Buying Real Estate in Richmond Hill, ON

Richmond Hill (2021 population: 202,022) is a city in south-central York Region, Ontario, Canada. Part of the Greater Toronto Area, it is the York Region’s third most populous municipality and the 27th most populous municipality in Canada. Richmond Hill is situated between the cities of Markham and Vaughan, north of Thornhill, and south of Aurora.

Richmond Hill has seen significant population growth since the 1990s. It became a city in 2019 after being a town since 1957. The city is home to the David Dunlap Observatory telescope, the largest telescope in Canada

According to the city’s website as of 2011, Richmond Hill is an affluent community with more than 52% of families reporting incomes of greater than $70,000 and over 31% of households reporting incomes greater than $100,000. The average household income in Richmond Hill is $100,900 which is 34% higher than the Canadian average and 26% higher than the provincial average. Based on the 2006 Census, 42.62% of families in the City of Richmond Hill earned $100,000 and over. The employment rate of the city is 66.36% with the most prevalent occupations being in the business, finance and administration and management sectors. The 2006 Census showed that the unemployment rate is very low at 3.77%, compared with the 7.4% unemployment rate across Canada during the time of the Census.

The 1990s and 2000s were periods of strong economic growth for Richmond Hill; In 1999 industrial, commercial and institutional growth was valued at $88.9 million, up from $67.9 million in 1998. The economic growth of 1999 won the city’s economic development department three provincial awards from the Economic Developers Council of Ontario. The border between Richmond Hill and Markham is a rapidly growing area for information technology and high-tech industry with over 1,000 such businesses located along their border in 2000.

Most businesses in Richmond Hill are small businesses, with more than half of all employers in the city having four workers or less. The city is home to the corporate headquarters of Acklands Grainger Inc., Compugen Inc., Compuware, DMC Mining Services, Lexmark, Rogers Communications, BMW Canada, Science & Medicine Canada, and Staples.