Rich­mond Hill house prices sky­rocket again

Home­own­ers in the area con­tinue to see dou­ble-digit growth

Richmond Hill Post - - NEWS - by Jes­sica Wei

“The re­al­ity is real es­tate, like any­thing out there, is sup­ply and de­mand.”

As the re­gional ex­tremes of real es­tate values across Canada be­gin to re­lax, On­tario will be see­ing lit­tle re­lief in the com­ing year, es­pe­cially in Rich­mond Hill, ac­cord­ing to a re­port from Royal LePage re­leased late Jan­uary.

A real es­tate mar­ket increase hit Rich­mond Hill par­tic­u­larly hard in 2016: the ag­gre­gate price of a home rose to $1,138,826, up 30.1 per cent in the area, and is pro­jected to con­tinue to increase in the com­ing year.

Ac­cord­ing to re­cent anal­y­sis from Poin­t2Homes, Rich­mond Hill of­fers the sec­ond least amount of space for a buck out of all Cana­dian cities, with only 367 square feet per $300,000 — sec­ond only to Van­cou­ver.

“The re­al­ity is real es­tate, like any­thing out there, is sup­ply and de­mand,” says Den­nis Chan, a real es­tate agent who has been work­ing in Rich­mond Hill for over 20 years. “We haven’t hit an is­sue like Van­cou­ver where all these places are be­ing bought but they’re just sit­ting there,” said Chan.

He points to sev­eral rea­sons for the sig­nif­i­cant value increase in Rich­mond Hill, in­clud­ing good schools, a low crime rate, an in­flux of mon­eyed im­mi­grants from Asia who have rel­a­tives al­ready liv­ing in the area and more. And the town is de­vel­op­ing fast. “When I first started [in real es­tate], the area around Bayview and Ma­jor Macken­zie, that was lit­er­ally farm­land,” says Chan. Now, the in­ter­sec­tion of­fers restau­rants, a top-rank­ing school and large houses that run for over a mil­lion.

Anne Ko, a res­i­dent in Rich­mond Hill, has moved four times around the in­ter­sec­tion of Bayview Av­enue and 16th Av­enue.

Ko said when they sold their five-bed­room home they got $1.4 mil­lion over the ask­ing price. When it came to pur­chas­ing their new house, Ko knew they were in for sev­eral bid­ding wars. “We prob­a­bly put in of­fers for four or five houses.” De­spite mea­sures taken by the On­tario gov­ern­ment to cool prop­erty value increase, like tax re­bates for first-time home­buy­ers and tax in­creases for homes over $2 mil­lion, Ko isn’t con­vinced of their ef­fi­cacy.

“I’m very wor­ried about our next gen­er­a­tion, how they’re go­ing to af­ford a home,” said Ko.

7 Mil­i­tary Crt., Rich­mond Hill: listed for $1.2 mil­lion

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