Mortgage Broker in Richmond Hill, Ontario: Prices, Down Payment and Closing Costs
The short answer
In September 2026 the average Richmond Hill home sold for $1,189,203, which takes at least $93,920 down and $20,259 in Ontario land transfer tax, with no Toronto municipal tax on top. Detached is where it bites: the average detached price ($1,580,643) is $142,143 above the median ($1,438,500) but needs $197,279 more down, because it crosses the $1.5 million line where insured mortgages stop and 20% down starts. Jenny Tate, Mortgage Agent Level 1 (FSRA #M22002086) with Tango Financial, works with Richmond Hill buyers and homeowners from Burlington, by phone and email.
Key takeaways
- The September 2026 detached average, $1,580,643, is above the $1.5 million insured-mortgage line: 20% down, $316,129. The detached median, $1,438,500, is below it: minimum $118,850.
- One dollar decides it. At $1,499,999 the minimum down payment is $124,999.90. At $1,500,000 it's $300,000.
- Richmond Hill buyers pay Ontario land transfer tax only: $20,259 at the average price. The same price in Toronto carries about $40,518 before rebates.
- Eligible first-time buyers get up to $4,000 of the Ontario tax back.
Richmond Hill home prices in September 2026
Here's what sold in Richmond Hill in September 2026, as reported by the Toronto Regional Real Estate Board (TRREB).
| Home type | Sales | Average price | Median price | York Region average |
|---|---|---|---|---|
| Detached | 84 | $1,580,643 | $1,438,500 | $1,444,505 |
| Semi-detached | 8 | $1,044,875 | $1,000,000 | $970,547 |
| Row townhouse (freehold) | 31 | $1,068,119 | $1,020,000 | $967,838 |
| Condo townhouse | 15 | $717,533 | $700,000 | $781,547 |
| Condo apartment | 34 | $574,564 | $529,250 | $564,236 |
| All home types | 172 | $1,189,203 | $1,079,000 | $1,136,650 |
Detached homes were 84 of the 172 sales, just under half, and they averaged $136,138 more than detached homes across York Region. York Region's detached average is under $1.5 million. Richmond Hill's is over it, and that decides how much cash a buyer has to bring.
One month is a small sample: with eight semi-detached sales, one sale can move the average. The nine-month 2026 average was $1,211,493 across 1,524 sales.
What those prices mean for your down payment
The minimum down payment is 5% of the first $500,000 plus 10% of the rest when the price is under $1.5 million, and 20% of the whole price at $1.5 million or more (FCAC down payment rules). Mortgage insurance is what lets a lender accept less than 20% down, and it stops at $1.5 million, a cap that rose from $1 million on December 15, 2024.
In Richmond Hill that line runs through the middle of the detached market: the September average is above it and the median below, so at least half of the 84 detached homes sold for less than $1.5 million.
| Home type and price | Minimum down payment | Insured mortgage possible? | Ontario land transfer tax |
|---|---|---|---|
| Condo apartment, average $574,564 | $32,456 | Yes, if eligible | $7,966 |
| Condo townhouse, average $717,533 | $46,753 | Yes, if eligible | $10,826 |
| Semi-detached, average $1,044,875 | $79,488 | Yes, if eligible | $17,373 |
| Row townhouse, average $1,068,119 | $81,812 | Yes, if eligible | $17,837 |
| All home types, average $1,189,203 | $93,920 | Yes, if eligible | $20,259 |
| Detached, median $1,438,500 | $118,850 | Yes, if eligible | $25,245 |
| Detached, average $1,580,643 | $316,129 | No | $28,088 |
Look at the last two rows. The detached average is $142,143 higher than the detached median, and the minimum down payment is $197,279 higher. A buyer with $150,000 saved clears the minimum at the median price and falls well short at the average.
The jump happens at a single dollar. At $1,499,999 the minimum down payment is $124,999.90. At $1,500,000 it's $300,000. If you're bidding on a detached home near that price, set your ceiling before offer night, because one more bid can change the cash you need by about $175,000.
The minimum is a floor. A lender can ask for more, and "Yes, if eligible" means the lender and the insurer still have to approve you and the property. If you're a first-time buyer or buying a new build, ask about a 30-year insured amortization: the 30-year amortization guide shows the trade between a lower payment and more interest. The down payment guide covers gifts, the FHSA and the Home Buyers' Plan.
To turn a price into a monthly payment, use the Ontario mortgage payment calculator. Qualifying is a separate test, covered in the mortgage stress test guide.
