Richmond Hill, Ontario, Real Estate

Richmond Hill Real Estate in September 2009

The Greater Toronto Area real estate markets are finishing off the year with a boom.  September 2009 had 8,196 homes ( both freehold and condominium) through the Toronto Real Estate Board's (TREB's) MLS® system with an average sale price of  $406,877.

In the Richmond Hill MLS® districts there were 225 detached homes sold out of 403 available homes with an average sale price, for the three districts, of $627,700.  This is a huge jump up from last years 126 homes sold in the Richmond Hill districts and a mere 6,424 homes sold in the GTA in 2008.

Now is a great time to buy or sell a home in Richmond Hill, Aurora or anywhere in the Greater Toronto Area.

Toronto and York Region Real Estate Markets Update

2007's real estate markets seem to be unstoppable. Once again October sets a new Toronto MLS® record for the number of homes sold smashing the previous October record (Oct 2003) by 10% and sending the total home sales, for 2007, over 81,500 homes sold. That is just 1,500 short of the final number of homes sold in 2006 with two months to go, in which we would usually expect to see about 10,000 sales more. On top of that the sales volume in Toronto are expected to be extra high in November and December as home buyers are trying to avoid the new municipal land transfer tax which comes into effect on homes purchased after January 1st, 2008 and closing after February 1st, 2008.

The average purchase price for a home on the Toronto MLS® system in October, 2007, was $394,646 up from last October's $356,423.

In Richmond Hill's 3 MLS® districts (N03,N04 and N05) there were 396 homes sold with the majority (211 homes) in the South end (N03) with a high number of Condominiums and an average sale price of $408,291 where as in the North end (N05, Oak Ridges down to Gamble Rd.) the there were only 68 homes sold, mostly detached home, with an average sale price of $491,850.

Toronto home's averaged $522,800 for the 1,602 homes that sold in October. That said there are still areas where you can get a detached home for under $400,000.

Real estate markets in the Toronto area and York Region are still very strong and it is still expected to continue being strong with stead price increases for the next few years. Making now a great time to buy or move if you haven't already.

If you would like more information feel free to contact me or fill out a "home search request" or " Home Evaluation request" on my website www.AndrewHodgeREALTOR.com

Talk to you soon.

York Region Real Estate market statistics - July 2007

York Region's real estate markets were hot in July 2007 as were all of the Northern districts on the Toronto MLS® system. Sales this year were up 27.7% with 1,797 homes sold compared to 1,407 homes sold in July 2007. The year to date home sales numbers are also up 16.3% to 12,232 homes sold in York Region, the Uxbridge area of Durham and parts of Simcoe County.

Over all average sold prices increased by 5% from $373,573 to $392,360 in July 2007. There were some very active markets in York Region including the 3 Richmond Hill Ontario real estate districts (N03, N04 and N05), Aurora (N06) and Vaughan (N08).

In Richmond Hill there was an increase of 47.1% in the total number of homes sold, going from 291 (July 2006) to 428 (July 2007) homes. Most of this increase was in the South end in the N03 and N04 districts. Richmond Hill seems to have been hit by the summer market effect resulting from higher price range buyers going on vacation. The result was a decrease in the average sold price but an increase in the median home sold price where they were very close to one another. The largest effect was in the detached home market where, in the N03 district, the average home price dropped from $601,645 to $556,140 while the median home sold price increased from $537,000 to $557,750, not that that is chump change or anything but there were definitely fewer million plus dollar homes sold in July 2007.

Aurora Ontario's real estate market saw an increase in home sales of 26.3% from 57 to 72 and an increase in average sale price from $392,658 (July 2006) to $454,512 (July 2007).

In the N08 district (Vaughan) and the N11 district (Markham) both saw increases in sales volume between 27% and 30%.

Happy house hunting.

Richmond Hill Home Sales Statistics - February 2007

Richmond Hill home sales in February 2007 accounted for 307 homes out of 6,772 homes sold on the Toronto MLS® system.. This make Feb 2007 the second best February ever recorded, in terms of sales volume, for the Toronto MLS® system. For Richmond Hill’s three MLS® districts there were strong sales numbers with 170 homes sold in the South end or Richmond Hill (N03 district), 80 homes sold in the N04 district and 57 houses sold in the Oak Ridge’s area or N05 district.

