Detached Homes in Richmond Hill now more expensive than in Toronto! Really?

Submitted by Jasmina on Wed, 2015-08-19 15:54.

You already know that Toronto house prices are now averaging $1 million, but did you know that a similar detached home in Richmond Hill will cost a move-up home buyer $150,000 more? It's hard to believe, but Toronto MLS Sold Data reveals this strange truth:

What's a move-up home buyer to do?

The salaries have not increased at all, or very little. Canadian dollar is going down. You don't have rich parents, or relatives overseas to send you loads of cash... so, what can we do?

We should look a bit north towards Aurora & Newmarket, because:

  • In Aurora - you can buy a detached freehold home for some $900,000 - so it's still under the million mark.
  • in Newmarket - you can find some "bargains" (compared to today's prices), as detached house prices have just recently stepped over $700,000 mark!

See the graphs I attached - they also cover Vaughan real estate, Markham house prices: