Mortgages in Bayview Hill

Buying in Bayview Hill

An established neighbourhood of larger detached homes on quiet streets in south Richmond Hill.

Larger detached homes on quiet streets attract families looking for space and well-regarded schools. Buyers often need larger mortgages.

What to know about a mortgage in Bayview Hill

Larger homes and lots in Bayview Hill mean bigger mortgages. Homes priced at $1.5 million or more need at least 20% down, and properties on wells, septic systems or acreage can need extra checks before a lender approves them.

What it costs to buy a $1,000,000 home in Bayview Hill

Richmond Hill rules that apply in Bayview Hill

Richmond Hill’s 2026 residential property tax rate is 0.7601%, about $760 a year for every $100,000 of assessed value. Source

York Region decided in November 2023 not to bring in a vacant home tax. Source

Ontario’s Planning Act allows up to three units on most serviced residential lots, such as a main home plus a basement apartment and a garden suite, as long as you meet the building code and local zoning details. Source

Lenders can count part of the rent from a legal unit toward your income, and some will use the expected rent when you buy. A unit that isn’t legal or registered where required may not count, and can complicate your insurance.

Sources

We checked these figures against official sources in October 2026. Rules and rates change, so confirm the details with your mortgage professional, lawyer or the source before you rely on them.

1. Minimum down payment (Financial Consumer Agency of Canada)
2. Mortgage insurance premiums (CMHC)
3. Calculating land transfer tax (Government of Ontario)
4. Land transfer tax refunds for first-time buyers (Government of Ontario)
5. Additional residential units, up to three per lot (Environmental Registry of Ontario)
6. Richmond Hill property tax rates
7. Richmond Hill: vacant home tax

Common questions