502-100 Observatory Lane, Richmond Hill, ON
Observatory, Richmond Hill · MLS® N13511590
About this home
The Observatory Condo - Spacious 2-Bedroom Suite in a Prime Richmond Hill LocationWelcome to this bright and beautifully maintained two-bedroom residence located inthe heart of Richmond Hill, just steps from Hillcrest Mall, public transit, parks,grocery stores, and a variety of restaurants. The thoughtfully designed layoutfeatures a walk-out to a private balcony, ample storage throughout, and a largeprimary bedroom complete with a walk-in closet and a four-piece ensuite bath.Situated in a highly sought-after Tridel-built community, residents enjoy animpressive selection of amenities including an indoor pool, sauna, hot tub, fullyequipped fitness center, tennis court, guest suite, library, party and meetingroom, and games room. This suite includes a fridge, stove, built-in dishwasher,washer and dryer, all existing light fixtures, and electronic window coverings, aswell as parking and a locker. Recent updates include new flooring in the livingarea, a new LG stacked washer and dryer, custom closet organizers in all threeclosets, new baseboards throughout, and new decking on the balcony. Maintenancefees are all-inclusive, excluding property taxes.Experience the perfect combination of comfort, convenience, and quality living atThe Observatory.
Key facts
- Property type
- Condo Apartment, Apartment
- MLS®
- N13511590
- Bedrooms
- 2
- Bathrooms
- 2
- Size
- 1000-1199
- Cross streets
- Yonge St & Observatory Lane
- Parking
- 1 garage (underground)
- Basement
- None
- Heating
- Forced Air
- A/C
- Central Air
- Exterior
- Brick
- Maintenance
- $1,001/mo
- Exposure
- South East
- Property tax
- $2,484 / 2025
- Days on market
- 15
- Listing brokerage
- RE/MAX WEST REALTY INC.
Rooms
laminate · pass through · w/o to balcony
laminate · walk-in closet(s) · 4 pc ensuite
laminate · double closet
laminate · overlooks dining
laminate · pass through
Listed at $649,998, this home is right in line with comparable homes. The number above is my independent estimate of value, not the asking price.
There were not many closely comparable homes right in Observatory, so I widened the search to the surrounding area.
Based on 14 similar homes nearby, adjusted for size, beds, and baths.Median of 14 comparable active listings, adjusted for size, beds, and baths. The city (MPAC) assessment points to about $603K, a close match.
How I got there
Here is the exact math behind the estimate. I start from the closest comparable listing and adjust for the real differences (size, beds, baths) to land on a like-for-like value for this home.
- Closest comparable, listed at $669K
- Adjusts to $669K
That comparable adjusts to $669K; the $636K estimate above is the median of all 14 comparables, which is steadier than any single home.This uses comparable active listings, not sold prices. Lot, condition, and finishes are my in-person call, and I can run a full CMA with recent solds.
The assigned public school is Sixteenth Avenue PS. EQAO is only one input, and families here also look at French Immersion, boundary, and private options, the full breakdown is below.
On location, this is a very walkable address with everyday errands close by. Weldrick Rd Stop # 2144 is about a 2-minute walk away. Walkable, transit-friendly spots tend to hold value and widen your resale pool.
Total price vs nearby homes. Fair value about $636K, median of 14 comparables.
What the listing highlightsThese are claims from the listing. The only way to know for sure is to see it in person, and I am happy to book you a private showing.
- Pool: lifestyle appeal, but adds maintenance, insurance, and resale is mixed.
- Primary suite: a key comfort and resale feature.
- Weigh carefully
- Lifestyle
The closest active listings by size, beds, and price, so you can see what this home is up against.
The 5 closest of 8 active listings nearby.
See all comparable homesThis home lists 16% below the area average of $700/sqft.
0 days faster than the Richmond Hill average (15 days).
View comparable listingsPrice per square foot vs the area average.
Neighbourhood & location
Observatory, Richmond Hill, ON
Enter a workplace or destination and we’ll show the door-to-door time by car, transit and bike.
Getting around
Very WalkableA walkability read built from the amenities around this home: how close the nearest transit stop is, and how many grocery, dining, park, and pharmacy destinations fall within a 15-minute walk. It is a guide, not a guarantee. Places data from Google.
Most daily errands can be done on foot.
🚉 Nearest transit: Weldrick Rd Stop # 2144, about 160 m away
Within a 15-minute (1.5 km) walk.
How asking prices compare in the closest areas to this home. Longer bars mean a pricier market.
Typical asking price of active listings of the same type, per area (outliers removed). Richmond Hill.
Get the full neighbourhood report (schools, parks, transit & safety) →
The public and Catholic schools this address is zoned for, with EQAO results (the share of students meeting Ontario's provincial standard).
School attendance boundaries and EQAO results are Ontario government data and can change. Confirm the current catchment with the school board before relying on it.
Affordability & Mortgage
Income needed assumes a ~32% GDS ratio; weekly is mortgage principal & interest only. Price ÷ income is the home price over the income needed. Fixed reference assumptions so listings compare on equal footing, not a lending decision.
Calculate and customize your mortgage and other expenses
Adjust the down payment, rate, and amortization, and add property tax, condo fees, and heating to see your true monthly cost.
Your numbers
Conventional (20%+ down). Best insured 5-year fixed 3.99% via Ratehub.ca (as of July 17, 2026); conventional rates run a little higher.
Mortgage amount $519,998 · 4.14% over 25 years
Total monthly cost
- Mortgage payment (monthly equivalent)
- $2,775
- Property tax
- $207
- Condo / maintenance fees
- $1,001
- Heating
- $0
- Estimated monthly cost
- $3,983
Add your own property tax, condo fees, and heating on the left for a sharper total.
One-time closing costs
- Ontario land transfer tax
- $9,475
- Estimated closing costs
- $9,475
Plus your down payment of $130,000. Legal fees, title insurance, and adjustments are extra and vary by deal.
Mortgage stress test
Lenders qualify you at the greater of your rate plus 2% or 5.25%. You do not pay this rate. It just shows you could still handle payments if rates rose, so aim to stay comfortable at this higher number.
Over the full 25 years
At the end of your 5-year term
- Total paid over the term
- $166,494
- Principal paid down
- $66,222
- Interest paid
- $100,272
- Balance remaining
- $453,776
Talk to Team Asgarian about your options
Rates and programs change often. We will connect you with a trusted mortgage professional and build a plan that fits your budget and goals.
Estimates only, not a mortgage quote or pre-approval. Figures use Canadian semi-annual compounding, current minimum down-payment rules, CMHC premium tiers, and Ontario (plus Toronto, when selected) land transfer tax. Actual rates, taxes, insurance, and closing costs vary by lender and property. Confirm every number with your mortgage professional.
Investor snapshot
Thinking of this home as an investment? We will pull real comparable rents and run the full numbers with you.
Talk about the numbersEstimates only. Rent is modelled on above-grade size and local norms, so a finished basement or second suite (a separate entrance often means one) can push real rent well above this. Taxes, fees, and vacancy vary by property, and cap rate is before financing. A starting point, not a final number, let us run the real ones with you.
Helpful resources
All information deemed reliable but not guaranteed. For personal, non-commercial use only. Listing courtesy of RE/MAX WEST REALTY INC.. MLS®/PropTx.