Closing costs in Richmond Hill: one land transfer tax, not two
Richmond Hill is in York Region, north of the City of Toronto. Buy here and you pay Ontario's land transfer tax and no municipal one. Buy in Toronto and you pay Ontario's tax plus Toronto's municipal land transfer tax, which uses the same rates as the province on a home priced up to $2 million.
At the September average price of $1,189,203, the Ontario tax is $20,259. The same price in Toronto would cost $20,259 to the province and $20,259 to the city, about $40,518 before any rebates.
Ontario charges the tax in steps (Ontario land transfer tax rates): 0.5% on the first $55,000, 1.0% from $55,000 to $250,000, 1.5% from $250,000 to $400,000 and 2.0% above $400,000. Where the land has one or two single family residences, the part of the price above $2,000,000 is taxed at 2.5%. For any price between $400,000 and $2,000,000 that works out to $4,475 plus 2% of the amount over $400,000.
The first-time buyer refund
Eligible first-time buyers get up to $4,000 of the Ontario tax refunded. That covers the whole tax on the first $368,000 of the price. Every Richmond Hill average in the table is above $368,000, so here the refund is $4,000 and the rest of the tax is still due.
You must be at least 18, a Canadian citizen or permanent resident, and move in as your principal residence within nine months. You can't have owned a home, or an interest in one, anywhere in the world, and your spouse can't have owned one while being your spouse. You have 18 months from registration to apply. Ask your lawyer to confirm it for the people actually going on title.
Cash to close at three September prices
These three examples are hypothetical. Each uses a September 2026 Richmond Hill average price and the minimum down payment. Where the down payment is under 20% the mortgage is insured, and the examples use CMHC's premium of 4.00% for a loan between 90.01% and 95% of the price, added to the mortgage. In Ontario the premium is also subject to provincial sales tax, which can't be added to the loan. The rate is 8%, paid in cash at closing.
| Item | Condo apartment | Row townhouse | Detached |
|---|---|---|---|
| Purchase price | $574,564 | $1,068,119 | $1,580,643 |
| Minimum down payment | $32,456 | $81,812 | $316,129 |
| Insurance premium (added to the mortgage) | $21,684 | $39,452 | None, uninsured |
| 8% sales tax on the premium (cash) | $1,735 | $3,156 | $0 |
| Ontario land transfer tax | $7,966 | $17,837 | $28,088 |
| Cash needed, repeat buyer | $42,157 | $102,805 | $344,217 |
| Cash needed, first-time buyer (after the $4,000 refund) | $38,157 | $98,805 | $340,217 |
"Cash needed" is the down payment, the sales tax on the premium and the land transfer tax. It leaves out legal fees, title insurance, property tax and utility adjustments, an appraisal if the lender asks for one, and moving costs. Ask your lawyer what you'll owe on closing day, and keep that money separate from the down payment.
The premium depends on the size of the down payment and on the insurer, so treat the 4.00% as an input. Your own number may differ.
The condo column is a different file from the detached one. Richmond Hill condo apartments averaged $574,564 over 34 sales, within about $10,000 of the York Region figure. The down payment is a fraction of the size and the mortgage can be insured, but CMHC counts half the condo fees in your debt-service ratios, so the monthly fee affects how much you qualify for.
Mortgage broker or agent in Richmond Hill: four facts about Jenny
- Licence. Jenny Tate is a Mortgage Agent Level 1, not a mortgage broker. She arranges mortgages only with financial institutions and lenders approved under the National Housing Act, so she can't arrange a private mortgage.
- Pay. The lender usually pays the brokerage a commission. If a fee to you ever applied, it would have to be given to you in writing first. The first call is free.
- Proof. Look up licence M22002086 on FSRA's register. The brokerage, Tango Financial Mortgage (ON) Corporation, is 13691. Both are on the licensing page too.
- Office. 5063 N Service Rd, Burlington. There's no Richmond Hill office, so you work with her by phone and email.
For how an agent compares with a bank branch, read the mortgage agent versus bank comparison.
Is a mortgage agent worth it in Richmond Hill? Mostly for one bid
The detached bid near $1.5 million. Before offer night you need three answers: how much cash you really have once closing costs come out, whether you still qualify if the mortgage has to be uninsured, and the highest price you'll go to. Those take a short call and your numbers, and they're much cheaper to get before the offer than after it. If you're buying a condo or townhouse well under the line, or you already hold a written offer you've compared with another, a call adds less.
Renewing or refinancing in Richmond Hill
A bank has to send your renewal statement at least 21 days before the term ends, and FCAC suggests shopping around a few months before it ends. Put the renewal offer and one outside offer on the same balance, term and amortization with the renewal calculator, and ask who pays any switching fees. The Ontario mortgage renewal guide has the steps, and refinance versus renewal covers borrowing more against the house.
