York Region captures best MoneySense housing deals despite high prices
YorkRegion.com
April 11, 2017
Lisa Queen
It probably doesn’t feel like it if you’re shopping for a house here, but eight of the top 10 neighbourhoods with the best real estate deals in the Greater Toronto Area are in York Region, according to MoneySense magazine's annual ranking.
The picks go just beyond prices. MoneySense analyzed neighbourhoods to settle on selections offering great value, a promising return on investment and traits that make for attractive communities.
Its top selection is North Richvale in Richmond Hill, where houses are selling for an average price of $954,500, about $200,000 below the town’s average price, the magazine said.
The neighbourhood has seen its prices jump 100 per cent in five years, fueled in part by its proximity to high demand areas South Richvale and Bayview Hill, MoneySense said.
Aurora Grove, located a little farther north in Aurora, dropped from first on the list last year to fourth this year.
The neighbourhoood’s average price sits at $708,700.
Markham’s Cornell came in second this year, with an average price of $695,700.
The neighbourhood offers newer, trendier homes for buyers on a tighter budget, MoneySense said.
The Crosby community of Richmond Hill was third, logging in with an average price of $1.0364 million.
Prices in the neighbourhood have skyrocketed almost 115 per cent in five years, the magazine said.
The magazine ranked Rouge River Estates in Markham fifth. You can pick up a house there for an average price of $926,500.
Richmond Hill’s Langstaff neighbourhood, with an average price of $971,100, placed sixth.
Coming in eighth place was Village Green-South Unionville, where houses are selling for an average price of $933,800.
Rounding out the top 10 list were Aurora’s Bayview Northeast neighbourhood at an average price of $826,500 and Oshawa’s Central community at $355,500.
York Region neighbourhoods also took up most of the positions on the magazine’s top 25 list.
- Richmond Hill’s Observatory area was 11th with an average price of $1.1468 million
- Aurora’s Bayview Wellington was 12th at $679,200
- Newmarket’s Bristol-London was 13th at $623,000
- Richmond Hill’s Oak Ridges Lake Wilcox was 14th at $1.0358 million
- Markham’s German Mills was 15th at $1.0212 million
- Richmond Hill’s Harding was $1.1439 million
- Markham’s Raymerville was 17th at $956,600
- Newmarket’s Central Newmarket was 19th at $688,400
- Richmond Hill’s Oak Ridges at $1.0814 million
- Aurora’s Aurora Heights was 21st at $837,400
- Stouffville’s Whitchurch-Stouffville was 22nd at $836,900
- Markham’s Bayview Fairway-Country Club Estates was 23rd at $1.0373 million
- Markham’s Sherwood-Amberglen was 24th at $956,900
- Markham’s Old Markham Village rounded out the list at 25th at $1.0748 million
If you are looking to forgo the rest of the GTA and limit your search only to York Region, MoneySense also suggests Markham’s Greensborough neighbourhood, where homes are selling for an average $968,800, Markham’s Markham Village where the average price is $965,000 and Richmond Hill’s Devonsleigh where houses are priced at an average of $1.0976 million.
The magazine points to the hot seller’s market, saying a quarter of houses in the GTA were priced below $500,000 only two years ago compared to fewer than 10 per cent today.
