Richmond Hill Real Estate Market Update: May 2026
Richmond Hill Real Estate Market Update: May 2026
The GTA resale market tightened in May 2026. Sales rose year-over-year, new listings dropped and inventory continued to be absorbed. Prices remain below last year's levels but the gap is narrowing. Here is what the TRREB Market Watch numbers tell us about Richmond Hill, York Region and the broader GTA heading into summer.
Quick takeaway: GTA home sales rose 6.3% year-over-year in May 2026 while new listings fell 18.9%. Active inventory dropped 13.3%. The average selling price across the GTA was $1,069,700, down 4.6% from May 2025. In York Region, the average price was $1,177,330 with Richmond Hill averaging $1,179,718. Buyers still have negotiating power but the supply-demand balance is shifting. If sales continue to outpace new listings, prices will level off and begin to recover heading into 2027.
Table of Contents
- GTA Overview: Sales Up, Listings Down
- York Region and Richmond Hill Numbers
- Sales and Prices by Home Type
- MLS Home Price Index: Benchmark Prices
- Interest Rates and Affordability
- What This Means for Buyers
- What This Means for Sellers
- Frequently Asked Questions
GTA Overview: Sales Up, Listings Down
GTA REALTORS reported 6,583 home sales through TRREB's MLS System in May 2026, up 6.3% compared to 6,195 sales in May 2025. Spring sales have been stronger than last year, reflecting improved affordability from lower selling prices and borrowing costs.
The other side of the equation is supply. New listings entered into the MLS System totalled 17,698, down 18.9% year-over-year. Active listings at month end were 26,927, down 13.3% from May 2025. The market is absorbing standing inventory. When sales rise and listings fall simultaneously, competition between buyers increases and the pricing trend flattens.
The average selling price across the GTA was $1,069,700, down 4.6% from $1,120,716 in May 2025. On a seasonally adjusted basis, the average price edged up slightly from April 2026, suggesting the month-over-month decline may have bottomed. Average listing days on market were 27, up from 25 last year. Average property days on market were 42, up from 39.
York Region and Richmond Hill Numbers
York Region recorded 1,183 sales in May 2026 with an average selling price of $1,177,330. The sales-to-new-listings ratio (SNLR) trend was 33.9%, indicating a buyer's market where supply exceeds demand. Months of inventory sat at 5.2, meaning it would take approximately 5.2 months to sell all active listings at the current pace of sales. The average sale-to-list ratio was 98%, confirming that most properties are selling below asking price.
Within York Region, here is how the key municipalities performed in May 2026.
| Municipality | Sales | Avg. Price | Avg. LDOM | SP/LP |
|---|---|---|---|---|
| Richmond Hill | 313 | $1,179,718 | 27 | 98% |
| Markham | 303 | $1,199,667 | 27 | 99% |
| Vaughan | 224 | $1,209,257 | 22 | 98% |
| Aurora | 71 | $1,181,220 | 31 | 100% |
| Newmarket | 104 | $1,051,403 | 25 | 98% |
| Stouffville | 57 | $1,220,389 | 24 | 97% |
Richmond Hill and Markham led York Region in sales volume. Both markets are averaging 27 days on market and selling at 98-99% of list price, which means buyers have room to negotiate but well-priced properties are still moving within a month.
Sales and Prices by Home Type
Across the GTA, all major home types saw price declines year-over-year. Here is the breakdown for May 2026.
| Home Type | GTA Sales | GTA Avg. Price | YoY % Change |
|---|---|---|---|
| Detached | 3,236 | $1,358,131 | -4.7% |
| Semi-Detached | 608 | $1,067,672 | -2.9% |
| Townhouse | 1,114 | $840,608 | -7.1% |
| Condo Apartment | 1,535 | $639,468 | -6.4% |
Detached homes in the 905 area averaged $1,268,625, down 3.9% year-over-year. In York Region specifically, Richmond Hill detached homes averaged $1,577,170 and Markham detached homes averaged $1,552,562. The condo apartment segment saw the steepest price declines, particularly in the 905 area where prices fell 9.5% year-over-year. This creates significant buying opportunities for downsizers looking at condos in Richmond Hill and Markham.
MLS Home Price Index: Benchmark Prices
The MLS Home Price Index (HPI) provides a more accurate measure of price trends than average prices because it controls for changes in the mix of homes sold. Here are the benchmark prices and year-over-year changes for our core markets.
| Area | Composite | YoY | Detached | YoY |
|---|---|---|---|---|
| All TRREB Areas | $946,500 | -6.7% | $1,239,300 | -6.6% |
| York Region | $1,105,300 | -9.5% | $1,364,000 | -9.3% |
| Richmond Hill | $1,137,800 | -8.5% | $1,521,100 | -8.4% |
| Markham | $1,066,100 | -9.3% | $1,460,200 | -9.0% |
| Vaughan | $1,177,600 | -9.1% | $1,297,600 | -10.1% |
Richmond Hill's composite benchmark price of $1,137,800 is down 8.5% year-over-year. Detached benchmark sits at $1,521,100 (down 8.4%) and the townhouse benchmark is $749,400 (down 12.3%). The condo apartment benchmark in Richmond Hill is $528,900, down 9.8%. These are benchmark prices, not averages. They represent a "typical" home in each category and are a more reliable trend indicator than averages.
