First-Time Home Buyer Guide for Richmond Hill (2027)

Published 2 November 2026 · By Jatin Dua, Broker of Record, RE/MAX Quantum Realty

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Street of brick townhouses and detached homes in Richmond Hill, Ontario, in autumn (illustrative)

By Jatin Dua · Broker of Record, RE/MAX Quantum Realty · Updated 2 November 2026 · 9 min read — Richmond Hill prices by home type, the cash each needs, the programs that apply, and why the $1.5 million line matters for detached buyers.

Short answer

A first-time buyer in Richmond Hill needs about $27,925 down for a median condo apartment ($529,250 in January to October 2026), $44,000 for a condo townhouse ($690,000) and $123,500 for a detached house ($1,485,000). Richmond Hill has no municipal land transfer tax, Ontario refunds up to $4,000, and the FHSA and Home Buyers’ Plan help with the down payment.

This guide is for first-time buyers planning to buy in Richmond Hill in 2027, whether you rent in the city now or are coming north from Toronto for schools and space. It sets out 2026 prices for every home type, the down payment and closing cash each one needs, the programs you can use, and two Richmond Hill details that matter more here than almost anywhere else in the GTA.

What does a first home cost in Richmond Hill in 2027?

Every home type in Richmond Hill sold for less in 2026 than in 2025, and well below 2024. These are city-wide median prices for January to October of each year, the latest data as of November 2026.

Home type	Median 2024	Median 2025	Median 2026	Change vs 2025	Avg days on market 2026
Condo apartment	$637,500	$580,000	$529,250	-8.8%	42
Condo townhouse	$895,000	$818,000	$690,000	-15.6%	38
Freehold townhouse	$1,250,000	$1,147,944	$1,040,000	-9.4%	32
Semi-detached	$1,250,000	$1,139,000	$1,051,000	-7.7%	27
Detached	$1,774,400	$1,630,000	$1,485,000	-8.9%	31

Source: TRREB MLS data via REALM, January–October of 2024, 2025 and 2026, City of Richmond Hill. City-wide medians; prices differ a lot between areas such as Oak Ridges, Bayview Hill and Richmond Hill’s older core.

For a first-time buyer, the key numbers are the two at the bottom of the ladder. A median condo apartment now sells for about $529,000, and a median condo townhouse for $690,000, which is $205,000 less than in 2024.

How much down payment do I need in Richmond Hill?

Canada’s minimum down payment is 5% of the first $500,000 and 10% of the part between $500,000 and $1.5 million. Below 20% down, you pay a mortgage insurance premium that is added to the loan. In Ontario the 8% sales tax on that premium cannot be added to the loan, so it is due in cash on closing.

Home at the 2026 median	Minimum down	Insurance premium (4.00%)	Sales tax on premium, cash	Ontario land transfer tax after refund
Condo apartment, $529,250	$27,925	$20,053	$1,604	$3,060
Condo townhouse, $690,000	$44,000	$25,840	$2,067	$6,275
Freehold townhouse, $1,040,000	$79,000	$38,440	$3,075	$13,275
Semi-detached, $1,051,000	$80,100	$38,836	$3,107	$13,495
Detached, $1,485,000	$123,500	$54,460	$4,357	$22,175

Source: my calculations using federal minimum down payment rules, CMHC’s 4.00% premium for 90.01–95% loan-to-value, and Ontario land transfer tax brackets with the $4,000 first-time buyer refund. Medians from TRREB MLS data via REALM, January–October 2026.

Putting 10% down instead of 5% cuts the premium rate to 3.10% of the loan. First-time buyers can also take a 30-year amortization on an insured mortgage, which lowers the payment but adds 0.20% to the premium.

Which first-time buyer programs apply in Richmond Hill?

The City of Richmond Hill does not run its own down payment program. First-time buyers here use the federal and provincial programs:

First Home Savings Account (FHSA): $8,000 of room a year and $40,000 in total, with up to $8,000 of unused room carried forward a year. Room starts in the year you open the account.
RRSP Home Buyers’ Plan: up to $60,000 from your RRSP, repaid over 15 years. For a first withdrawal between 2026 and 2028, repayments start in the fifth year after.
Ontario land transfer tax refund: up to $4,000, so there is no tax on the first $368,000. Richmond Hill has no municipal land transfer tax, unlike Toronto.
New-home tax relief: if you buy a newly built home from a builder, a federal first-time buyer GST rebate and Ontario’s HST relief may apply. My guide to the First-Time Home Buyers’ GST Rebate explains who gets the full amount.

