In February 2014, I blogged about the possibility of buying a townhouse for under $400,000 in Markham or Richmond Hill. The conclusion at the time was “slim chances” but there are possibilities. Now that we are at the end of February 2015, let’s look back at what happened in 2014 and speculate if $450,000 is enough to buy the most modest freehold home in Markham or Richmond Hill in 2015.
I have conducted a search on the MLS for freehold properties sold under $450,000 from the beginning of 2014 to today, 25th of Feburary 2015, there were 51 properties in Markham sold for under $450,000 with the lowest one sold for $265,000 and the highest one sold for $450,000. Out of the 4 properties sold under $400,000, 3 were properties can be considered as a vacant lot, each with a house ready to be tear down. The only “home” sold under $400,000 was sold in May 2014 with 2 bedrooms 3 bath, 3-storey townhouse in Cornell.
34 of the 51 properties sold under $450,000 were in Cornell. (Click on the following (Community Review: The Cornell Community in Markham) to see why Cornell may be the perfect area for anyone who is looking to start a family.)
The most popular streets for homes under $450,000 in Markham were Bur Oak Ave (18 homes), followed by White’s Hill Ave (6 homes).
The most popular type of homes under $450,000 are 3 bedrooms, 3 baths and 2-storey middle-unit townhome, with single attached or detached garage.
Out of the 5 detached homes sold for under $450,000, there is one in Milliken Mills which is in move-in condition. The house, built in 1986, was partially updated with 3 bedroom, 2 baths with a finished basement and was sold for $440,000 in March 2014.
Most of the homes were sold between $430,000 to $450,000.
Most of these homes were under 15 years in the community of Cornell, Greensborough and Berczy. In Markville, the 2 homes sold under $450,000 were over 30 years old.
Is it possible to buy a freehold home in Markham for under $450,000 in 2015?
The answer is yes but these homes will not be easy to find. One might still be able to find move-in ready smaller (maybe 2 bedroom) townhouses under $450,000 in Cornell in the first half of 2015. In the second half it would be even harder.
Running the search on MLS of freehold properties sold under $450,000 from the beginning for 2014 up to Feb 25, 2015 yields 24 results. The lowest price freehold property in Richmond Hill in 2014 was sold for $340,062. It was a 25 x 150 ft lot with a bungalow ready to be tear down at Bayview and North Lake in the community of Oak Ridges. Two other similar size lots (both with a house on it) in the same area were sold under $400,000. So it was possible to buy a freehold property in Richmond Hill in 2014, but not a home.
The lowest price for a move-in ready home in Richmond Hill was a townhouse in Oak Ridges near Bathurst and King. It’s a 3 bedroom, 2 bath middle-unit townhouse with a single-car garage, built in 1998. It was sold in October 2014 for $420,000.
Out of the 24 properties sold under $450,000, 9 were in the Crosby community and 8 were in the community Oak Ridges.
Homes under $450,000 in Crosby are most likely to be partially updated older bungalows (50-60 years old), semi-detached with or without a garage.
In Oak Ridges, homes sold under $450,000 are most likely to be middle unit townhouse 10 -15 years old with 3 bedroom, 2 to 3 baths with a single car garage. A number of these are actually in great condition.
Is it possible to buy a freehold home in Richmond Hill for under $450,000 in 2015?
Possibly. One can look for a semi-detached bungalow without a garage in the Crosby neighborhood, or a smaller townhouse in Oak Ridges at Bloomington and Bathurst.