Q1 2025: Richmond Hill Detached Houses vs Condos

A lot of you have been asking me to cover Richmond Hill, so today, we’re doing exactly that.

South Richmond Hill is another interesting area with a unique mix of high-rise condos and low-rise luxury homes.

On one end, South Richvale and Bayview Hill are prestigious neighbourhoods filled with grand, 3-car garage detached homes.

But just down the street on Yonge, especially around Hillcrest Mall, there’s a growing number of new condos, attracting a completely different type of buyers.

So what does the Q1 2025 sales data tell us about detached homes versus condos in this part of Richmond Hill?

Let’s dive in and break it all down.

Let’s start with condos.

In Q1 2025, a total of 90 condo units were sold in south Richmond Hill, a 34% drop compared to Q1 2024.

Because this is a suburb area, studio units almost don’t exist here.

So, the entry-level option here is the one-bedroom condo.

There were 17 one-bedroom units sold, with a median price of $505,000.

30 one plus den units sold, with a median price of $579,000.

37 two bedroom units sold, with a median price of $687,000.

6 three bedroom units sold, with a median price of $693,500.

5 out of the 6 three bedroom units were sold in a 50 year old building, that’s why the price is not much different than the 2 bedroom units.

I want to point out something worth nothing here.

In downtown Toronto, the median price gap between a 1-bedroom and 2-bedroom is around $280,000.

In North York, that gap is around $260,000.

In Richmond Hill, the gap shrinks significantly to just around $180,000.

That’s largely due to the lower price per square foot in Richmond Hill.

So what does this tell us?

Let’s take a look at the months of inventory.

One bedroom units have 5 months of inventory, which means it is in a well balanced market.

1+Den, 6 months.

2 Bedroom, 7 months, slightly over supplied.

3 bedroom, 6.5 months.

In downtown and North York, the larger units are in higher demand.

But in Richmond Hill, it’s actually the one bedroom units that have the tightest inventory.

Why?

Because people who choose to live in a condo in an uptown location are often very price sensitive. 

They are typically first-time buyers and downsizers in retirement looking for affordability without sacrificing too much on space or quality of life.

They are drawn to one-bedroom units because they are the most affordable and the size is still generous compared to downtown units.

As a result, one bedroom units move faster, leading to lower inventory and tighter competition.

In fact, we sold a one-bedroom unit in this area in just 2 days, which is a sign that demand for well-priced, entry level condos remains strong, even in a slow market.

Let’s move on to townhouses.

For this analysis, I’m including condo townhouses, freehold townhouses and semi-detached in the same category.

In Q1 2025, a total of 23 townhouses were sold in south Richmond Hill, a 36% drop compared to the same period last year.

Here’s the breakdown.

Condo townhouses, 8 sold, with a median price of $948,000.

Freehold townhouses, 12 sold, with a median price of $1.16 million.

Semi-detached, 3 sold, with a median price of $1.24 million.

As expected in an uptown market, freehold townhouses are the most popular, offering more space and no monthly maintenance fees.

Let’s look at months of inventory.

Condo townhouses, nearly 10 months.

Freehold townhouse, 7.5 months.

Semi-detached, 2 months, mainly because it’s a rare housing type.

If you remember from the North York episode, condo townhouses inventory sits at 4.4 months and free townhouses at 4.6 months.

That’s significantly lower than what we’re seeing in Richmond Hill.

So why the difference?

As prices have softened, people are taking the opportunity to get into the City of Toronto rather than the suburbs.

During the pandemic, there was a rush to move to the suburbs for more space, which drove prices way up in the 905 areas.

But now, with more balance returning to the market, people are prioritizing location again, choosing to live closer to the city core.

This shows that the old saying “location, location, location” still holds true.

What about detached houses?

47 houses were sold in Q1 2025, a 24% drop compared to Q1 2024.

The median price?

$1.95 million.

Like I mentioned at the beginning, this area is known for its luxury homes, especially in neighbourhoods like South Richvale and Bayview Hill.

Detached houses currently sit at around 1 year of inventory, definitely a buyer’s market.

With ongoing economic uncertainty and higher borrowing costs, it’s no surprise that the luxury segment is facing more headwinds.

Buyers are cautious and big-ticket homes take longer to sell in this environment.

So that’s the current snapshot of the south Richmond Hill market.

Entry level properties are doing reasonably well, while the high end segment continues to face tough challenges.

I hope you find this analysis helpful and insightful.

If there’s a specific area you like me to cover next, drop a comment below, I would love to hear your suggestions.