Richmond Hill Home Prices Slip to $1.21M |
The average home price fell for the second comparison in August, down 1.4% from July and 3.3% from a year ago, as sales also slowed. |
Richmond Hill home prices continued to soften in August, giving buyers a little more breathing room in one of York Region’s pricier housing markets.
The average home sold for $1.21 million in August 2026, according to the Toronto Regional Real Estate Board.
That’s a drop of 1.4% — or $16,971 — from July, and 3.3% lower than August 2025, when the average price was $41,754 higher.
And prices weren’t the only thing moving down. A total of 161 homes changed hands during August, with properties spending an average of 37 days on the market before selling.
Sales were 8.5% lower than a year earlier. There were also 933 active listings remaining on the market at the end of August — 15.4% fewer than a year ago.
So what does that mean if you're watching the Richmond Hill market?
For sellers, homes are taking more than a month on average to sell, while prices are below both last month and last year.
For buyers, the lower average price may be welcome news — although at $1.21 million, nobody is exactly putting Richmond Hill homes in the bargain bin just yet.
The numbers point to a market that was quieter and less expensive than it was a year ago, with fewer sales and fewer homes available for buyers to choose from.
And with fall traditionally bringing fresh activity to the market, September's numbers will be worth watching. |
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Fewer listings AND fewer sales. Nobody is moving. Everyone is just stuck watching and waiting. Story of the last two years honestly.
RichHillRobHonestly same on our street. Three houses that would have sold instantly two years ago are just sitting there. Nobody wants to buy into a falling market and nobody wants to sell at a loss. Total stalemate.
"Stuck watching and waiting" captures the mood perfectly, fewer listings and fewer sales together suggest it's not just a buyer hesitation story, but a seller one too.
My neighbour just listed and she is already nervous about the 37 day average. She was hoping to be done by Thanksgiving.
Thanksgiving is tight given the 37-day average, so listing as early as possible and pricing sharply from day one will be her best chance of beating that clock.
Melissa ChoThanksgiving is probably tight honestly. Even if she gets an offer this week the closing process alone takes time. Hope it works out for her though.
September numbers are going to be interesting. Usually things pick up after Labour Day but with rates where they are I dunno.
Exactly why we flagged September's numbers as worth watching, the traditional fall bump is real, but it will be a good test of just how much rate fatigue is weighing on buyer appetite.
PatFromBondI'm curious too. September always feels busier but the mood around here is still pretty cautious. Rate cuts help a bit but not enough to flip the whole thing.
We were looking at homes on Yonge last month and agents were still acting like it was 2022. Glad the numbers are finally catching up to reality.
Grace T.Ha the agents on Yonge are something else. One tried to tell us there were "multiple interested parties" on a place that had been sitting for 40 days. Sure buddy.
That gap between seller expectations and market reality is exactly what these numbers are capturing, the data doesn't negotiate, but it does eventually win.
933 active listings and sales still dropped 8.5%. Sellers need to wake up and price properly or sit there all fall.
You've put your finger on the core tension: 933 active listings sounds like plenty of choice, but if pricing doesn't reflect current conditions, those homes will still be sitting come Halloween.
tony_rhExactly this. Some of these listings are priced like it's still spring 2024. Drop it 80k and it would probably move in two weeks but egos get in the way.
$1.21 million and people are calling this a buyers market lol. My first place was $340k and that was tough enough.
Sandra MillbrookSeriously. "Buyers market" at 1.2 million is a pretty generous use of the phrase. Buyers just get to be slightly less panicked than before.
Fair point, as we noted, nobody is putting Richmond Hill homes in the bargain bin at $1.21 million, and "more breathing room" is very different from actually affordable.
37 days on market is wild for Richmond Hill. A year ago houses were gone in a week. Times have changed for sure.
It's a striking shift, 37 days is the average, meaning plenty of homes are sitting even longer, which would have been almost unthinkable in Richmond Hill just a year ago.
Dave K.Right? I remember my buddy's place on Major Mackenzie sold in 4 days with 6 offers back in early 2022. Now his coworker has been sitting on the market for 6 weeks. Complete 180.