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Neighbourhood in Richmond Hill
Homes for rent in Observatory
Observatory is a quiet neighbourhood in Richmond Hill. It offers a mix of homes and community amenities, making it suitable for families and professionals.
At a glance
Listed today
Unit 74, 95 Weldrick Road
Richmond Hill (Observatory), ON L4C 0H6
Condo TownhouseFor Rent
Listed 3 days ago
195 Milky Way Drive
Richmond Hill (Observatory), ON L4C 5H3
DetachedFor Rent
Listed 7 days ago
Unit 528, 9471 Yonge Street
Richmond Hill (Observatory), ON L4C 0Z5
Condo ApartmentFor Rent
Listed 7 days ago
31 Nightstar Drive
Richmond Hill (Observatory), ON L4C 8K2
DetachedFor 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
$906,500
In Observatory
$906,500
In Richmond Hill
$1,271,500
In Ontario
$710,000
Median monthly rent
$2,675/mo
In Observatory
$2,675
In Richmond Hill
$2,500
In Ontario
$2,500
≈ 28.2 years
Of rent to match the purchase price
On the marketMarket snapshot
For sale
31
Median $906,500
Houses 17 · Condos 14
For rent
22
Median $2,675
Houses 13 · Condos 9
Recently sold
Sign in to see sold data
Recently leased
Sign in to see leased data
Market data as of 2026-10-21. 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
- Good access to schools
- Community parks for outdoor activities
- Diverse housing options
Keep in mind
- Higher median home prices than city average
- Limited public transit options
The feel of the placeLifestyle
Residents enjoy a suburban lifestyle with access to parks and schools. The area has a community feel, 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 2026-10-26.
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, HOMEH school registry
What homes in Observatory actually rent for
131 homes were leased in Observatory over the 12 months to September 2026. Half leased above $2,738 and half below, 3.2% higher than the 12 months before. A typical home found its tenant in 23 days.
- Median rent
- $2,738
- +3.2% year over year
- Days to lease
- 23
- 1 day quicker
- Leases closed
- 131
- last 12 months
- Rent per square foot
- $2.74/mo
- from 124 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 home here differs from the next.
What renters actually paid
$2,984/mo
on a $3,000 asking rent — under ask by $16
- Of the asking rent
- 99.5%
- Leased over asking
- 5.3%
From 131 leases that closed here in the last 12 months.
Rent or buy in Observatory
30 years
of rent, at the going rate here, adds up to what a home here costs.
Median sold price
$984,343
96 sales
Median rent
$2,738/mo
131 leases
Gross rental yield
3.34%
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.
What actually rents in Observatory
A single median hides this: the mix of homes behind it, and what each kind costs.
- Condo apartment$2,60442.7%
- Other kinds, too few of each —57.3%
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 |
|---|---|---|---|---|---|
| Sep 2026 | 7 | $2,880 | $2,225 – $3,325 | 18 | 100.0% |
| Aug 2026 | 12 | $2,975 | $2,788 – $3,425 | 12 | 98.8% |
| Jul 2026 | 14 | $2,425 | $2,263 – $3,063 | 29 | 98.5% |
| Jun 2026 | 7 | $3,150 | $2,350 – $4,050 | 27 | 97.8% |
| May 2026 | 15 | $2,350 | $2,038 – $3,375 | 16 | 100.0% |
| Apr 2026 | 9 | $2,800 | $2,100 – $3,000 | 19 | 100.0% |
| Mar 2026 | 18 | $2,475 | $2,300 – $3,038 | 27 | 100.0% |
| Feb 2026 | 9 | $2,850 | $2,750 – $3,150 | 32 | 100.0% |
| Jan 2026 | 11 | $2,750 | $1,765 – $2,975 | 27 | 100.0% |
| Dec 2025 | 6 | $3,290 | $2,583 – $4,275 | 17 | 100.0% |
| Nov 2025 | 7 | $2,600 | $2,400 – $2,775 | 29 | 98.6% |
