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Richmond Hill Real Estate

Richmond-Hill-Real-EstateRICHMOND HILL REAL ESTATE MARKET

The Richmond Hill Real Estate market has attracted droves of immigrants with its appealing multicultural base and its excellent location. For many years now Richmond Hill has remained one of the fastest growing towns in all of Canada. The ever-growing population of this wonderful town is a strong indicator of its fundamentally strong real estate market. Richmond Hill Real Estate market currently ranks as the most expensive in all of Ontario based on an average resale property price. Richmond Hill’s population in 2011 stood at 185,500 people, which was a 14% increase compared to 2006 and the number is expected to rise to over 200,000 by 2015. This increase in population was nearly 3 times higher than that of the national population, which saw an overall increase of 5.7% since 2006. (The graph shows town’s historical population increase up to year 2000)

What makes Richmond Hill such a great place to live in, and why does it attract so many people year after year?

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This town started as a small settlement around 1872 and developed because of its proximity to Toronto. Located along Yonge street, Richmond Hill was easily accessible to people who travelled north and south from one community to another. In 1877, Richmond Hill’s population stood at 659 people, and it grew to 3300 by 1953. However, it wasn’t until later years that the population took off exponentially: over 33,000 people lived in Richmond Hill by 1971, and the population cracked the 100,000 mark in 1996. Today we have nearly doubled the 1996 numbers, and it appears that this trend will continue for years to come. Richmond Hill’s multiculturalism is a large reason for such strong demographics. English is the mother tongue for 40% of the residents. Chinese languages (Cantonese, Mandarin) add up to nearly 20% of Richmond Hill’s population. Persian (Farsi) language is a mother tongue for 8.5%, which is then followed by Russian language at around 5.5%. Italian and Korean stand at 3.9% and 2.3% respectively.

Richmond-Hill-Real-EstateThe town of Richmond Hill has nearly 170 parks! The largest of these is Richmond Green Park, which boasts several baseball diamonds, two ice skating rinks, and a skateboard park. Richmond Hill is also home to Canada’s largest indoor wave pool, as well as 4 other public swimming pools. In 2009, a 43,000 square-foot facility – Richmond Hill Centre for the Performing Arts was opened.

But the real stuff is the strong Richmond Hill Real Estate Market!

The market has been so strong in the past one and a half decades that prices have forced many first time home buyers to look north of Richmond Hill, to towns such as Aurora. The average price of a detached freehold home in Richmond Hill in July, 2013 stood at $762,000. Land in Richmond Hill is becoming more scarce year after year, and this has led the municipal government to become more lenient in approving high rise condominium projects. Previously, the tallest condominium building in Richmond Hill stood at around 12 storeys high. However, today a short drive along Yonge street reveals a large number of projects with as many as 30 storeys.

Richmond-Hill-Real-EstateTo be quite honest with you, this town has no good or bad areas. The town is an ‘excellent’ area as a whole but varies with different communities and settings from one end to another. The south parts of Richmond Hill are more dense but offer easier access (via Go Train, Viva, and highways) to downtown Toronto. Additionally, the recently approved subway extension plan, the work on which will commence in the coming years, will bring Subway to Richmond Hill’s south end. This will make travel to downtown and elsewhere to the city that much easier. On the other hand, northern parts tend to offer more nature settings and there are some communities that are located in close proximity to a lake. Most newer communities (not including condominiums) are forming in the northern parts of the town, simply because Richmond Hill south has ran out of land. At this point, it won’t be much longer before no vacant land will remain in Richmond Hill. Already, in the south parts of the town whatever land does remain is being used for high rise condominium buildings to accommodate the rapid population growth.

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As you can see, Richmond Hill Real Estate is primarily formed on strong demographics and its extremely diverse multicultural base. It attracts many wealthy foreign investors, immigrants, as well as working class families who work and live in this great town. Despite the price surge in house prices in the past decade, strong immigration numbers will continue to put pressure on prices on real estate as supply of land dwindles. Some markets will always outperform others, but there is no doubt in my mind that a house or any property that allows you to own your own lot in Richmond Hill would be a more sound investment than the purchase of a condimunium. If you have any further questions about Richmond Hill Real Estate no matter where you are, don’t hesitate to CONTACT ME, I am here to help!