Richmond Hill house prices continue to soar above national trends

Yorkregion.com
April 18, 2017
By Kim Zarzour

Richmond Hill is hot.

If you are looking to buy or sell a home here, you may already know it, but survey results released this week by Royal LePage confirm: housing prices in Richmond Hill are sizzling.

According to the Royal LePage House Price Survey released April 18, Richmond Hill prices outpaced all other areas in the country with a 31.5 per cent increase in the first quarter of 2017.

The aggregate price of a home in the GTA increased 20 per cent to $759,241, but in Richmond Hill, the price surged to $1,209,741.

Oshawa, Vaughan, Markham and Oakville followed close behind, posting gains of 28.2 per cent, 25.8 per cent, 23.2 per cent and 23.1 per cent respectively.

“For the first time in several years, real estate markets in Vancouver and Toronto are headed in opposite directions,” said Phil Soper, president and CEO at Royal LePage.

While prices have started to decline in Vancouver, Royal LePage says they are increasing across the Golden Horseshoe and even as far away as London and Windsor, Ont.

Homebuyers in Ontario appear to be looking farther afield for affordable housing, boosted by expanding economies and improving employment, particularly those within a two-hour drive radius of Toronto, the survey said.