Condos for Rent in Observatory, Richmond Hill, ON
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Neighbourhood in Richmond Hill
Observatory
Observatory is a quiet neighbourhood in Richmond Hill. It offers a mix of residential homes and condos, making it suitable for different lifestyles.
At a glance
Listed 1 day ago
Unit 529, 9471 Yonge Street
Richmond Hill (Observatory), ON L4C 1V4
Condo ApartmentFor Rent
Listed 7 days ago
Unit 906, 9471 Yonge Street
Richmond Hill (Observatory), ON L4C 0Z5
Condo ApartmentFor Rent
Listed 15 days ago
Unit 642, 9471 Yonge Street
Richmond Hill (Observatory), ON L4C 0Z5
Condo ApartmentFor Rent
Listed 17 days ago
Unit 744, 9471 Yonge Street
Richmond Hill (Observatory), ON L4C 0Z5
Condo ApartmentFor Rent
Day to dayLivability
7.8
Schools near listings
out of 10 · averaged over 849 past and present listings
Fraser Institute ratings within 2 km of each listing, closer schools weighted more
Each score is an average over this area's own listings and is shown only where at least 5 of them carry one. Scores are reported by listing agents, not measured by HOMEH.
What it costsAffordability
Median asking price
$797,000
In Observatory
$797,000
In Richmond Hill
$1,290,000
In Ontario
$718,000
Median monthly rent
$2,675/mo
In Observatory
$2,675
In Richmond Hill
$2,550
In Ontario
$2,500
≈ 24.8 years
Of rent to match the purchase price
On the marketMarket snapshot
For sale
32
Median $797,000
Condos 16 · Houses 16
For rent
23
Median $2,675
Houses 15 · Condos 8
Recently sold
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Recently leased
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Market data as of 2026-10-13. Sold and leased figures are neighbourhood medians over the last 12 months, published only where at least 5 homes closed — never a single sale.
The honest readPros & cons
What people love
- Family-friendly environment
- High school ratings
- Diverse housing options
- Strong community feel
Keep in mind
- Higher prices than city median
- Limited public transit options
The feel of the placeLifestyle
Residents enjoy a suburban lifestyle with access to parks and good schools. The area is peaceful, making it ideal for families.
Within the boundaryWhat's nearby
The boundary
2.1 km²
Every count and every census figure on this page was measured inside this line — not within a circle drawn around a centre point.
11
Parks
15
Playgrounds
1
Grocery stores
6
Restaurants
4
Cafés
1
Gyms
3
Pharmacies
Counted across all 2.1 km² of Observatory. From OpenStreetMap, as of 2026-10-12.
The schoolsWhich schools, and how they rate
8.6/10
Average rating of the 1 rated school in this area
3
Elementary
Sixteenth Avenue Public School
Public · Grades JK–8 · York Region DSB
8.6/107.7 over 5 yrs150th of 3,045 Ontario elementary schools
465 students · EQAO 2024-2025
No. 1 Chinese School
Independent
Not rated
Richmond Hill Montessori Private School
Independent
Not rated
Ontario Ministry of Education school registry; ratings from the Fraser Institute report card. These are the schools that stand inside Observatory, not a catchment — most Ontario boards do not publish attendance boundaries, and we will not draw a line we cannot source. Confirm enrolment with the school board before you buy.
The peopleWho lives here
7,655
Population (2021)
2.0 km²
Area
3,807
People per km²
46.5
Median age
$83,502
Median income
68%
Own their home
2.5
People per household
3,150
Households
Every age
- Children (under 15)12.7%
- Working age (15–64)63.5%
- Seniors (65+)23.8%
What is built here
- Detached houses28.5%
- Semi-detached0.9%
- Townhouses19.1%
- Duplexes2.8%
- High-rise apartments48%
Own or rent
68%Owners
32%Renters
Across 3,150 households
When it was built
Mostly 1981–1990
- 1960 or earlier1%
- 1961–19809%
- 1981–199033%
- 1991–200033%
- 2001–20055%
- 2006–20101%
- 2011–20155%
- 2016–202112%
Share of occupied homes, by the era they were built in. Bars are drawn against the busiest era, not against each other, because the eras are not the same length. The eight shares are unlikely to total exactly 100: Statistics Canada rounds each era's count to the nearest 5 before publishing it, so we print what the census reports rather than adjusting a figure to make the column add up.
- 62.1%
- Born outside Canada
- 41.8%
- Hold a degree or higher
- 49.5%
- Employment rate
- 12.5%
- Commute by transit
- 79.2%
- Commute by car
- 1.6
- Children per family
- $73,061
- Median income after tax
- $102,644
- Average household income
- 17.6%
- Living on a low income
- $1,397/mo
- Renters pay, per month
- $1,784/mo
- Owners pay, per month
- $995,669
- Median home value at census
- 32%
- Renters spending 30%+ of income on housing
- 36.9%
- Owners spending 30%+ of income on housing
Statistics Canada, Census of Population 2021. Added up from 10 census areas inside the boundary. Medians and rates are a population-weighted average of dissemination-area figures.
