth, economic stability, and potentially even shorter commutes, all thanks to Richmond Hill’s diverse and flourishing economy.

Richmond Hill Rental and Seller Market 2024

Rental Market 

Richmond Hill’s thriving rental market is a standout, boasting impressively high occupancy rates with a 0.6% vacancy, coupled with robust average rents of approximately $2,180 as of May 2024.

Seller Market

As of May 2024, detached houses are a strong investment in Richmond Hill, with an average price of over $1.9 million, representing a 1.6% increase from the previous year. Condominiums offer a more affordable option, with an average price of $690,000. Although condo prices experienced a slight dip of 1.8% compared to last year, they still represent a valuable entry point into the Richmond Hill real estate market.

Average Renting and Selling Time in Richmond Hills

-New condos 

Renting Time for Condos: As of May 26, 2024, the rental market for condos in Richmond Hill is experiencing a slight increase in speed, with properties typically staying on the market for 1 to 4 weeks, which is 2 to 3 days faster than in 2023. 

Selling Time for Condos: In terms of sales, the condo market in Richmond Hill is expected to remain stable in May 2024, with an average selling time of 37 days, which is similar to the previous year. This stability is a positive sign for both buyers and sellers, as it indicates a balanced and healthy market.

-New Homes

Renting Time for Homes:  As of May 2024, the average renting time for detached homes in Richmond Hill is approximately 28 days, which is slightly longer than the average of a few days less in 2023. 

Selling Time for Homes:  In terms of sales, detached homes in Richmond Hill are currently selling at a slower pace compared to the previous year. As of May 2024, the average time it takes for a detached home to sell is between 4 and 12 weeks, whereas, in 2023, the average selling time was quicker at 3 to 5 weeks.

Neighbourhoods

North Richmond Hill

1. Oak Ridges

  • Highlights: Stunning natural landscapes, including the Oak Ridges Moraine, with hiking trails, ponds, and wildlife. A mix of older cottages, newer townhouses, and detached homes.
  • Perfect For: Nature enthusiasts, families seeking a peaceful suburban lifestyle, and those who appreciate the outdoors.

2. Jefferson

  • Highlights: A mix of townhouses, semi-detached, and detached homes with contemporary designs.
  • Perfect For: Families looking for a newer development with access to nature trails, parks, and ponds.

Central Richmond Hill

1. Mill Pond

  • Highlights: One of Richmond Hill’s most historic and scenic neighbourhoods, with streets lined with mature trees, heritage homes, and a mix of modern houses. 
  • Perfect For: Those who appreciate the charm of a historic community with access to green spaces and community activities.

2. Bayview Hill

  • Highlights: An upscale neighbourhood known for its luxurious homes, often with sizeable lots, manicured lawns, and opulent interiors. Bayview Hill Community Centre and proximity to shopping centres and the Richmond Hill Golf Club
  • Perfect For: Families seeking an affluent community with access to high-end amenities and a range of architectural styles.

East Richmond Hill

1. Rouge Woods

  • Highlights: A family-friendly neighbourhood with mostly newer detached and semi-detached homes, close to the Richmond Green Sports Centre, parks, and shopping areas
  • Perfect For: Families looking for a newer development with access to recreational facilities and amenities.

2. Langstaff

  • Highlights: A mix of residential, commercial, and recreational spaces, with townhomes, semi-detached houses, condos, and detached homes. Home to the Langstaff Community Centre, multiple shopping centres, and entertainment complexes
  • Perfect For: Those seeking a diverse community with a blend of housing options and easy access to amenities.

3. Crosby

  • Highlights: Newer residential development with a mix of housing styles, parks, and close proximity to the Oak Ridges Moraine.
  • Perfect For: Families and nature lovers looking for modern amenities near natural green spaces.

Pros of Living in Richmond Hills

  • Highly Rated Schools and Family-Friendly Environment: Richmond Hill offers excellent public schools with a strong reputation if you have children. Combined with a safe and friendly community atmosphere, parks, and recreational facilities, it’s an ideal place to raise a family.
  • Affordable Housing Spectrum: The area offers a diverse housing market compared to its neighbour, Toronto. While new homes in Richmond Hill showcase a strong investment, condo options provide a more accessible entry point. This range allows you to find a comfortable living situation that fits your budget, making homeownership a realistic possibility for many.
  • Multicultural Charm and Rich Cultural Tapestry: It is a diverse community, with a significant South Asian population. This rich cultural mix is reflected in the delicious restaurants, international grocery stores, and exciting cultural events throughout the year.
  • Urban Convenience with a Suburban Feel:  New developments in Richmond Hill offer a great balance between urban and suburban living. Residents enjoy convenient access to shops, restaurants, and amenities, with easy commutes to nearby Toronto. At the same time, the area maintains a quieter, more residential atmosphere with plenty of green space.
  • Easy Access to the City: Despite offering a suburban feel, Richmond Hill boasts excellent connectivity to downtown Toronto. With convenient access to major highways and a robust public transportation network, including the subway, getting to the heart of the city for work, entertainment, or cultural experiences is a breeze.