To get the Ontario refund you must be at least 18, a Canadian citizen or permanent resident, never have owned a home anywhere in the world, and move in within nine months. If your lawyer does not claim it at closing, you have 18 months to apply.

Beyond the down payment and land transfer tax, set aside cash for legal fees and title insurance, a home inspection or status certificate review, adjustments for property tax or condo fees the seller has prepaid, and moving costs. Ask your lawyer for a written estimate of your closing funds well before closing day.

Free tool — what can you actually afford?

Why does the $1.5 million line matter so much in Richmond Hill?

Richmond Hill’s median detached house, at $1,485,000, sits just under the $1.5 million cap for insured mortgages. That cap changes everything about the cash you need:

At $1,485,000, the minimum down payment is $123,500, about 8.3% of the price, because you can still use an insured mortgage.
At $1,500,000 or more, insurance is not available and lenders need at least 20% down, which is $300,000.

So a house that costs $15,000 more can need about $176,500 more in cash. If you are shopping for a detached home with less than 20% down, set your ceiling below $1.5 million, including any amount you might add in a multiple-offer situation. Above the line, the extra down payment means no insurance premium, but few first-time buyers have that much saved.

Is a condo townhouse a smart first home in Richmond Hill?

It has become the most active first-time option in the city. Condo townhouse sales jumped 39.6% in January to October 2026 against the same months of 2025, the biggest rise of any home type, while the median fell 15.6% to $690,000. That price is only about $161,000 more than a median condo apartment, but you get stairs, more floor space and often a small yard or terrace.

The trade-off is the monthly condo fee and the condo corporation’s finances. Before you firm up, have your lawyer review the status certificate, check what the fee covers, and look at whether the reserve fund can handle roofs, windows and other big work coming up. My comparison of freehold and condo townhouses covers the pros and cons in detail, and my list of the top condos to buy in Richmond Hill is a good place to start for apartments.

What are property taxes in Richmond Hill?

Richmond Hill’s 2026 residential tax rate is 0.760104% of your MPAC assessed value. It is made up of the City’s 0.214692%, York Region’s 0.392412% and the education rate of 0.153%. That works out to about $760 a year for every $100,000 of assessment, or $4,561 on a home assessed at $600,000. Your bill depends on the assessment, not on what you pay, so ask for the seller’s latest bill. My guide to Richmond Hill property tax covers due dates and payment plans.

How do Richmond Hill commuters get to downtown Toronto?

The GO Richmond Hill line runs to Union Station, but trains run only in weekday rush hours: south in the morning and north in the afternoon. Outside those times, GO buses serve the corridor. If you work downtown with fixed office hours, a home close to a station on this line can work well; if your hours vary, test the trip at the times you would actually travel.

Longer term, the Yonge North Subway Extension will take Line 1 north from Finch station to a terminal at High Tech in Richmond Hill, with five new stations including Bridge and High Tech. Construction of the extension itself started in 2026, and the project is expected to take about a decade, so treat it as a 2030s benefit, not a reason to stretch your budget today.

Is 2027 a good time to buy a first home in Richmond Hill?

Buyers have more choice in Richmond Hill than in most of the GTA. TRREB’s October 2026 Market Watch showed 5.5 months of inventory in the city, more than York Region’s 5.0 and the GTA-wide 4.6, and buyers paid 98% of the asking price on average. Detached sales were up 10.7% this year at much lower prices, so buyers are returning.

At the same time, the Bank of Canada raised its policy rate to 2.50% on 28 October 2026 and said a further increase could be needed. Variable-rate payments rose when prime went to 4.70%, and fixed rates have risen with bond yields.

Watch out

If you plan to cover part of your mortgage with rent from a basement unit, confirm with the City of Richmond Hill that the unit is legal before you firm up, and ask your lender in writing how much of the rent it will count. An existing tenant normally stays on under Ontario’s Residential Tenancies Act after you buy, so get the lease and rent history as well.

My take

My cautious view: Richmond Hill is a buyer’s market for the patient first-time buyer, especially in condo townhouses. I would decide early which side of the $1.5 million line you are shopping on, because it sets your cash needs more than anything else. Get a pre-approval with a rate hold, test the payment at a rate at least one point higher, and buy for a five-year stay or longer rather than for a subway that is a decade away.