Sources: HOMEH listings, Statistics Canada, Census of Population 2021, OpenStreetMap
What condos in Observatory actually rent for
At least 56 condos were leased in Observatory over the 12 months to September 2026. Half leased above $2,604 and half below, 4.4% higher than the 12 months before. A typical condo found its tenant in 25 days.
2 of the last 12 months had at least 5 closed condos sales in Observatory. Quieter months are left out rather than shown as a median over a handful of homes, so the totals here are a floor.
- Median rent
- $2,604
- +4.4% year over year
- Days to lease
- 25
- Unchanged
- Leases closed
- 56
- last 12 months
- Rent per square foot
- $3.56/mo
- from 54 sized leases
Three years of rents
The line is the median. The band is the middle half of every lease — how wide it runs tells you how much one condo here differs from the next.
What renters actually paid
$2,990/mo
on a $3,000 asking rent — under ask by $10
- Of the asking rent
- 99.7%
- Leased over asking
- 1.8%
From 56 leases that closed here in the last 12 months.
Rent or buy in Observatory
16.9 years
of rent, at the going rate here, adds up to what a condo here costs.
Median sold price
$527,692
13 sales
Median rent
$2,604/mo
56 leases
Gross rental yield
5.92%
before costs
Both figures come from deals that actually closed in Observatory over the last 12 months. Gross yield is annual rent divided by price; it does not account for taxes, fees, maintenance, vacancy or financing.
How fast it moves
Median days on market, month by month. Taller means slower.
Terracotta marks the last 12 months.
Every month behind these charts — Observatory, rentals
| Month | Closed | Median | Middle half | Days | % of ask |
|---|---|---|---|---|---|
| Aug 2026 | 6 | $2,900 | $2,663 – $2,988 | 11 | 99.1% |
| Jul 2026 | 6 | $2,350 | $2,263 – $2,438 | 27 | 100.0% |
| May 2026 | 6 | $2,300 | $2,243 – $2,500 | 8 | 100.0% |
| Mar 2026 | 12 | $2,400 | $2,300 – $2,813 | 19 | 100.0% |
| Feb 2026 | 6 | $2,815 | $2,495 – $3,075 | 35 | 100.0% |
| Jan 2026 | 6 | $2,825 | $2,694 – $2,975 | 54 | 97.7% |
| Nov 2025 | 5 | $2,450 | $2,350 – $2,600 | 29 | 100.0% |
| Oct 2025 | 9 | $2,850 | $2,400 – $3,000 | 22 | 100.0% |
| Sep 2025 | 5 | $2,550 | $2,550 – $2,650 | 32 | 100.0% |
| Jul 2025 | 6 | $2,413 | $2,385 – $2,444 | 29 | 99.5% |
| Jun 2025 | 5 | $2,350 | $2,000 – $2,400 | 30 | 100.0% |
| Apr 2025 | 6 | $2,525 | $2,450 – $2,600 | 31 | 100.0% |
| Mar 2025 | 9 | $2,575 | $2,550 – $2,900 | 10 | 100.0% |
| Aug 2024 | 6 | $2,600 | $2,563 – $2,600 | 21 | 100.0% |
| Jul 2024 | 5 | $2,750 | $2,700 – $3,250 | 26 | 100.0% |
| Jun 2024 | 8 | $2,850 | $2,688 – $3,075 | 25 | 100.0% |
What people ask about Observatory
How much does a condo cost in Observatory?
Condos in Observatory sold for a median of $527,692 over the 12 months to September 2026, across at least 13 closed sales — half sold for more and half for less. That is 11.3% lower than the 12 months before it.
How long does it take to sell a condo in Observatory?
A condo in Observatory took a median of 59 days on the market over the 12 months to September 2026. Condos there closed at 95.4% of the asking price on average, with 15.4% selling over asking.
How much is rent for a condo in Observatory?
The median condo lease in Observatory closed at $2,604 a month over the 12 months to September 2026, across at least 56 leases.
Is it cheaper to rent or buy a condo in Observatory?
A condo in Observatory costs about 16.9 years of the rent on one — the median price of $527,692 against a median rent of $2,604 a month, a gross yield of 5.92%. The shorter that number, the closer buying is to renting before financing costs.
Compiled by HOMEH from leases reported closed in Observatory on the Toronto Regional Real Estate Board MLS® System, through September 2026. Medians are taken over closed prices, not asking prices. Per-square-foot figures use the midpoint of the banded floor-area range MLS® carries, so they describe the group and not any one condo. Not an appraisal or an opinion of value.