121 Milky Way Drive, Richmond Hill, ON
Observatory, Richmond Hill · MLS® N13729320
About this home
Rare opportunity to own a nearly new, extensively upgraded luxury detached home in the prestigious David Dunlap Observatory neighbourhood. With a ravine at your back door, a rooftop terrace above the treeline, and an elevator that carries you between all four levels in the prestigious David Dunlap Observatory neighbourhood. Built in 2022 by Aspen Ridge, offering over 6,800 sq ft of total living space and approximately $300,000 in premium upgrades. This is one of only a handful of homes in Observatory Hill with all three signature features: a true ravine lot, a private four-stop elevator, and a third-floor loft that walks out to its own rooftop terrace over the trees. Inside, 4,303 sq ft above grade plus a fully finished basement. Ten-foot ceilings, coffered detailing, and engineered oak hardwood run through the main and upper floors. The chef inspired kitchen is built for people who actually cook and entertain, with a Wolf gas range, Sub-Zero fridge, and a 17-foot waterfall island with a servery behind it for prep and overflow. Five bedrooms upstairs, one bedroom in the basement, six bathrooms in total. Room for a large family, a live-in parent, or guests who stay a while without anyone feeling on top of each other. The primary suite looks straight out over the ravine, with heated ensuite floors and a freestanding soaking tub. The basement adds a second wet bar, a large rec room, a separate den, and radiant floor heating. Conveniently minutes to Yonge St, Hillcrest Mall, Mackenzie Health, Richmond Hill GO, Highway 404, Highway 407, and top-ranked schools including Bayview Secondary School.
Key facts
- Property type
- Detached, 2 1/2 Storey
- MLS®
- N13729320
- Bedrooms
- 8 (5 + 3)
- Bathrooms
- 6 (1 half)
- Size
- 3500-5000
- Lot
- 44.95 × 98.43 ft
- Cross streets
- Bayview Ave & 16th Ave
- Parking
- 2 garage · 5 parking (built-in)
- Basement
- Finished, Full
- Heating
- Forced Air
- A/C
- Central Air
- Exterior
- Stone, Brick
- Foundation
- Poured Concrete
- Roof
- Flat
- Sewer
- Sewer
- Property tax
- $13,148 / 2025
- Listing brokerage
- RIGHT AT HOME REALTY
Rooms
hardwood floor · coffered ceiling(s) · 2 way fireplace
hardwood floor · semi ensuite · b/i closet
hardwood floor · 4 pc bath · w/o to terrace
hardwood floor · pot lights · large window
double sink · central vacuum · w/o to yard
hardwood floor · 4 pc ensuite · walk-in closet(s)
hardwood floor · 5 pc ensuite · overlooks ravine
hardwood floor · 2 way fireplace · overlooks ravine
laminate · heated floor · above grade window
hardwood floor · semi ensuite · b/i closet
hardwood floor · sliding doors · large window
laminate · heated floor · wet bar
Listed at $2,688,888, and my independent estimate is within the range of a wider set of listings, but with few close matches nearby, so worth confirming with a precise CMA.
Total price vs nearby homes. Fair value about $2.88M, median of 5 comparables.
The market behind the math:
Price per square foot: this home lists at $633/sqft against an area asking average of $693/sqft. Size and $/sqft both feed the estimate above.
- Ravine / green setting. This home is described as backing onto a ravine or green setting, a premium that comparable-sales math under-prices, so read the estimate as a floor.
How this estimate is builtthe short version
I take the 5 most comparable recent listings nearby and adjust each one to this home for the real differences (size, beds, baths, garage, and standout features), then use the median, which is steadier than leaning on any single listing.
It’s grounded in comparable active listings. Lot, condition, and finishes are my in-person call, and the city (MPAC) assessment points to about $3.09M, a close match.
What the listing highlights5 points to weigh
Claims from the listing, worth confirming in person. I can book you a private showing.
- Finished basement: added living space, worth checking ceiling height and that the work was permitted. Value driver
- Ravine lot: privacy and premium value, but confirm the buildable area and any conservation limits. Worth verifying
- Heated floors: comfort and a premium-finish signal. Lifestyle
- Hardwood floors: quality hardwood is durable and broadly desirable. Lifestyle
- Elevator: rare and valuable for accessibility and resale. Lifestyle
Read this with carewhy it’s an estimate, not an appraisal
The listing states size as a wide range, so the size adjustment is approximate and this estimate is a rough read. I can confirm exact square footage to tighten it.
There are only a few closely comparable homes right here, so this is a broad read from wider listings in the area. Ask me for a precise CMA before relying on it.
Based on 5 comparable homes nearby.
Nothing closely matching this home is listed nearby right now, so these are the nearest detached listings on the market.
Per square foot, these ask about $705/sqft; this home lists at $633/sqft. Size is part of the price story, not just the sticker.
The 5 closest of 8 active listings nearby.
See all comparable homesNeighbourhood & location
Observatory, Richmond Hill, ON
Enter a workplace or destination and we’ll show the door-to-door time by car, transit and bike.
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) →
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
Homes over $1.5M can't be insured, so 20% down or more is required.
Conventional (20%+ down). Best insured 5-year fixed 4.09% via Ratehub.ca (as of August 31, 2026); conventional rates run a little higher.
Mortgage amount $2,151,110 · 4.24% over 25 years
Total monthly cost
- Mortgage payment (monthly equivalent)
- $11,597
- Property tax
- $1,096
- Condo / maintenance fees
- $0
- Heating
- $0
- Estimated monthly cost
- $12,693
Add your own property tax, condo fees, and heating on the left for a sharper total.
One-time closing costs
- Ontario land transfer tax
- $53,697
- Estimated closing costs
- $53,697
Plus your down payment of $537,778. 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
- $695,813
- Principal paid down
- $270,734
- Interest paid
- $425,079
- Balance remaining
- $1,880,376
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 RIGHT AT HOME REALTY. MLS®/PropTx.