A New Benchmark Is Set in Richmond Hill

In Richmond Hill, the upcoming sale of Observatory Hill area is sure to make an impact on the local housing market. With its prime location around the historic David Dunlap Observatory, the property is sure to set a benchmark for surrounding neighbourhoods in the Markham area. For the past year, foreign investments have been a significant factor, buoying the market here. However, thanks to price decreases, a stronger Canadian dollar, and interest rate increases, these investments have also seen a decline in the last few months. The average home price currently sits at $933,934. This has remained relatively flat compared to this time last year. The number of homes sold, meanwhile, has seen a month-over-month increase, from 231 to 264 sales. These homes spent slightly more time on the market though, with listings taking an average of 28 days to move compared to 20 days last month.