Richmond Hill Housing Market Report – March 2025

Market Trends Over the Past 30 Days

The Richmond Hill real estate market has seen notable shifts over the last 30 days, reflecting broader economic conditions, interest rate influences, and changing buyer sentiment. The average sold price now stands at $1,267,720, which marks a 10% decline year-over-year. This represents a cooling trend compared to early 2024, where prices peaked at $1,445,457 in February 2024.

Over the past month, 125 properties were sold, reflecting a 33% decrease in transaction volume compared to the same period last year. This decline suggests that buyers are being more cautious, likely due to affordability concerns, higher interest rates, and economic uncertainty.

The average days on market (DOM) has slightly increased to 21 days, a 5% rise from last year. This suggests that homes are still selling steadily, but the increased supply of homes is providing buyers with more options and some additional negotiating power.

Supply and Demand Dynamics

The supply-demand imbalance is becoming more evident as inventory levels continue to rise. Over the past month, 607 new listings were added, bringing the total active inventory to 1,024 properties. The sales-to-new listings ratio (SNLR) is at 21%, indicating that only one in five new listings is selling within the same period. This signals a transition toward a buyer’s market where inventory is outpacing demand, giving buyers more leverage.

The sold price-to-list price ratio has dipped to 102%, down from highs nearing 140% during the peak of the market. This further reinforces the trend toward a more balanced environment. Months of inventory (MOI) has also risen to 8.2 months, indicating that, at the current pace, it would take over eight months to sell the existing inventory without new listings. A MOI above 6 months is typically a sign of a buyer’s market.

Market Outlook & Recommendations

For Sellers:

Pricing strategy is crucial in this market. With higher inventory and shifting demand, overpricing can lead to longer market times and price reductions. Sellers should consider staging, professional marketing, and competitive pricing to attract buyers in this slower-paced market.

For Buyers:

With more properties available and less intense competition, buyers now have the upper hand. This is an ideal time to find well-priced homes in Richmond Hill, a market that remains strong in the long run.

For Investors:

The current market conditions offer potential for investors to purchase properties at a lower-than-peak price. As inventory grows and prices adjust, buying now could lead to future appreciation as the market stabilizes.

Pre-Construction Developments: An Attractive Option

In addition to the shifting resale market, Richmond Hill’s pre-construction market is flourishing, with 23 active pre-construction projects and 3 more coming soon. The city is seeing a surge in developments that cater to various housing needs, including townhouses, single-family homes, and high-rise condos.

Key Pre-Construction Developments in Richmond Hill

The pre-construction landscape in Richmond Hill includes:

• Townhouses & Townhouse + Single Family Homes: 13 projects

• Single-Family Detached Homes: 6 projects

• Condo Developments: 7 projects

Prices vary significantly, with townhouses starting at $1,004,900, single-family homes ranging from $1,199,900 to $3,399,990, and condos beginning at $532,900. These projects offer a wide range of options for both buyers and investors looking to enter Richmond Hill’s competitive housing market.

Spotlight on Key Pre-Construction Projects

Luxury Estates & Detached Homes

For buyers looking for spacious single-family homes, projects like Bayview Ravine Estates and Legacy Hill offer high-end detached residences starting at $2.3 million and up. These developments target families looking for long-term living in Richmond Hill’s prestigious neighborhoods.

Townhouses: A Popular Choice for Families & Investors

Townhouse projects like Twelve Oaks Towns ($1,249,990) and Oakridge Meadows ($1,199,900) are drawing attention for their combination of affordability and space, making them ideal for families and investors alike.

Condos: Affordable Entry into Richmond Hill’s Market

Condos remain the most budget-friendly pre-construction option, with Rise & Rose Condos offering units from $532,900. These projects cater to young professionals, first-time buyers, and investors looking for high rental demand in a growing city.

Major Infrastructure & Development Projects

Richmond Hill is undergoing significant infrastructure upgrades that are enhancing its attractiveness as a destination for homebuyers. Here are some of the key developments:

Yonge North Subway Extension (YNSE)

The Yonge North Subway Extension is a major transit project that will extend Toronto’s Line 1 subway by 8 kilometers, adding four new stations along Yonge Street, including one at Highway 7 in Richmond Hill. This $5.6 billion investment will improve commute times to downtown Toronto, increase property values in transit-accessible areas, and stimulate local economic growth.

Highway 404 Expansion & Road Improvements

To further ease transportation, Richmond Hill is benefiting from ongoing expansions of Highway 404 and other key road improvements. These developments will reduce congestion and enhance connectivity, making Richmond Hill an even more attractive location for professionals working in and around the Greater Toronto Area.

Langstaff Gateway Development: A New Urban Hub

The Langstaff Gateway development will transform Richmond Hill into a dynamic, high-density, transit-oriented urban hub. This development will include:

• Mixed-use developments with residential, retail, and office spaces.

• Direct access to GO Transit, Viva Bus Rapid Transit, and the future Yonge Subway Extension.

• Green spaces, walkable streets, and modern amenities.

  
  

This project will attract businesses, provide more local job opportunities, and encourage sustainable growth. The Langstaff Gateway is expected to become a vibrant live-work-play environment that attracts new residents and businesses alike.

Final Thoughts: Why Richmond Hill is the Place to Buy Now

Richmond Hill is evolving into a highly connected, sustainable, and growth-oriented city. The combination of improved transit, major infrastructure projects, and long-term investment opportunities makes it a top choice for homebuyers and investors alike. As the city continues to grow, early buyers will benefit from today’s market conditions before prices rise again.

Whether you're a first-time buyer, an upgrader, or an investor, Richmond Hill offers excellent opportunities to secure a home or investment before demand picks up again.