| Oct 2025 | 16 | $3,000 | $2,756 – $3,225 | 24 | 99.2% |
| Sep 2025 | 9 | $2,650 | $2,550 – $3,000 | 24 | 100.0% |
| Aug 2025 | 6 | $3,650 | $2,875 – $4,350 | 17 | 100.0% |
| Jul 2025 | 9 | $2,400 | $2,300 – $2,450 | 31 | 100.0% |
| Jun 2025 | 10 | $2,700 | $2,200 – $4,450 | 32 | 98.6% |
| May 2025 | 11 | $2,500 | $2,250 – $2,800 | 40 | 100.0% |
| Apr 2025 | 10 | $2,700 | $2,488 – $3,975 | 30 | 100.0% |
| Mar 2025 | 15 | $2,700 | $2,475 – $3,000 | 12 | 98.4% |
| Feb 2025 | 5 | $2,550 | $2,550 – $3,100 | 11 | 97.9% |
| Jan 2025 | 3 | Not enough leases this month to report a median | |||
| Dec 2024 | 3 | Not enough leases this month to report a median | |||
| Nov 2024 | 10 | $2,250 | $1,746 – $3,013 | 16 | 100.0% |
| Oct 2024 | 5 | $2,700 | $2,600 – $3,000 | 19 | 100.0% |
| Sep 2024 | 7 | $3,000 | $2,650 – $3,500 | 8 | 100.0% |
| Aug 2024 | 10 | $2,600 | $2,563 – $3,163 | 25 | 100.0% |
| Jul 2024 | 12 | $3,125 | $2,700 – $3,338 | 30 | 100.0% |
| Jun 2024 | 14 | $2,875 | $2,663 – $3,275 | 26 | 100.0% |
| May 2024 | 7 | $2,700 | $2,658 – $3,200 | 28 | 100.0% |
| Apr 2024 | 9 | $2,800 | $2,600 – $3,980 | 31 | 100.0% |
| Mar 2024 | 3 | Not enough leases this month to report a median | |||
| Feb 2024 | 9 | $3,000 | $2,600 – $4,000 | 18 | 100.0% |
| Jan 2024 | 8 | $2,975 | $2,650 – $3,813 | 14 | 100.0% |
| Dec 2023 | 7 | $3,100 | $2,850 – $3,250 | 22 | 100.0% |
| Nov 2023 | 11 | $3,200 | $2,775 – $3,450 | 16 | 100.0% |
| Oct 2023 | 12 | $2,725 | $2,363 – $3,188 | 13 | 100.0% |
3 of these months closed fewer than 5 leases. A middle value taken over that few is not a market figure — with one lease it is simply that lease — so the count is shown and the median is not. The leases themselves still count toward the 12-month figures above.
What people ask about Observatory
How much does a home cost in Observatory?
Homes in Observatory sold for a median of $984,343 over the 12 months to September 2026, across 96 closed sales — half sold for more and half for less. That is 3.9% higher than the 12 months before it.
How long does it take to sell a home in Observatory?
A home in Observatory took a median of 30 days on the market over the 12 months to September 2026. Homes there closed at 97.2% of the asking price on average, with 29.2% selling over asking.
How much is rent in Observatory?
The median lease in Observatory closed at $2,738 a month over the 12 months to September 2026, across 131 leases.
Is it cheaper to rent or buy in Observatory?
A home in Observatory costs about 30.0 years of the rent on one — the median price of $984,343 against a median rent of $2,738 a month, a gross yield of 3.34%. The shorter that number, the closer buying is to renting before financing costs.
What kind of homes sell in Observatory?
Over the 12 months to September 2026 the mix in Observatory was condo apartment (13.5% of sales, median $527,692) and detached (11.5% of sales, median $2,513,455).
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 home. Not an appraisal or an opinion of value.
A condo here is 4.8× cheaper than detached houses
Half the condo apartments that changed hands in Observatory over the 12 months to September 2026 sold above $527,692. The neighbourhood's median across every kind of home was $984,343 — one number, two markets.
Median closed prices over the 12 months to September 2026, from 96 sales in Observatory. Medians describe the group, never one home.
- Median condo sold price
- $528K
- 13 closed sales
- Median condo rent
- $2,604/mo
- 56 leases
- Days to sell
- 59
- median, condo apartments
- Share of all sales
- 14%
- of everything that closed here