Hot market fuels new developments in Richmond Hill

Demand continues to outpace supply in single-family homes in Richmond Hill, Ontario. As a result prices continue to soar with multiple offers still prevalent in the marketplace. It remains to be seen if the new, stricter mortgage rules will have any significant impact on housing prices, especially with entry level homes. So far, the impact has been minimal. There are a number of new developments underway in the area including Observatory Hill which will be a large subdivision and a benchmark development in Richmond Hill and York Region. Year over year the median sale price in September 2016 was up 34% to $1,166,496 vs. $870,516 in September 2015. Comparing market data in September to the previous two months, the number of homes sold was 393 in September vs. 382 in August and 345 in July. The inventory of homes rose to 463 in September vs. 393 in August, while July was almost the same at 468. The average-days-on-market varied slightly, coming in at 15 days in September vs. 17 days in August and 18 days in July.