181 Milky Way Drive, Richmond Hill, ON
Observatory, Richmond Hill · MLS® N13884300
About this home
In short
- Luxury Living In Richmond Hill's Prestigious Observatory Hill Community.
- This Stunning Aspen Ridge Araya Model Offers Over 4,300 Sq Ft Above Grade Plus A Professionally Finished Basement.
- Elegant Living Spaces Feature 10 Ft Main Floor Ceilings, 9 Ft Second Floor Ceilings, 10 Ft Ceilings In Three Bedrooms, 7-Inch Hardwood Flooring, Glass Staircase...
- The Luxurious Primary Suite Offers A Custom Walk-In Closet, Fireplace And Spa-Inspired 5-Piece Ensuite.
- The Finished Basement Features Heated Floors, Home Theatre, Recreation Area, Lounge And Bar.
Luxury Living In Richmond Hill's Prestigious Observatory Hill Community! This Stunning Aspen Ridge Araya Model Offers Over 4,300 Sq Ft Above Grade Plus A Professionally Finished Basement. Featuring 4+1 Bedrooms, 6 Bathrooms And A Spacious Third-Floor Loft With Wet Bar, Full Bath And Walk-Out To A Private 280+ Sq Ft Balcony. The Gourmet Kitchen Showcases Custom Cabinetry, Quartz Waterfall Island, Brushed Gold Accents And Premium Sub-Zero, Wolf, Miele And Cove Appliances. Elegant Living Spaces Feature 10 Ft Main Floor Ceilings, 9 Ft Second Floor Ceilings, 10 Ft Ceilings In Three Bedrooms, 7-Inch Hardwood Flooring, Glass Staircase Railings, Designer Ceiling Details, 57 Pot Lights And Two Double-Sided Gas Fireplaces. The Luxurious Primary Suite Offers A Custom Walk-In Closet, Fireplace And Spa-Inspired 5-Piece Ensuite. The Finished Basement Features Heated Floors, Home Theatre, Recreation Area, Lounge And Bar. Additional Highlights Include Premium Window Coverings And Two HVAC Systems With Built-In Humidifiers. Approximately $350K In Builder Upgrades Plus Extensive Owner Improvements. Conveniently Located Near Bayview Secondary School, Parks, Shopping, Restaurants, GO Transit And Highways 404/407. An Exceptional Home Offering Luxury, Space And Comfort In A Prime Location!
Key facts
- Property type
- Detached, 3-Storey
- MLS®
- N13884300
- Bedrooms
- 4+1 (5 total)
- Bathrooms
- 6 (1 half)
- Size
- 3500-5000 sq ft
- Lot
- 44.95 × 98.43 ft
- Cross streets
- Bayview Ave & 16th Ave
- Parking
- 2 garage · 4 parking (attached)
- Driveway
- Private
- Basement
- Finished
- Heating
- Forced Air
- A/C
- Central Air
- Exterior
- Brick, Stone
- Foundation
- Concrete
- Roof
- Shingles
- Sewer
- Sewer
- Property tax
- $13,043 / 2026
- Days on market
- 9
- Listing brokerage
- RE/MAX EXCEL REALTY LTD.
Rooms
combined w/kitchen · b/i bar · w/o to garden
gas fireplace · hardwood floor · pot lights
hardwood floor · sliding doors · large window
hardwood floor · semi ensuite · large closet
b/i appliances · centre island · pantry
walk-in closet(s) · 4 pc ensuite · hardwood floor
hardwood floor · w/o to terrace
laminate · pot lights
hardwood floor · pot lights
hardwood floor · 4 pc bath · wet bar
laminate · pot lights
walk-in closet(s) · gas fireplace · 5 pc ensuite
hardwood floor · semi ensuite · large closet
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Observatory, Richmond Hill, ON
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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 4.34% via Ratehub.ca (as of October 19, 2026); conventional rates run a little higher.
Mortgage amount $1,911,110 · 4.49% over 25 years
Total monthly cost
- Mortgage payment (monthly equivalent)
- $10,567
- Property tax
- $1,087
- Condo / maintenance fees
- $0
- Heating
- $0
- Estimated monthly cost
- $11,654
Add your own property tax, condo fees, and heating on the left for a sharper total.
One-time closing costs
- Ontario land transfer tax
- $46,197
- Estimated closing costs
- $46,197
Plus your down payment of $477,778. 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
- $634,011
- Principal paid down
- $233,502
- Interest paid
- $400,509
- Balance remaining
- $1,677,608
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 EXCEL REALTY LTD.. MLS®/PropTx.