Cons of Living in Richmond Hill

  • Car-Centric Pockets: Public transportation is improving, but some areas still rely on cars for daily commutes.
  • Entertainment Trade-Off: Enjoying the quieter pace also means fewer entertainment options compared to Toronto’s vast offerings. 
  • Property Tax Factor: Though housing might be more affordable, Richmond Hill can have higher property taxes depending on location and property type.

Show more Less

FAQs About New Condos and Homes in Richmond Hill

What is the average price of new homes for sale in Richmond Hill in 2024?

In 2024, the average price for pre-construction condos in Richmond Hill is a substantial $792 per square foot, appreciating at a steady 6.5% annually. Meanwhile, resale prices for all home types in the area are currently holding strong at $1,463,000 and above.

What is the average price of new condos in Richmond Hill?

Condominiums in Richmond Hill have an average price of $690,000, reflecting a decrease of 1.8% compared to last year. This could be an opportune time to enter the market if you’re looking for a condo in Richmond Hill.

What kind of lifestyle amenities do new condos for sale in Richmond Hill typically offer?

Richmond Hill condos often cater to a modern lifestyle with amenities like fitness centers, rooftop terraces for socializing or relaxation, party rooms for entertaining, and concierge services for added convenience. Some may even boast unique features like co-working spaces for remote work or pet spas for your furry companion.

What is the average condo appreciation rate in Richmond Hill?

Richmond Hill’s housing market has been on a steady climb in recent years. While the exact appreciation rate can vary depending on specific property types and locations, new homes are generally experiencing healthy annual growth of around 6.5%.

Why are condo prices so high in Richmond Hill?

Richmond Hill’s condo prices are high due to a combination of factors. Demand is strong thanks to the area’s reputation for excellent schools, safety, and amenities. This demand is coupled with limited supply, driving prices up. While there was a recent small dip, condo prices generally follow the broader Toronto area market, which is known for being competitive.

Are Condos selling in Richmond Hill?

The Richmond Hill condo market is showing strong signs of growth. Condos are currently selling for an impressive average price of over $1.4 million, and that number is expected to keep climbing with an annual appreciation rate of around 6.5%.

What are the potential advantages of buying a pre-construction home in Richmond Hill in 2024?

There are several reasons to consider a pre-construction condo in Richmond Hill in 2024. You could be looking at a more affordable entry point to the housing market compared to detached homes. Plus, new Richmond Hill condos for sale often boast modern features, lower maintenance needs, and potentially good rental income due to high demand.

What are the typical rental rates and vacancy rates for condos in Richmond Hill currently?

The condo rental market in Richmond Hill is currently in high demand, with a remarkably low vacancy rate of just 0.6%. While this means that available condos may be easier to come by, potential renters should be prepared for stiff competition. The average rental rate for condos in the area is $2,180, so it’s important to factor this into your budget and search criteria.

Are there any schools in Richmond Hill with strong academic programs and after-school activities?

Richmond Hill has a reputation for strong educational options across all age groups. You’ll find a variety of schools to consider, from private institutions like Century Private School and Alpha Star High School to public options with good reputations like H.G. Bernard Public School.

Is it a good time to sell condos in Richmond Hill?

Condo prices in Richmond Hill have increased a small amount (1.8%) year-over-year, which suggests a slow market.  This means that selling now might be a safe option, but there’s a chance you could get a higher price if you wait. Ultimately the decision depends on your risk tolerance and future plans.

How much down payment is needed for a new build in Richmond Hill?

The minimum down payment for a new build in Richmond Hill depends on the purchase price. For homes under $500,000, you’ll need a 5% down payment. If the home is between $500,000 and $999,999, you’ll need 5% for the first $500,000 and then 10% for the remaining amount. The most expensive homes, priced at $1 million or more, require a minimum down payment of 20%.

How is the public transportation system in Richmond Hill?

Richmond Hill’s public transportation system is improving, but it leans car-dependent in some areas. The YRT (York Region Transit) offers bus routes throughout the city, connecting to key destinations and subway stations for access to Toronto. While expanding, it may require more walking or planning compared to Toronto’s robust network.

For a modern lifestyle with amenities, what Richmond Hill areas offer the best new condos?

For modern living in Richmond Hill, explore developments near YRT stations like Richmond Hill Centre or Langstaff GO. These locations offer easy access to public transit and often feature modern amenities like rooftop terraces, creating a convenient and social living environment.

Is Richmond Hill poised for economic growth in 2024?

Economic indicators suggest positive growth potential for Richmond Hill in 2024. A thriving housing market is a key driver, with a steady population increase of 3.6% from 2016 to 2021 and significant home value appreciation (17.5% over 3 years and 34.5% over 5 years) indicating strong housing demand.

How will the condo development boom in Richmond Hill impact the city's future in 2024?

Richmond Hill’s future looks bright with a surge of new condo developments, especially along major roads like Yonge Street and Duncan Road. Projects like “Burnet at Rise & Rose Condos” and “Evelyn Condos at Rise and Rose” are on the horizon. This development boom is expected to not only enhance the area’s residential offerings but also fuel its investment potential.

Where can I sign up to receive alerts about new condo developments in Richmond Hill?

Subscribe to our newsletters, register for updates on our developer pages, and explore Platinum Condo Deals for regular updates and exclusive access to new listings. This multi-pronged approach ensures you won’t miss out on the latest condo developments in this exciting market.

Related Blog

Awards & Achievement

Awards & Achievement