Richmond Hill's condo benchmark fell 12.27% in September 2026 as variable rates rose after the Oct. 28 hike. What it means for investors.
In the Richmond Hill real estate investment market, condo apartment values fell the most: their MLS® HPI benchmark dropped 12.27% year over year to $493,000 in September 2026, just as variable mortgage rates began to rise.
What the data shows for the Richmond Hill real estate investment market
Richmond Hill's condo apartment benchmark fell 12.27% to $493,000, steeper than York Region's 8.79% apartment decline, while the city's composite benchmark fell 6.33% to $1,157,700 (TRREB MLS® HPI, September 2026). Townhouse and semi-detached benchmarks fell less than the regional average.
Source: TRREB MLS® HPI, September 2026. Semi-detached reflects TRREB's single-family attached benchmark.
Condo apartments still sold for an average of $574,564, only 1.8% below a year earlier, across 34 sales (TRREB Market Watch, September 2026). The benchmark tracks a typical unit, so the sale mix may be flattering the average.
Mortgage rates and seasonal context
On October 28, the Bank of Canada raised its policy rate to 2.50%. By October 29, the lowest insured 5-year variable rate was 3.69% (up from 3.45%), the 5-year fixed 4.44%, and prime 4.70% (Ratehub.ca). Rental-property financing is often priced higher. The next decision is December 9.
Source: Ratehub.ca and MoneySense, October 28–29, 2026. Insured rates; rental-property financing is often priced higher.
Fall followed its usual pattern: new listings rose 30.1% from August, but sales were 8.5% below last year.
The investor takeaway
A lower condo benchmark may give buyers more negotiating room. But with 5.6 months of inventory, rising variable payments and the Bank expecting inflation above 3% through much of 2027, stress-test rent, vacancy and another hike first.
FAQ
How much is a condo in Richmond Hill?
Richmond Hill condo apartments sold for an average of $574,564 in September 2026, and the MLS® HPI condo apartment benchmark was $493,000, according to TRREB.
Will variable mortgage rates go up again?
They may. The Bank of Canada raised rates on October 28, 2026 and said further hikes could be needed if inflation stays high; its next decision is December 9.
Sources
- TRREB MLS® HPI Public Tables, September 2026
- TRREB Market Watch, September 2026
- Brown Cormack Gallucci, Richmond Hill market report (TRREB data, September 2026)
- WOWA.ca, Richmond Hill Housing Market Report (TRREB data, October 6, 2026)
- Ratehub.ca, best mortgage rates (October 29, 2026)
- Ratehub.ca, Bank of Canada October 2026 rate hike (October 28, 2026)
- MoneySense, Bank of Canada raises interest rate to 2.5% (October 28, 2026)
Cover photo: Ronin on Unsplash
This article is for general information only and is not financial, legal or tax advice. Statistics are from the sources cited and are believed reliable but not guaranteed. Not intended to solicit buyers or sellers currently under contract with a brokerage.
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