Greater Toronto Area
Richmond Hill Real Estate Appraisals
Residential, Commercial & Industrial Property Appraisals in Richmond Hill, Ontario
REX Valuations provides professional real estate appraisal and property valuation services throughout Richmond Hill, Ontario and the surrounding York Region and Greater Toronto Area markets.
Our assignments include detached and semi-detached homes, townhouses and condominiums, luxury residential properties, commercial and mixed-use buildings, industrial properties, offices, retail properties, multi-residential real estate, vacant land, development land and other specialized property types.
Appraisals may be required for financing, acquisitions and dispositions, matrimonial and litigation matters, estates, property taxation, expropriation, retrospective valuation and other purposes.
Richmond Hill Real Estate Market – Q2 2026
Richmond Hill's residential market strengthened markedly through the second quarter of 2026, with sales increasing every month while prices remained below the previous year's levels.
Approximately 638 residential properties sold during Q2 2026, comprising 184 sales in April, 224 in May and 230 in June. Average monthly prices increased from approximately $1.18 million in April to $1.24 million in June, but year-over-year comparisons continued to show softer pricing.
By June, Richmond Hill sales were 32.2% above June 2025, while the average selling price of $1,241,949 remained 4.1% lower and the median of $1,104,000 was down 9.2%.
Commercially, Richmond Hill remained a significant Highway 404 employment market. The city's commercial base includes technology, professional services, healthcare, office, industrial and mixed-use real estate, anchored by four established business parks containing more than 2,100 companies and approximately 37,000 employees.
Residential Real Estate Market in Richmond Hill – Q2 2026
Richmond Hill's residential market tightened progressively as Q2 2026 advanced.
Sales increased almost 22% between April and May and another 2.7% in June. At the same time, the sales-to-new-listings ratio increased from 29.7% to 32.6%. Despite stronger activity, purchasers retained significant negotiating power — in June, properties sold for an average of approximately 97% of asking price, while months of inventory remained approximately 5.7 months.
The divergence between increasing sales and softer year-over-year prices suggests that improved affordability was drawing purchasers back into the market without recreating the aggressive seller conditions experienced in earlier years.
Property type remained an important differentiator. Detached average pricing was approximately 3.5% below June 2025, while freehold townhouse, condominium townhouse and condominium apartment values showed larger year-over-year declines. This makes property type particularly important when interpreting Richmond Hill market conditions.
Q2 2026 Trend
Sales rose 32.2% year-over-year by June, but the average price of $1,241,949 was still 4.1% below June 2025. With 5.7 months of inventory and a 97% list-to-sale ratio, buyers retained meaningful negotiating leverage throughout the quarter.
Richmond Hill Q2 2026 Residential Market Snapshot
| Indicator | Q2 2026 Quarter-End |
|---|---|
| Sales — April 2026 | 184 |
| Sales — May 2026 | 224 |
| Sales — June 2026 | 230 (+32.2% YoY) |
| Average Price — April | $1,175,275 |
| Average Price — May | $1,209,257 |
| Average Price — June | $1,241,949 (-4.1% YoY) |
| Median Price — June | $1,104,000 (-9.2% YoY) |
| Active Listings — June | 1,009 |
| Months of Inventory — June | 5.7 |
| Sales-to-New-Listings Ratio — June | 32.6% |
| Avg. List-to-Sale Ratio — June | ~97% |
| Detached Average — June | $1,685,722 |
| Semi-Detached Average — June | $1,104,870 |
| Freehold Townhouse Average — June | $1,016,833 |
| Condo Townhouse Average — June | $731,478 |
| Condo Apartment Average — June | $532,418 |
TRREB Market Watch, April–June 2026; TRREB MLS System, Richmond Hill, June 2026.
Residential Neighbourhoods in Richmond Hill
Richmond Hill contains a range of housing markets, and values can differ materially across relatively short distances.
South Richvale
One of Richmond Hill's higher-value detached residential markets, including large lots, custom homes and redevelopment properties. Lot size, frontage, improvement quality and redevelopment potential can materially affect value.
North Richvale
Contains established detached housing, townhouses and condominium properties with access to Yonge Street, Carrville Road and surrounding amenities.
