Real Estate

Townhouses going for 200K over asking Richmond Hill

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  • May 17th, 2016 7:10 am
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Deal Addict
Apr 27, 2004
1027 posts
61 upvotes

Townhouses going for 200K over asking Richmond Hill

Just saw a few townhouses in Richmond Hill between Hwy 7 and 16th and Yonge and Bayview. Everything was over 100K asking in the high 800K - low 900K range and we are talking about 10-15 yr old 1500-2000ft townhouses. Who's buying?
18 replies
Deal Fanatic
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Oct 9, 2008
5684 posts
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Thornhill
$800-$900K is pricing from maybe 5 years ago in those areas so I'm not really shocked it went that much over asking. Listed pricing was just underpriced most likely to attract buyers.

Buyers are most likely Asian (Chinese) as demand is high in this area in this demographic.
Deal Addict
Apr 27, 2004
1027 posts
61 upvotes
Last year, smaller townhouses were sold at low/mid 700 on Bantry, I know someone that bought. This year it's through the roof.
Deal Addict
Feb 14, 2010
1024 posts
1063 upvotes
Toronto
Most likely Chinese families are buying; they like the school and know other Chinese families living there. They see year over year price increases so its a no brainer.
Banned
Aug 3, 2005
1235 posts
1177 upvotes
If you are not on the boat within the next 5-6 months, us average folks can wave the home ownership boat bye bye....

There is no end in sight....and when there eventually is a correction, lets say in 3-4 years, that 900k Richmond Hill town home then be worth 1.4M and simply correct its way back to 1M.

Look out Barrie! Here we comeeeeeee
Deal Fanatic
Dec 5, 2009
5768 posts
3612 upvotes
Town houses in RH selling for $100k over asking is hardly thread worthy. Please post when houses are selling below asking.
Deal Expert
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Jun 9, 2003
25310 posts
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Markham, ON
like others have said...one factor alone...Bayview SS.
Deal Addict
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Aug 15, 2003
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The area quoted in the OP is not Bayview. It is zoned for Thornlea.
Deal Fanatic
Dec 5, 2009
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mintchoco wrote: The area quoted in the OP is not Bayview. It is zoned for Thornlea.
Doesn't even matter anymore. Everything is selling way over asking.
Banned
Dec 5, 2015
2038 posts
429 upvotes
Concord, ON
First..that area is langstaff ss

Second...that area is popular with all ethnicities due to proximity to GO , 407, yonge street and other amenities

Lots of Iranians/Persians , Chinese, east Indian buy there

You should see the homes going in West side of yonge street in that area...buy a million dollar home...gut it and put up a $3m home
Deal Guru
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Apr 9, 2006
10597 posts
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GT-EH
ekcivichb wrote: If you are not on the boat within the next 5-6 months, us average folks can wave the home ownership boat bye bye....

There is no end in sight....and when there eventually is a correction, lets say in 3-4 years, that 900k Richmond Hill town home then be worth 1.4M and simply correct its way back to 1M.

Look out Barrie! Here we comeeeeeee
I have to agree with this sentiment... the global stock markets have all been exhausted.

When the global stock markets start to descend, we'll see a period of extraordinary monetary policy shift towards negative interest rates.
This will extend the housing market run for a few more years... until 2018 at least.

My crystal ball doesn't work beyond 2 years out, so unsure of what comes after 2018. ;)
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Deal Addict
Apr 27, 2004
1027 posts
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Wanted to move from a condo in that area to small home, but that dream has been dashed...
Deal Expert
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Jun 9, 2003
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Markham, ON
oops...thought it was Bayview SS...didnt know the boundaries were so small
Deal Fanatic
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Jan 14, 2007
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GTA
I feel like a broken record but the pricing is just insane. An end unit townhouse in my area just sold in one day on market for $1,250,000. I think that's a record for our area for a townhouse.
Deal Expert
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Mar 9, 2007
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Think of the Childre…
C'mon market crash!!

WOULD SOMEBODY THINK OF THE CHILDREN!!!
Deal Fanatic
Dec 5, 2009
5768 posts
3612 upvotes
GrandePike wrote: First..that area is langstaff ss

Second...that area is popular with all ethnicities due to proximity to GO , 407, yonge street and other amenities

Lots of Iranians/Persians , Chinese, east Indian buy there

You should see the homes going in West side of yonge street in that area...buy a million dollar home...gut it and put up a $3m home
There are homes in south richvale that sell for $5M+.
Deal Addict
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Jan 5, 2003
3799 posts
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Selling over asking only means something if the seller has listed at close to market value, which they don't. But it is true that townhouse prices have gone up a lot this year and not just RH.
Newbie
Jan 29, 2015
31 posts
1 upvote
Toronto
Selling over asking isnt that big of a deal. Just pay attention to actual sale prices.

I cant believe an end unit on my street, same layout as mine and in terrible condition. I was shocked when I went to open house. Listed for $1.1M and I knew it wouldnt sell. My neighbors beside sold for $860k 2 mknths ago. Same layout and in way better condition.

This guy sells for $1.07M in 3 days. Wtf.

Oh and I bougjt mine exactly 1 yr ago for $760k
Deal Addict
Apr 27, 2004
1027 posts
61 upvotes
showmisammi wrote: Selling over asking that big of a deal. Just oay attention to actual sale prices.

I cant believe an end unit on my street, same layout as mine and in terrible condition. I was shocked when I went to open house. Listed for $1.1M and I knew it wouldnt sell. My neighbors beside sold for $860k 2 mknths ago.

This guy sells for $1.07M in 3 days. Wtf.

Oh and I bougjt mine exactly 1 yr ago for $760k
Yeah, that's what I was saying... Last year it was low/mid 700's; I should have bought something then... too late now.

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