Limited supplies push up the average price of freehold town and semi houses in Richmond Hill .

Limited supplies push up the average price of freehold town and semi houses in Richmond Hill .

Limited supplies push up the average price of freehold town and semi houses in Richmond Hill .

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Limited supplies push up the average price of freehold town & semi houses in Richmond Hill.

Freehold Attached Market

The freehold attached houses' average price, including town, semi, and link houses, was up 2.1% from the previous month, up 18.2% from the same month last year. The average time to sell this type of home is around 14.2 Days. The current month of inventory of Attached houses in Richmond Hill is about 1. Therefore, this segment of housing is currently in a Strong Seller's Market.

Freehold Detached Market

The average price of detached houses was down 3.9% from the previous month, up 9.4% from the same month last year. Approximately 69.3% of total freehold units sold in Richmond Hill last month are Detached houses. If you plan to buy a detached home in Richmond Hill, you will need to spend an average of $1.7M. The current month of inventory of detached dwellings in Richmond Hill is around 1.95. The new listings were down 25% from the previous month, but the sold listings maintained the last month's level. Buyers will have limited options in the following summer months.

Condo Market

The average price of the condo declined by 5% compared with May, but up 8% v.s. last June. New listings pick up significantly by 28%, while sold Listings caught up slightly by 9%.

With summer months coming, we will keep a close eye on two key indicators related to the housing market, interest rate and landed immigrants.

Many economists predict the BoC would increase the interest rate earlier due to the inflation risk. Given the significant increase in debt for the Canadian household, the sensitivity to the interest hike will be much higher than in the past, which will hit the economy harder if BoC waits too long to hike the rate. Such fear of inflation may drive the BoC to raise the rate sooner than most people expected.

The progress of ending this pandemic will be one of the critical factors to affect new Immigrants landing in Canada. We almost see the light at the end of the tunnel as more and more Canadian are fully inoculated. But variant viruses are still a big uncertainty.

If you plan to move to Richmond Hill or you want to learn more about real estate investment opportunities in Richmond Hill, please contact Richmond Hill real estate agent Realtor Alan Zheng at 647-877-9311.