Bayview Hill
A predominantly higher-value residential community containing large detached homes on comparatively substantial lots.
Mill Pond
Contains older detached homes, renovated properties, custom construction and residential sites influenced by proximity to the historic core and Mill Pond Park.
Observatory
Contains detached homes, townhouses and higher-density residential development in a central location near Yonge Street.
Langstaff
Contains a mixture of detached housing, townhouses and increasing condominium development and is located near Richmond Hill Centre, Highway 7 and major regional transit.
Oak Ridges
Located in northern Richmond Hill and contains detached homes, newer subdivisions and properties influenced by the Oak Ridges Moraine landscape and related planning considerations.
Jefferson
Contains substantial newer detached and townhouse development in northern Richmond Hill.
Westbrook
An established north-central community containing primarily detached housing together with townhouse properties.
Rouge Woods and Crosby
East and central Richmond Hill communities containing established detached, semi-detached and townhouse housing.
Commercial Real Estate Market in Richmond Hill – Q2 2026
Richmond Hill's economy includes a substantial professional, technology and corporate employment base together with established industrial and business parks along Highway 404.
The City reports approximately 5,180 companies supporting more than 73,000 jobs. Richmond Hill's four principal business parks — Beaver Creek, Headford, Barker and Newkirk — together contain more than 2,100 companies and over 37,000 employees.
The City's 2026 Economic Fact Sheet identifies major local employers including Mackenzie Health, Compugen, Canada Computers, Apotex, Amico, Costco, Rogers Communications, Multimatic Inmet and Olympus Canada. Four particularly important business sectors are professional, scientific and technical services; healthcare; finance and insurance; and information and cultural industries.
Industrial Property in Richmond Hill
Richmond Hill's industrial market remained comparatively tight during Q2 2026.
A Colliers-derived submarket analysis reported approximately 3.8% industrial availability, average asking net rent of approximately $16.38 per square foot and approximately 228,000 square feet of industrial space under construction.
Richmond Hill therefore remained tighter than many GTA industrial submarkets despite being considerably smaller than Vaughan or Markham. The city's industrial market is centred largely around Highway 404, with important secondary access to Highway 407.
Another Toronto North market review reported positive Richmond Hill absorption during Q2 and identified leasing transactions at properties including 70 West Wilmot Street, 500 Edward Avenue, 130 Performance Drive and 20 East Beaver Creek Road. Richmond Hill also contains a relatively high proportion of smaller industrial and commercial condominium properties, which can compete differently from conventional freehold industrial buildings.
Key industrial valuation factors
- Building size and clear ceiling height
- Shipping facilities and office percentage
- Site coverage, parking and yard area
- Outside storage and electrical capacity
- Age, condition and environmental condition
- Highway 404 and Highway 407 access
- Zoning and redevelopment potential
- Industrial vs. commercial condominium tenure
Office and Commercial Property in Richmond Hill
Richmond Hill has a substantial suburban office market concentrated particularly within the Highway 404 business parks and around Yonge Street and Highway 7.
For broader context, CBRE reported that suburban GTA office vacancy declined from 20.7% to 20.2% during Q2 2026. Class A leasing was particularly important in Toronto North, indicating stronger occupier preference for higher-quality suburban office properties. These figures are regional rather than Richmond Hill-specific.
The City has also established a Community Improvement Plan designed in part to encourage new office development and redevelopment, particularly within centres, corridors and selected employment areas including Newkirk Business Park.
What Drives Real Estate Values in Richmond Hill?
Richmond Hill has a highly educated professional workforce and a diverse business base. The City's 2021 Census-based profile reports that approximately 56% of residents held at least a bachelor's degree.
The City identifies four particularly important business sectors: professional, scientific and technical services; healthcare; finance and insurance; and information and cultural industries. This professional employment base supports demand for executive housing, offices, medical properties, retail services and commercial real estate.
Major Commercial and Employment Areas in Richmond Hill
Beaver Creek Business Park
Richmond Hill's largest and most established Highway 404 employment district. The City's business-park profile identifies approximately 614 acres and more than 1,800 businesses, with significant concentrations in professional services, wholesale trade, manufacturing and finance. Located between Highway 7 and Highway 404.