Here is the quick breakdown of the numbers for each district:

All Home sales in Richmond Hill, Ontario, Canada.

Semi-Detached homes in Richmond Hill

Condo Apartments in Richmond Hill

Condominium townhouses in Richmond Hill

Townhouses in Richmond Hill

The housing markets in Richmond Hill are still very strong and there are a lot of home buyers currently looking. For most home types the number of home sold in February relative to the number of active listings. In some areas this is adding extra competition for buyers. The one area that this is not happening is in the detached homes of the N05 district. In this area there were 213 active listings and only 38 sales.

This is most likely a reaction to homes in this area being listed higher that one can realistically sell the home. For this reason I expect a series of price reductions in the detached homes in the N05 district. This is making the assumption that a good portion of these listings are motivated to sell their home. This assumption is based on the fact that there are quite a few homes listed in areas Macleod's Landing and Tribute's Inspiration which are brand new homes and likely owned by speculators or people who's needs have changed dramatically enough to be worth thinking about moving.

Looking to find Richmond Hill homes for sale? Save time and frustration by working with me to search and negotiate a great price on your perfect home.

Have a home in Richmond Hill or the surrounding area? Find out what your Richmond Hill home’s value is with a free market evaluation.

I respect your privacy and your contact information will never be given or sold to any person or organization outside of Andrew Hodge (me) and Right At Home Realty Inc., for any reason, without your expressed permission in writing. (except when required by Canadian law)

All statistics and values posted here are for Richmond Hill, Ontario, Canada. If you want more information on real estate in Richmond Hill, Ontario, Canada please feel free to contact me through any of my websites or call me at 416-278-2335 (my direct line).

York Region Real Estate Year End Stats and Forecast

Real estate markets in York Region and the Toronto area finished 2006 with a bang. With December, 2006, home sales up be 4.5% in volume, over Dec. 2005, the year ended only 1.1% behind 2005, with a total of 83,084 homes sold through the Toronto Real Estate Board's MLS®. The Average price, in 2006, across the TREB MLS® was $351,941 up from $335,907 in 2005.

In Richmond Hill and Aurora the volume of sales decreased slightly, with the exception of the N05 district (Richmond Hill North of Gamble Rd including Oak Ridges and several newer developments like Macleod's Landing, Tribute's "Inspiration, Bond Lake, The Humberlands, etc...) which saw an increase of sales volume by 17.6%. The average sale price in N05 increased by 6% to $455,973 and the median home sale price is up 5.3% to $430,500.

The majority of these increases can be attributed to the vast amount of development that has occurred over the last 7 years that have changed the area from farm fields into residential neighbourhoods. In years gone by the number of sales was limited by availability, however in 2006 there were 1,804 homes listed on the TREB MLS® in N05, an increase of 34%. These newer homes are larger and sell for higher prices that what was traditionally found in the Oak Ridges area before. Even since last year there are more new homes being sold by speculators, many of which are asking $600,000 and up.

The value of these homes is substantial and it is attracting the attention of a "higher price range" audience. This has had a dramatic effect on the increase in average home sales prices, causing the average price to increase faster than the actual increase in value for a particular home. This change in the areas buyer and housing demographics could cause issues if the average home owner is lead to believe that their home has increase in value by 6%, and want to "cash in". Home values for individual homes has only risen between 2% to 3% from what I have seen, but brand new homes are getting a premium.

The N05 district also has the lowest home sales to active listings ratio in Richmond Hill at 21.2% which could lead to decreases in price if there is a large enough number of sellers that "have" to sell instead of just "wanting" sell. with 45 homes sold in December 2006 (up from 37 in 2005) if 50 out of the 259 homes that are available (as of 9:29 am Jan 18th 2007) "have" to be sold this month then watch for prices to drop. However, sellers in the area have mostly been "wanting" to sell and have not over committed themselves too heavily.

Looking for homes for sale in Richmond Hill, Ontario or thinking of selling and want to know your Richmond Hill, Ontario, Home's Value? I am here to help you achieve your goals of a smooth move into your perfect home. I look forward to working with you soon

Andrew Hodge

Home Sales statistics in Richmond Hill, Ontario

Another month has passed and November, 2006, continued to show strong sales volume, if a bit lower than last year.

