Richmond Hill · OntarioPrivate

Private mortgage lending in Richmond Hill

Funded in ~7-14 days. Equity-based. 12-18 month bridge to B or A pricing. Established multi-cultural market with heavy investor activity.

7-14 day fundingEquity-basedBridgeExit plan

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Quick scenario · Richmond Hill

On a $1,205,777 Richmond Hill home (50% LTV existing)

Home value (city average)

Richmond Hill 2026

$1,205,777

Assumed existing mortgage

50% LTV assumption

$602,889

Accessible equity (75% LTV)

Equity you could access

$301,444

Est. monthly payment

At 7.49% on full draw

$2,203/mo

Illustrative only. Actual rate, qualifying amount, and premium depend on your file. A licensed advisor will give you the exact number for your file.

Private mortgages in Richmond Hill — the local picture

Richmond Hill's average price was $1,205,777 in August 2026. On a Richmond Hill home at $1,205,777 already carrying a $602,889 first, a private second to the 85% combined ceiling raises about $422,021 — $4,568 a month interest-only at 12.99%, and $61,536 to $69,977 all-in over 12 months once the lender fee, the broker fee and the legals are counted. That all-in figure is the one to compare against, not the rate: it works out to 14.6%–16.6% a year on the money you actually receive. For an owner in Bayview Hill or Oak Ridges it buys a closing date or stops a default; what it does not buy is time, so we date the exit before we place the file.

Richmond Hill average selling price, TRREB Market Watch, August 2026. Source.

Written by the Mortgage Squad Advisors Editorial Team · Reviewed by Surrayya Afzal, Principal Broker, FSRA #M14001433 · Brokerage FSRA #13737 · Figures current to August 2026

All mortgages in Richmond Hill| Private mortgages guide| Payment calculator

Max LTV (1st)

75%

Equity-based

Max CLTV (2nd)

85%

Combined with first

Term

6-24 mo

Bridge to A-lender

Funding speed

~7-14 days

After appraisal + legal

Private mortgages: Richmond Hill against the markets around it

The same arithmetic (above an assumed 50%-LTV first mortgage) on each market’s own published figure. Rates do not change across the boundary; the price does, and with it the file.

Market	Price	Equity reachable at 75% LTV	vs Richmond Hill
Richmond Hill	$1,205,777 average	$301,444	—
Vaughan	$1,234,758 average	$308,690	+$7,246
Markham	$1,208,692 average	$302,173	+$729
Newmarket	$1,048,321 average	$262,080	−$39,364
Aurora	$1,105,004 average	$276,251	−$25,193

Each figure is that market’s own board release, as cited on its page. Illustrative arithmetic, not a quote.

A private first or a private second — the Richmond Hill arithmetic

These are different products and the choice is usually decided by what your existing mortgage costs, not by which is cheaper on its own. A private FIRST replaces the mortgage you have: on Richmond Hill's $1,205,777 value at 75% loan-to-value that is $904,333, about $5,645 a month interest-only at 7.49% — and it prices your whole balance at the private rate, including the part that is currently sitting at an A-lender rate. A private SECOND leaves that first alone and sits behind it: to the 85% combined ceiling, behind the $602,889 first this page assumes, that is $422,021 at 12.99%, or $4,568 a month interest-only. The second carries the higher rate because it recovers last if the house sells, and it is still normally the cheaper answer, because only the new money is priced at it. The exception is a first that is already expensive, or a first whose lender will not permit a charge behind it — and that is a question we answer by reading your existing commitment, not by guessing.

How a private mortgage works — the rules, the penalties and the paperwork that are the same in every city — is covered in full on our private mortgages guide. This page keeps to what is different in Richmond Hill.

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Private mortgages across Richmond Hill

From Bayview Hill to Crosby, the dominant property form in each pocket changes how a private mortgage file is underwritten.

Bayview Hill, Oak Ridges, Jefferson, Devonsleigh

Executive detached (large lots) · Detached subdivision on the moraine edge · 2000s executive detached · 1990s detached and semi

Detached and semi houses are the security private lenders price most keenly, because resale is predictable — the strongest loan-to-value in a private file usually sits on this form.

Mill Pond, Crosby

Established detached, mature lots · Older detached and semi (freehold)

Long-held older stock is where private lending most often works, because the equity is already there. Age-related condition items reduce the value a private lender will lend against, so the appraisal drives the number more than the asking price does.

Westbrook

Newer detached and townhouse subdivision

A property still inside a builder's warranty or interim-occupancy period complicates a private charge, and private terms are short — the exit has to be dated before the charge is registered, not after.

Regional Ontario lenders we shop — alongside the Big-6 banks and national monolines:

Meridian DUCA Alterna Savings FirstOntario

Richmond Hill market

What Richmond Hill’s market means for your private mortgage.

Richmond Hill detached sits above the insurance ceiling — the Yonge corridor doesn't

Richmond Hill's July 2026 all-types average selling price was $1,222,748, while the average detached sale was $1,569,133. That places the typical detached purchase above the $1.5-million line at which mortgage default insurance stops being available, and the typical condo or townhome purchase comfortably below it. The consequences diverge sharply. Below the ceiling, the tiered minimum down payment applies — 5% on the first $500,000 plus 10% on the balance — insurance is available, the premium is financed onto the loan, and a first-time buyer or a new-construction purchaser can use a 30-year amortization to lower the payment the stress test is applied against. Above it, insurance cannot be purchased at any price: 20% down is the legal minimum, roughly $313,827 on a $1,569,133 home, the amortization options narrow, and the file is underwritten conventionally, where the appraisal and the debt-service ratios both carry more weight. Richmond Hill's buyer mix makes this especially live, because so many local purchases are move-up files funded partly by equity from an existing property. Whether that equity arrives before or after closing — a sale that completes first, a bridge loan that spans the gap, or a refinance of the departing home — determines whether the 20% is actually in hand on the day the lender needs it.