What to do next

Open an FHSA if you qualify, and check how much RRSP room you have for the Home Buyers’ Plan.
Use the affordability tool on this page to find your price range at today’s rates and at a higher one.
Get a mortgage pre-approval, and set a firm ceiling below $1.5 million if you are buying with less than 20% down.
Compare condo apartments, condo townhouses and freehold townhouses in the parts of the city you like.
Choose a real estate lawyer who will claim your land transfer tax refund at closing and review any status certificate.

Need help with this? Talk to me.

I’m Jatin Dua, Broker of Record at RE/MAX Quantum Realty, and I’m the best agent to do this kind of work for you in Toronto and across the GTA. Over $100 million in GTA sales and 100+ families helped sell. Feel free to contact me any time: call or text 833-330-1925 or email [email protected].

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Frequently asked questions

How much do I need for a down payment in Richmond Hill?

At Richmond Hill’s January to October 2026 medians, the minimum down payment is $27,925 for a $529,250 condo apartment, $44,000 for a $690,000 condo townhouse, $79,000 for a $1,040,000 freehold townhouse and $123,500 for a $1,485,000 detached house. Canada’s rule is 5% of the first $500,000 and 10% of the rest up to $1.5 million. Closing costs come on top.

Are there first-time home buyer programs in Richmond Hill?

Richmond Hill has no city-run down payment program, as of November 2026. First-time buyers in Richmond Hill use the First Home Savings Account (up to $40,000), the RRSP Home Buyers’ Plan (up to $60,000) and Ontario’s land transfer tax refund (up to $4,000). Buyers of a newly built home may also qualify for the federal first-time buyer GST rebate and Ontario HST relief.

Is there a land transfer tax in Richmond Hill?

Yes, but only Ontario’s. Richmond Hill has no municipal land transfer tax, unlike the City of Toronto. First-time buyers get up to $4,000 back, which covers the tax on the first $368,000. On a $690,000 condo townhouse, the 2026 median, the Ontario tax is $10,275, or $6,275 after the refund. On a $1,485,000 detached house it is $22,175 after the refund.

What is the average price of a condo in Richmond Hill in 2026?

The median Richmond Hill condo apartment sold for $529,250 in January to October 2026, down 8.8% from $580,000 a year earlier, according to TRREB MLS data via REALM. The average was $552,272, and condos took 42 days to sell on average. The median condo townhouse sold for $690,000, down 15.6%, while condo townhouse sales rose 39.6%.

Can a first-time buyer afford a detached house in Richmond Hill?

Some can, but it takes a lot of cash. The median Richmond Hill detached house sold for $1,485,000 in January to October 2026. Because that is under the $1.5 million cap for insured mortgages, the minimum down payment is $123,500. At $1.5 million or more, lenders need 20% down, or $300,000, so the price you offer matters a great deal.

What is the property tax rate in Richmond Hill for 2026?

Richmond Hill’s 2026 residential property tax rate is 0.760104% of the MPAC assessed value. It combines the City’s 0.214692%, York Region’s 0.392412% and the 0.153% education rate. That is about $760 a year for every $100,000 of assessment, or $4,561 on a $600,000 assessment. The 2027 rate will be set during 2027, so check the seller’s latest bill.

Does the subway go to Richmond Hill?

Not yet. The Yonge North Subway Extension will carry Line 1 from Finch station to a terminal at High Tech in Richmond Hill, with five new stations. Construction of the extension started in 2026 and the project is expected to take about a decade. Today, Richmond Hill commuters use the GO Richmond Hill line, which runs trains to Union Station in weekday rush hours only.

Is Richmond Hill a good place for first-time buyers?

It can be for buyers who plan to stay several years and can afford a condo or condo townhouse. Prices have fallen sharply: the median condo townhouse dropped from $895,000 in January to October 2024 to $690,000 in 2026. With 5.5 months of inventory in October 2026, Richmond Hill buyers also have more time and room to negotiate than in most GTA cities.

Should I buy in Richmond Hill now or wait until later in 2027?

No one can time the market, so decide on your finances. Richmond Hill prices fell across every home type in 2026 and buyers have more choice, but the Bank of Canada raised its rate to 2.50% in October 2026 and said more increases could follow. If you can carry the payment at a higher rate and plan to stay five years, waiting may not save you much.