Sep 2026
Average Price
$899,320
From mid-2020 to mid-2022, ultra-low interest rates and pandemic-driven lifestyle shifts kept buyer activity running hot. During this stretch, sales across all property types picked up strongly, with houses for sale seeing especially high demand in the Richmond Hill housing market. However, once the Bank of Canada started hiking interest rates, the number of transactions pulled back sharply from those peak levels. Currently, buyers are showing more interest in relatively affordable options, such as townhouses and condo apartments, rather than detached and semi-detached homes. On the inventory side, active listings were at their tightest in 2017 and again during the pandemic years. However, fast forward to today, and the number of available homes in Richmond Hill has more than doubled.
Solid economic conditions and low interest rates kept demand strong in the Richmond Hill real estate market. Monthly sales often landed between 300 and 510 transactions. Meanwhile, inventory kept tightening, with active listings moving from roughly 1,400 homes in mid-2016 to under 800 by early 2017.
After May 2017, the market changed direction as higher interest rates and tighter monetary policies affected buyer confidence. Sales activity slowed, ranging from around 120 to 300 units. Meanwhile, inventory built up, with active listings sitting between 1,200 and 2,000 units. The highest active listing count of the decade came in May 2018, when 2,029 homes for sale were available in Richmond Hill.
Sales volumes and house prices in Richmond Hill picked up again during this phase. March 2021 stood out as the busiest month of the decade, recording 490 home sales. At the same time, active listings stayed lower than in the previous phase, ranging from 900 to 1,700 homes.
The start of 2022 showed strong buyer activity, especially in February and March, when sales remained above 300 transactions. However, as higher interest rates were rolled out, market activity slowed later in the year. Active listings, meanwhile, rose quickly, moving from 700 units at the start of the year to more than 1,300 by May.
Market activity in Richmond real estate improved compared with the slowdown seen in late 2022, although transaction volumes were still below the peak years of 2020 and 2021. Sales stayed between 120 and 290 transactions per month. Inventory was more controlled than in earlier supply-heavy years, and it usually ranged between roughly 600 and 1,500 homes.
From the start of 2025, active listings climbed again across Richmond Hill, often staying between about 1,000 and 1,900 homes. Sales activity in Richmond Hill has been moderate overall, but when compared with other cities, the city continues to hold a strong position among the fastest-growing real estate markets.
Market activity stayed very strong through this period, with the absorption rate often sitting above 60% and crossing 75% in several months.
After the earlier heat, market activity cooled, and absorption rates settled mostly between 25% and 45%. However, as 2019 came to a close, the market started gaining momentum again.
The Richmond Hill real estate market heated up again during this phase, as absorption rates often moved above 50% in most months. In certain months of 2021, they climbed past 75% and even crossed 90%, reflecting intense buying activity.
Early 2022 still leaned in favour of sellers, with January’s absorption rate nearly touching 70% and February staying above 50%. However, as the year moved forward, market conditions shifted, and absorption rates eased.
From February to May 2023, absorption rates mostly ranged between 60% and 66%. Later, housing market activity in Richmond Hill became steadier, with absorption rates around 30% to 50%.
The absorption rates have stayed between roughly 25% and 40%, with a few short-lived jumps above that range.
Source: Based on analysis of historical information made available from respective real estate boards.
Detached homes dominated the market with 13,427 sales, making them the most in-demand property type. The detached house also had the highest average sale price in Richmond Hill, at approximately $1.69M.
Semi-detached homes recorded 1,281 sales, with an average sale price of about $1.03M.
Freehold townhouse sales totalled 4,394, with the average sale price reaching roughly $1.05M.
Condo townhouses registered 1,152 sales, with an average sale price of approximately $774K.
Condo apartments recorded 6,680 sales, making them the second-highest selling property type. However, even with strong sales activity, apartments remained the most affordable housing option, with an average sale price of around $561K.
The Richmond Hill real estate market has long held a strong position in the GTA, thanks to its prime location, major highway access, suburban charm, and family-friendly amenities. Buyer demand and price growth have stayed strong in this real estate market over the years. In fact, Richmond Hill is often listed among Ontario’s most expensive housing markets. It was during the pandemic boom when Richmond Hill house prices hit their highest point, reaching an average sale price of $1.43M in February 2022. Since this pandemic surge, however, many Ontario markets, including Richmond Hill, have been going through a correction phase, bringing prices down from those peak levels. Currently, the average house price in Richmond Hill is 7.50% lower year-over-year, while showing a slight 0.92% year-to-date increase. At the same time, properties are taking longer to sell, which is giving buyers more breathing room and shifting the market toward more balanced conditions.
Richmond Hill’s housing market gained strong momentum during this period as low interest rates brought more buyers into the market. Prices moved up steadily, with average sold prices mostly sitting between about $750K and $940K, before finally crossing the $1M mark in April 2017.
House prices in Richmond Hill cooled as tighter mortgage rules and higher interest rates started to affect buyer activity. During this phase, most sales landed in the roughly $740K to $870K price range.
The market shifted gears again, supported by ultra-low interest rates and pandemic-driven lifestyle changes. From early 2020, average sold prices climbed from around $830K to nearly $1.20M by the end of 2021.
Early 2022 was a red-hot period for Richmond Hill, with prices sitting very high and many homes selling within less than two weeks. However, the market shifted later in the year as borrowing costs rose quickly. After the early-2022 peak, the Richmond Hill house price moved lower and mostly stayed between about $1.05M and $1.16M in the second half of the year.
From early 2023 to mid-2024, Richmond Hill home prices stayed relatively high, with the usual monthly swings in the market. Most sales during this stretch landed within the $1.1M and $1.30M price range.
The average house price in Richmond gradually softened compared with the earlier highs. Average sold prices during this phase generally ranged from about $930K to $1.1M.
The rental market is currently going through a short-term correction and rebalancing phase, much like the broader Richmond Hill housing market. Rental prices are currently down 8.29% compared to last year. The bigger picture, however, remains strong. Over the past ten years, rental prices in Richmond Hill have climbed 49.64%, showing solid long-term growth in the market.
Richmond Hill rental house prices mostly sat between $1,750 and $2,100, while leasing activity stayed strong, usually landing between 120 and 240 units.
From the second half of 2018 into early 2020, rental prices began climbing more quickly. At the same time, leasing activity remained solid, generally ranging from 140 to 280 units.
When the pandemic first hit in 2020, the rental market cooled for a short stretch. However, by late 2020 and through 2021, the market started finding its footing again, with both leased units and rental prices improving steadily.
The average rental house price in Richmond Hill moved from around $2,400 to above $3,000 in many months, with October 2023 reaching the period’s peak at $3,423. Leasing activity also stayed busy, often between 170 and 310 units.
More recently, rental prices generally stayed between $2,700 and $3,100, with monthly swings. Leasing activity remained active, commonly between 150 and 350 units.