York Region closing costs and the move-up sequencing problem

Richmond Hill is in York Region, which charges no municipal land transfer tax — so a purchase here pays Ontario's provincial tax only, where the same-priced home inside the City of Toronto would carry a second municipal tax on top, roughly doubling that line and payable in cash on closing. At Richmond Hill price bands, that difference is one of the larger single savings available on the closing statement, though the provincial tax alone remains substantial and the first-time-buyer rebate of up to $4,000 covers only a small share of it at these values. The sharper local problem is sequencing. A move-up buyer who must sell to fund the purchase faces a timing gap that lenders solve in specific ways: bridge financing covers the days or weeks between the purchase closing and the sale closing, but it generally requires a firm sale — a conditional one usually will not do — and it is short-term, interest-bearing money with its own setup cost. The alternative, closing the purchase without a sale, means qualifying while carrying both properties, which the debt-service ratios test at the stress-test rate on both mortgages at once. Neither is wrong; they are different risks. We map the two closing dates and the two carrying costs before the offer, so the choice is made deliberately.

An illustrative Richmond Hill file: equity that arrives one day late

This is an illustrative composite drawn from the rules above — not a specific client, and not a guaranteed outcome. A family buys up within Richmond Hill, funding the down payment from the sale of their existing home. The purchase closes on a Thursday; the sale closes on the following Monday. For those four days the down payment does not exist in cash, and the lender needs it on the purchase closing date. Bridge financing exists precisely for this, but it turns on the sale being firm — and if the sale is still conditional on the buyer's own financing, most lenders will not bridge against it. The alternatives are all worse and all avoidable: renegotiating closing dates late, borrowing expensively at short notice, or discovering that carrying both mortgages simultaneously fails the debt-service ratios at the stress-test rate. Because the detached price band here also frequently sits above the $1.5-million insurability ceiling, the amount that has to be bridged is often a full 20% rather than a tiered minimum, which makes the sequencing tighter still. The work is calendar work, done early. Every real file is assessed on its own facts.

FAQ

Private mortgages in Richmond Hill — common questions.

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What does a private mortgage work out to on Richmond Hill's August 2026 average price?

Richmond Hill average selling price, TRREB Market Watch put the Richmond Hill average at $1,205,777 for August 2026. For a private mortgage that makes the equity reachable at 75% ltv about $301,444 (above an assumed 50%-LTV first mortgage). The same board counted 161 Richmond Hill sales in August 2026, with an average LDOM of 37 days. Your own property and balance replace these numbers on the file.

How does Richmond Hill compare with Vaughan, Markham and Newmarket for a private mortgage?

On each market's own cited figure, the equity reachable at 75% ltv is $301,444 in Richmond Hill against Vaughan $308,690 (average $1,234,758); Markham $302,173 (average $1,208,692); Newmarket $262,080 (average $1,048,321). The comparison is the same arithmetic on a different price, which is why moving the search one municipality over changes the file before it changes the rate — lenders price the same product the same way across Ontario.

What's the average private mortgage file size in Richmond Hill?

On a Richmond Hill home valued at the $1,205,777 average, a typical private mortgage client can access up to $301,444 of usable equity, assuming an existing first-mortgage balance around 50% LTV.

What does a private mortgage cost on a typical Richmond Hill home?

On a Richmond Hill home valued at the $1,205,777 average with an assumed first mortgage near 50% LTV, a private mortgage can unlock about $301,444 at 75% LTV — roughly $2,203/mo at 7.49% on a full draw. The figure scales with your actual value and existing balance.

Why use a Richmond Hill mortgage broker for a private mortgage?

A local broker knows GTA / York's property types and which of our 100+ lenders price private mortgage files best in Richmond Hill — from Bayview Hill and Oak Ridges condos to detached stock — and there's no fee to you on A-lender files. The regional lenders on that panel are listed under the neighbourhood table above.

What does a private second mortgage actually cost in Richmond Hill?

On Richmond Hill's $1,205,777 value, behind the $602,889 first this page assumes, a second to the 85% combined ceiling is about $422,021. Interest-only at 12.99% that is $4,568 a month, $54,816 over 12 months. Add a lender fee of 1%–3% ($4,220–$12,661, normally taken off the advance) and roughly $2,500 of legal and appraisal costs. All in: $61,536–$69,977, an effective 14.6%–16.6% a year on the money advanced. Compare that figure, not the rate.

Should I take a private first or a private second in Richmond Hill?

Almost always the second, if your existing first is at a normal rate — a private first at 75% LTV would be $904,333 here, and it reprices your entire balance at 7.49% instead of pricing only the new money. The second costs 12.99% because it recovers last on a sale, but it applies to $422,021 rather than to everything. A private first makes sense when the existing first is itself expensive, when it is already in default, or when the first lender will not permit a charge behind it — which we determine by reading your commitment, not by assuming.

Who regulates a private mortgage in Ontario?

Mortgage Squad Advisors is a licensed Ontario mortgage brokerage — FSRA (Financial Services Regulatory Authority of Ontario) Brokerage Licence #13737. All advisors are licensed and FINTRAC-trained, and every recommendation follows FSRA's conduct and disclosure rules.

Private mortgages in Richmond Hill: helpful guides & tools

Bad-credit mortgage paths Bridge financing Refinance / A-lender exit HELOC alternative

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