Across the Toronto Real Estate Board's MLS® system there were 6,281 homes sold in November 2006. Which is lower than 2005's 6,646 home but very close to 2004's 6,301 homes sold, for the month of November. There is also a larger number of homes on the market. In the November Statistics, in the Toronto Real Estate Board's Market Watch publication, there were 22,981 active listings.

The average sale price across the region was $355,727 with a median sale price of $298,000.

For Richmond hill, or the 3 districts that encompass Richmond Hill (N03, N04 and N05) there was 268 homes sold in November 2006, down from the 311 homes in Nov 2005, and 1168 active listings. 150 of those homes sold were freehold detached homes, 45 were apartment condominiums and 41 were freehold townhouses.

For Richmond Hill, in November 2006, the statistical breakdown is as follows:

District ...Number of .....Average .........Median
................Homes Sold ....Sale Price......Sale Price
Total .............268........... $426,201....... N/A
N03 ...............122 ...........$405,630 .....$345,000
N04 .................84 ...........$399,432 ......$383,500
N05 .................62............$502,948 ......$460,750

Number of Richmond Hill home sold by type and district in November 2006

Type ..........................Total .....N03 .....N04 .....N05

Detached (FH) .............150 ......50 ........54 ........46
Semi-Detached (FH) .....12 ........4 ...........6 ..........2
Condo Apartment ..........45 .......39 .........6 ..........0
Link (FH) ........................8 ..........3 ........0 ..........5
Condo Townhouse .........12 ........11 ........1 ..........0
Townhouse (FH) ............41 .......15 ........17 .........9
(I really wish that I could find a nice easy way to put in tables)

It is interesting to note that the least expensive district, based on average detached home sales prices, was the N04 district with an average sale price of $452,989. Where as N03 was $589,002 and N05 was $562,530.

This may be related to N03 being closer to Toronto (a traditionally accepted factor in increased prices) and N05 having a lot of newer homes in new developments like "Macleod's Landing", Tribute's "Inspiration", "Bond Lake" and "Fountain Blue" as well as some of the developments from the past 7 years like "The Humberlands", "Kingshill", "Jefferson Forest" and several others. Some of these "older developments are still under construction or are having additional developments branching off of them.

The bottom line is that the real estate markets are still moving along at a strong pace. However, the house values in the Richmond Hill, and all of the Toronto and surrounding districts, are increasing at a much more moderate pace and there is much more competition for the attention of the available home buyers

Notes: The statistics above are based on the numbers published by the Toronto Real Estate Board in their real estate "Market Watch" newsletter which you can download HERE. These numbers are based on sale prices and do not represent actual values of any particular type of home. For a value on your current home I would be happy to provide you with a free home evaluation.

I have also started another blog on my main website and I would love to hear what you think of it. Please take a look at my Richmond Hill, Aurora and York Region Real Estate Blog. It is new and I am trying to decide if it is going to replace this blog or provide other information or insights. Any suggestions are welcome (SOE, consumer usability, etc...)

Richmond Hill Home sales for October 2006

In the N04 district or middle section of Richmond Hill the demand is still mainly for detached home. There was a slight decrease in both listings and sales effecting a relatively unchanged Sales to Active listings ratio. The average sale price was $420,927 up from last years average of $397,414. Where as the median home sale price was down to $412,500 from $417,000. This decrease in median sale price reflects the decrease in detached home sales and the increase in townhouse sales for this district.

In the North end of Richmond Hill (District No5), which includes Oak Ridges and Jefferson forest, there has been an increase in sales volume, from 44 homes up to 58 home sales in October 2006, which has been dwarfed by the increase in active listings, which is now 314 homes for sale instead of the 259 homes that were available in 2005 in October. Once again this part of Richmond Hill is dominated by detached homes and the average sale price has jumped from $397,682 in Oct 2005 to $458,656 in October 2006. The median sale price also increased in a similar fashion to the average settling in at $447,000 in Oct. 2006.

As you can see there has been some of the usual seasonal adjustments in market activity, and a larger than expected increase in average sale prices. It is important to note that the average sale price does not necessarily represent the changes in value of the average home, only the average sale price of the homes that were sold. This value is subject to the type of home buyers that are capable and motivated to purchase in today's market.

If you are interested in moving in the future and wish to know what your home is worth, you can get a free Richmond Hill home evaluation.