What to bring to the first call
Book the free 15-minute call online, phone (647) 642-7249 or email info@jenny.mortgage. Jenny's details are on the about page. Have these in front of you:
- The price range or the address, and the date you need the mortgage by.
- Your income sources: salary, bonus or commission, business income, rent.
- Where the down payment is coming from: savings, a gift, an FHSA or RRSP, the sale of another home.
- For a renewal, the renewal letter and your latest mortgage statement.
The call sorts out what's known and what still needs documents. It doesn't approve anything.
Nearby guides
The Ontario-only tax rule holds across York Region: see the guides for Markham, Vaughan and Thornhill, and the Markham city page. Inside the City of Toronto the second land transfer tax applies, and the Toronto first-time buyer guide works through it.
Sources and method
- Prices: TRREB Market Watch, September 2026, Richmond Hill and York Region rows. TRREB's "Att/Row/Townhouse" category is shown as row townhouse. Home types with no September sales in Richmond Hill are left out.
- Down payment tiers: Financial Consumer Agency of Canada (page dated October 15, 2025). Insured-mortgage cap: Department of Finance Canada, December 15, 2024.
- Land transfer tax rates (updated April 22, 2026) and first-time buyer refund (updated February 10, 2026): Government of Ontario. Toronto rates: City of Toronto.
- Insurance premium, the sales tax rule and condo fees in debt-service ratios: CMHC. The 8% rate: Government of Ontario retail sales tax guide (updated September 18, 2026).
- Licensing, compensation and disclosure: Financial Services Regulatory Authority of Ontario.
Every source was opened on October 12, 2026. The down payment, tax and cash figures are arithmetic on those sources, not quotes.
Questions people ask about a mortgage agent in Richmond Hill, Ontario
Is a mortgage agent worth it for a Richmond Hill mortgage?expand_more
Mostly when you’re bidding on a detached home near $1.5 million, where one dollar moves the minimum down payment from $124,999.90 to $300,000. Settle your cash, your qualification and your ceiling before offer night. A call adds less on a condo or townhouse well under that line.
Can I get an insured mortgage on a detached home in Richmond Hill?expand_more
Only if the price is under $1.5 million, and only if the lender and insurer approve you and the property. In September 2026 the Richmond Hill detached median, $1,438,500, was under that line with a minimum down payment of $118,850. The detached average, $1,580,643, was over it and needs 20% down, $316,129.
What is the average home price in Richmond Hill?expand_more
In September 2026 the average sale price in Richmond Hill was $1,189,203 across 172 sales, and the median was $1,079,000, according to TRREB’s Market Watch. Detached homes averaged $1,580,643 and condo apartments $574,564. One month is a small sample, so plan from the price of the home you’re bidding on.
What is the minimum down payment on a Richmond Hill home?expand_more
It’s 5% of the first $500,000 plus 10% of the rest for a price under $1.5 million, and 20% of the full price at $1.5 million or more. At the September 2026 Richmond Hill averages, that’s $32,456 on a $574,564 condo apartment and $316,129 on a $1,580,643 detached home. Closing costs are on top.
Does Richmond Hill have a municipal land transfer tax?expand_more
No. A Richmond Hill purchase pays Ontario’s land transfer tax only. At the September 2026 Richmond Hill average price of $1,189,203, the Ontario tax is $20,259. The same price in Toronto would carry that amount again as municipal tax, about $40,518 in total before any rebates.
How much is the first-time buyer land transfer tax refund in Richmond Hill?expand_more
Up to $4,000 of the Ontario tax. You must be at least 18, a Canadian citizen or permanent resident, and move in within nine months, and you can’t ever have owned a home anywhere in the world. Every September 2026 Richmond Hill average price is above $368,000, so the refund covers part of the tax, not all of it.
Does Jenny Tate have an office in Richmond Hill?expand_more
No. Jenny’s office is at 5063 N Service Rd in Burlington. From Richmond Hill you reach her by phone at (647) 642-7249, by email at info@jenny.mortgage, or by booking a free 15-minute call online.
Talk through your Richmond Hill mortgage
Bring the price or your renewal letter, an outline of your income and where the down payment is coming from. Ask who pays Jenny and which lenders she can use.
Jenny Tate
Mortgage Agent Level 1 · FSRA #M22002086
Jenny Tate is a Mortgage Agent Level 1 (FSRA #M22002086), with Tango Financial Mortgage (ON) Corporation (FSRA #13691). Check the licence on FSRA's register.