Foreign buyers continue to push prices higher

The biggest news in Richmond Hill is that real estate prices are out of control due to the influx of foreign buyers. This has helped fuel the construction of new homes and condominiums in Richmond Hill, northern Vaughan, Aurora and Newmarket. Year over year the median sale price jumped 24% to $988,000 in October 2016 vs. $798,000 in October 2015. In Richmond Hill the inventory of homes is not sufficient enough to satisfy the demand, a trend that has been in place for over a year now and another reason why prices are inflated. Comparing the month of October to the previous month of September, the average days on market was unchanged at 16 days.