So, when we’re talking about condominium investments in the city of Toronto and surrounding areas, we get mixed opinions on new condos in Richmond Hill. GTA real estate is one of the most robust investments that you can make – and this is well known around the world.
When we see where foreign buyers and local residents are choosing to live: we have an interesting case in Richmond Hill. It has experienced an astronomical growth in population numbers, and for that reason it’s one of the most scrutinized parts of the city.
When we look for new condos in Richmond Hill, during the biggest surge in GTA real estate prices, new developments have been far and few between.
Is it suspicious that in a time of GTA real estate scarcity, that this region who has seen such a rapid population growth hasn’t seen a surge in new condos? The fact is: people who choose to live in Richmond Hill tend to pay top dollar for properties.
New condos tend to be boutique and exceptionally well equipped. In fact, rentals for old condos in Richmond Hill are actually still well above typical market value for any suburb in Toronto. When people buy in this part of York Region, they know exactly what they want.
When new luxury projects in Richmond Hill come along, they sell rapidly and for top dollar too. However, in an area that is known for sustainable and organic growth, should this not be the case?
If we want to talk about GTA real estate investments, the uninformed often default to downtown Toronto and large buildings in the city centre. They’re not wrong, but their interest fuels demand! That means you get less, year after year for the same price.
If you were to go back and reassess what a wise investment WAS, a $300 per square foot condo in downtown Toronto would’ve had an extremely high return on investment. However, today, if you were to look for a place to park a modest amount of money: you would be hard pressed to find a condo at that price anywhere near Toronto!
This is a necessary consideration for any prospective owner. Would I recommend new condos in Richmond Hill? Certainly. Given the climate of GTA real estate, and the potential slowdown in sales numbers: if you’re looking to park your money somewhere on a budget- Richmond Hill is a wise suburb that many inexperienced investors ignore.
That said, if you need any information on any new condos in Richmond Hill but also for any of your GTA real estate needs: give me call. I’d be happy to walk you through what you need to know about real estate today!