Interest Rates and Affordability
The Bank of Canada overnight rate stood at 2.3% as of April 2026, well below the peak of 5.0% reached in 2023. The prime rate is 4.5%. Fixed mortgage rates for April 2026 were 5.49% (1-year), 6.05% (3-year) and 6.09% (5-year).
The combination of lower borrowing costs and reduced selling prices has improved affordability compared to the peak. For buyers in Richmond Hill and York Region, this means more purchasing power than at any point in the past three years. For sellers, it means more qualified buyers entering the market, which supports the sales growth we are seeing.
What This Means for Buyers
This is still a buyer's market in Richmond Hill and York Region. The SNLR trend of 33.9% is well below the 40-60% balanced range, which means supply exceeds demand and buyers have negotiating leverage. Homes are selling at 98% of list price on average, confirming that most sellers are accepting offers below asking.
However, the window is narrowing. New listings are down nearly 19% year-over-year and active inventory is declining. If this trend continues through summer, the market will tighten further. Buyers who act now benefit from reduced prices, lower borrowing costs and negotiating power that may not last into 2027. I am advising my buyer clients to be prepared and decisive, not to wait for a bottom that may have already arrived.
What This Means for Sellers
If you are considering selling in Richmond Hill, the market is showing early signs of recovery. Sales are up, inventory is being absorbed and the month-over-month price trend has flattened. TRREB's outlook projects that prices will level off and begin to grow as we move into 2027 if sales continue to strengthen relative to listings.
Pricing accurately remains critical. Properties priced correctly for the current market are selling within a month. Properties that are overpriced relative to comparable sales sit longer and ultimately sell for less after price reductions. I provide every seller client with a detailed comparable analysis grounded in current market data, not last year's prices. In this market, accuracy is the difference between a sale and a stale listing.
For downsizers, this market creates an interesting opportunity. You are selling and buying in the same market. The price gap between a detached home and a downsized condo or townhome remains substantial, which means the equity you unlock by downsizing is significant regardless of where prices sit.
Recognition
Kirby Chan Awards and Achievements
🏆 #1 Individual Producer in Ontario for eXp Realty 2023
🏆 Top 3 Best Rated Real Estate Agent in Richmond Hill
🏆 Toronto Star Platinum Award for Best Real Estate Agent
🏆 Top Real Estate Agent Award in Markham
🏆 2X ICON Agent Award with eXp Realty
🏆 2025 Community Votes Platinum Award, Thornhill
🏆 2024 Community Votes Platinum Award, Thornhill
🏆 2025 Gold Award for Real Estate Brokers in Markham
🏆 2024 Community Votes Bronze Award, Richmond Hill
🏆 2023 Community Votes Platinum Award, Thornhill
Frequently Asked Questions
Is it a buyer's market or seller's market in Richmond Hill right now?
It is a buyer's market. The sales-to-new-listings ratio in York Region is 33.9%, well below the balanced range of 40-60%. Homes are selling at 98% of list price on average. Buyers have negotiating leverage, but this is shifting as inventory declines.
Are home prices still dropping in Richmond Hill?
Year-over-year, yes. The Richmond Hill composite benchmark price is down 8.5% from May 2025. However, the month-over-month trend has flattened. TRREB projects that prices will level off and begin to grow if sales continue to outpace new listings heading into 2027.
Should I buy now or wait?
Prices are lower and borrowing costs are lower than they have been in years. The supply-demand balance is tightening. Buyers who wait for a clear bottom risk buying into a more competitive market with higher prices. I advise my buyer clients to be prepared and decisive rather than trying to time the exact bottom.
Is this a good time to sell?
Sales are up 6.3% year-over-year and inventory is being absorbed. Pricing accurately is critical. Well-priced properties are selling within a month. Overpriced properties sit. A detailed comparable analysis is the starting point for any listing decision. I provide this for every seller client at no cost.
What is the average home price in Richmond Hill?
The average selling price across all home types in Richmond Hill was $1,179,718 in May 2026. Detached homes averaged $1,577,170. The MLS HPI benchmark for a "typical" Richmond Hill home was $1,137,800.
How can the Kirby Chan & Co. Real Estate Team help me navigate this market?
Whether you are buying, selling or exploring a downsize in Richmond Hill, Markham or anywhere in York Region, I provide current market data, a detailed comparable analysis and a strategy built for the conditions we are actually in, not the market we had last year. If you want to understand what the numbers mean for your specific situation, reach me at (416) 305-8008.
Contact Kirby ChanHave Questions About the Market?
The data tells a clear story: sales are rising, inventory is falling and the pricing trend is flattening. What that means for your specific property, your specific neighbourhood and your specific goals requires a conversation. Book a consultation with me to review the current data, get a home valuation or discuss your buying strategy.
Kirby Chan | Kirby Chan & Co. Real Estate Team
416-305-8008
info@kirbychanandco.com
https://kirbychanandco.com
Source: Toronto Regional Real Estate Board (TRREB) Market Watch, May 2026. All figures based on TRREB MLS System data. Average prices, benchmark prices, sales volumes and market indicators cited in this update are sourced directly from TRREB's published report. This update is for general information only. For advice specific to your property or situation, consult a licensed real estate professional.
Categories
Recent Posts
