Buying a home with a budget of $500,000 in Markham and Richmond Hill

What can $500,000 buy you in Richmond Hill and Markham in 2016?

In the beginning of 2014 and 2015 I wrote about whether it was possible to buy a freehold home in Markham and Richmond Hill for under $400,000 and $450,000 respectively. What happened in 2014 and 2015 was prices keep going so rapidly that the same home that would be worth under $450,000 in the beginning of 2015 will worth tens of thousands more by July in the same year.

Now at the beginning of the 2nd quarter 2016, while we are looking forward to another record-breaking year for the real estate market, let’s just look at what kind of freehold homes you can get for half a million in Markham and Richmond Hill as it has become nearly impossible to find a freehold home under $500,000.

What you can get for under $500,000 in Markham

  • condo apartment units from 800 to 1200 sq.ft. with 2- bedroom or more and at least 1 parking on a newer building under 5 years old in Unionville, such as the Uptown and Downtown Markham at Birchmount/ Hwy 7/ Hwy 407).
  • 3- bedroom condo townhouses on John Street between Bayview and Leslie, with single garage and a private driveway with maintenance fees of about $400.

  • ‚Äč3-bedroom condo townhouses on Village Parkway in Unionville, built in the 70s,  with single garage and a private driveway with a maintenance fee of about $400.
  • 3-bedroom condo townhouses at Hwy 7 and Wooten Way, built in the 70s, with 1 car garage and a private driveway and a maintenance fee of about $300.
  • Freehold: a freehold semi in Old Markham (Main Street and Church Street) was sold in November for $450,000. It was a 3 bedroom 1 bath built in mid-1800’s. It seems like a total renovation would be required.

What you can get for $500,000 in Richmond Hill

  • Renovated condo apartment units over 1200 sq ft with 2 parking spaces on Baif Blvd at Yonge and Weldrick
  • New condo units with 2 bedroom 2 bath at Yonge and Hwy 7
  • Condo townhouses around the intersection of Yonge and 16th with 3 bedroom 3 baths
  • Freehold: a back unit of a 2-storey “quad” townhouse with 3 bedroom, 2 baths at Yonge and Carrville, next to the Hillcrest mall was sold in December 2015 for $495,800. A quad townhouse is different from a row/side-by-side townhouse that it is divided into 4 quarters and each quarter is a corner unit. 

A realistic budget for a freehold home in Markham and Richmond Hill

While it is nearly impossible to find a freehold home for under $500,000, adding $30,000 to the budget will get you a few freehold home options. In Markham, some newer townhouses in Cornell built in the last 10-15 years with detached garage are still being sold for around $530,000 in the first 3 months of 2016. In Richmond Hill, for $530,000 it might still be possible to get a 3-storey, 3 bedroom, single car garage townhouses on Old Colony Rd at Yonge and King in Oak Ridges. There is a common element fee of just over $100 for snow removal, water and garbage collection for these homes.

I would say in the hot seller’s market that we are in, a $650,000 budget will get you much more options for freehold homes in Markham and Richmond Hill.

If you are curious about what kind of home you can get for your budget and would like to tour some of the area with homes within your budget, don’t hesitate to contact me for more information. I would be thrilled to hear from you!

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Janis Tsang

Janis Tsang

Sales Representative
CENTURY 21 Atria Realty Inc., Brokerage*
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