Headford Business Park
A major Highway 404 employment district north of Beaver Creek containing industrial, office and commercial employment properties.
Barker Business Park
Located within the Highway 404 employment corridor and accommodates industrial and other employment uses.
Newkirk Business Park
Richmond Hill's oldest established business park, located east of the historic Yonge Street core. The City has included Newkirk within the geographic area eligible for certain office-development incentives under its Community Improvement Plan.
Highway 7 / Yonge Street
The Yonge Street and Highway 7 intersection forms the centre of Richmond Hill's major planned downtown and transit-oriented development area, Richmond Hill Centre.
Transportation and Accessibility
Richmond Hill is strategically located around several major regional transportation routes. Highway 404 forms the principal north-south employment corridor along the city's eastern side, while Highway 407 provides east-west access across the southern portion of the municipality.
Regional transit includes Richmond Hill GO Station, Langstaff GO Station, YRT, Viva rapid transit and Richmond Hill Centre Transit Terminal.
The planned Yonge North Subway Extension is particularly important for the future Richmond Hill Centre market. Transportation accessibility can affect residential demand, office leasing, employment accessibility and redevelopment potential, although the value effect on an individual property must be demonstrated through market evidence.
Development, Planning and Zoning in Richmond Hill
Richmond Hill is undergoing significant planning change. The city's future growth is increasingly focused on centres and corridors, particularly Yonge Street, Highway 7, Major Transit Station Areas and Richmond Hill Centre.
Richmond Hill Centre (RHC) is one of the most important long-term real estate development areas in York Region. Located around Yonge Street and Highway 7, the Secondary Plan area covers approximately 94 hectares and could accommodate approximately 51,000 residents and at least 10,000 jobs at full build-out.
Richmond Hill adopted Comprehensive Zoning By-law 93-25 in September 2025. The by-law remained under appeal during Q2 2026. On July 2, 2026, the Ontario Land Tribunal issued a decision granting partial approval while appeals remained outstanding for certain lands and provisions. Parcel-specific zoning confirmation is therefore preferable to relying solely on a generalized zoning map.
Northern Richmond Hill extends into the Oak Ridges Moraine area, making natural heritage, topography, groundwater and environmental planning considerations potentially relevant to certain properties. The Comprehensive Zoning By-law mapping includes specific overlays addressing Oak Ridges Moraine zoning, TRCA regulated areas, hazardous lands, natural features, highly vulnerable aquifers and wellhead protection areas.
What Affects Property Value in Richmond Hill?
There is no single "Richmond Hill price per square foot" that reliably determines market value. A professional appraisal considers the specific competitive market for the property, rather than applying a municipal average to an individual asset.
Residential
- –Neighbourhood and property type
- –Lot size, frontage and dwelling area
- –Age, condition and renovation quality
- –Garage, parking and ravine/natural feature influence
- –Transit and GO station proximity
- –Redevelopment potential
- –Recent comparable sales
Commercial & Industrial
- –Permitted use and zoning (By-law 93-25)
- –Building size, clear height and shipping
- –Site coverage, parking and outside storage
- –Market rent, vacancy and lease terms
- –Capitalization rates and operating costs
- –Highway 404 access and tenant quality
- –Redevelopment potential
Vacant & Development Land
- –Official Plan and Secondary Plan designation
- –Zoning By-law 93-25 and appeal status
- –Richmond Hill Centre policies
- –Oak Ridges Moraine constraints
- –Density, servicing and development charges
- –Highest and best use
Real Estate Appraisal Services in Richmond Hill
REX Valuations provides appraisal and valuation services for a range of Richmond Hill properties, including commercial, office and industrial properties; residential properties; vacant and development land; investment properties; and specialized real estate.
Assignments may be required for
- Financing
- Acquisition or disposition
- Estate matters
- Matrimonial proceedings
- Litigation support
- Property taxation
- Expropriation
- Insurance
- Investment analysis
- Retrospective valuation
Richmond Hill Real Estate Appraisal – Quick Answers
Also Serving Nearby