Stylish and Chic 3-bedroom, 3-full-bath townhouse in a prestigious spot in Richmond Hill that offers the perfect blend of urban living andrelaxation. Step inside and feel the natural light flooding through floor-to-ceiling windows, smooth 9-ft ceilings, elegant Oak staircases, and sleek,beautiful vinyl flooring. Enjoy entertaining on your private, remarkable rooftop with stunning views. The rooftop terrace and two balconies on the2nd and 3rd floors offer ample outdoor space for relaxation and entertainment. Head to the primary bedroom with its 3pc ensuite and balconyaccess. The owner spent 50,000 to add a main floor Bedroom with a full washroom and multiple upgrades. Laundry is conveniently located onthe upper floor. Nearby, discover parks, shops, fine restaurants, and esteemed schools like Academy for Gifted Children, with easy access toToronto, Gormely Go station, and major highways; commuting is a breeze. This property offers an excellent opportunity to own at a reasonableprice and experience living at its finest in the heart of Richmond Hill!
3 bedrooms, 3 bathrooms, about 1,200 sq ft, works out to roughly $604 per square foot, the bed-to-bath ratio is generous. Chat with Zara if you'd like a deeper read on whether this condo townhouse fits your budget and timing.
Inside 7 Phelps Lane #2
Every detail from the listing, in one place.
Type
Condo Townhouse
Style
2-Storey
Living space
1200-1399 sq ftas stated on the listing
Parking
1 spaceYes garage
Basement
None
Features & systems
Parking & garage
Garage
Yes
Parking spaces
1
Interior
Basement
None
Lot & land
Lot size (sqft)
0
Listing & possession
Property style
2-Storey
Property class
Condo Townhouse
7 Phelps Lane #2 Price & Sale History
Earlier listings of this property, list-price changes, and the most recent annual property tax on the listing.
Independent mortgage broker · OAC · rates subject to change and underwritingMortgage Squad →
Referral disclosure: Summitly may refer you to Mortgage Squad Advisors, an affiliated mortgage partner. You are free to choose any lender or mortgage professional.
Monthly cost
Enter a rate to see the monthly cost
An estimate, not a quote. Utilities and insurance are extra.
Affordability calculator
Estimated monthly payment
$3,562
/mo
based on the purchase price of $725,000
$145,000 cash
$580,000 financed
$488,512 total interest
Principal54%$580,000
Interest46%$488,512
20% down · 25-yr amortization · 5.50% rate. Principal & interest only — taxes, condo fees, and insurance not included.
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Figures are Summitly estimates for illustration only — not from TRREB or the MLS® feed, and not a mortgage approval, appraisal, or financial advice.
Rental income potential
Est. monthly rent
low–high
Gross yield
rent × 12 ÷ price
Cap rate (est.)
net of tax + fees
Summitly AI estimate for discussion only — not from TRREB or the MLS® feed, and not an appraisal or investment advice. Yield and cap rate are derived from the estimated rent versus the asking price.
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Similar homes for sale nearby in Richmond Hill
Other 2–3 bed homes for sale in Richmond Hill around $725K.
Average days on market34Homes sold in about 34 days on average.
Sale-to-list ratio98.8%On average, homes sold below asking.
Active listings1,201Homes for sale here right now.
Median vs prior 90 days+2.8%Compared with Apr 25 – Jul 24, 2026: prices up.
Based on 807 sales from Jul 24 – Oct 22, 2026 (591 in the prior 90 days). Aggregate MLS® figures for closed sales; individual sold prices are shown only to signed-in members.
More in this building
1 for rent at 7 Phelps Lane — plus its sale and lease history.
7 Phelps Lane #2 is listed at $725,000 (MLS® N14107644). Summitly updates the price as soon as the MLS® record changes.
Is $725,000 a good price for 7 Phelps Lane #2?
Summitly rates it Excellent Deal: the asking price is 10% or more below Zara's estimate, an estimate built from recent sales in Richmond Hill. The rating is an automated opinion, not an appraisal; "What's it worth?" on this page shows how it is worked out. See Zara's estimate
Has the price of 7 Phelps Lane #2 changed?
No — 7 Phelps Lane #2 is still listed at its original asking price of $725,000.
How many bedrooms and bathrooms does 7 Phelps Lane #2 have?
7 Phelps Lane #2 has 3 bedrooms and 3 bathrooms, with about 1,200–1,399 square feet of living space. It is a condo townhouse in Richmond Hill.
Is 7 Phelps Lane #2 close to transit?
The nearest rapid-transit station is Gormley GO Station (Richmond Hill GO), about 4.5 km in a straight line. Distances are straight-line, not walking routes; check the transit agency for routes and schedules.
How much would the monthly mortgage be on 7 Phelps Lane #2?
About $3,562 a month — principal and interest on $725,000 with 20% down ($145,000), a 25-year amortization and an assumed 5.5% interest rate. The mortgage calculator on this page lets you change the down payment, amortization and rate.
How does 7 Phelps Lane #2 compare with other homes in Richmond Hill?
Its asking price of $725,000 is about 36% below the median sold price in Richmond Hill over the last 90 days, $1,131,000, across 807 closed sales on the TRREB MLS®. A city median mixes every type and size of home, so the comparable sales on this page are the closer guide.
Has 7 Phelps Lane #2 been sold before?
Yes — Summitly has 1 earlier MLS® listing of 7 Phelps Lane #2 on record. Their prices and dates are shown to signed-in members under TRREB rules: sign in free to see them in the Listing history above.
Where is 7 Phelps Lane #2?
7 Phelps Lane #2 is in Richmond Hill, ON. Schools, transit, parks and shops nearby are under Location & lifestyle on this page.
How long has 7 Phelps Lane #2 been on the market?
7 Phelps Lane #2 was listed today (October 22, 2026).
What is the price per square foot of 7 Phelps Lane #2?
About $518 to $604 per square foot: the asking price of $725,000 over the 1,200–1,399 sq ft the listing gives as its size range.
Does 7 Phelps Lane #2 have parking or a garage?
Yes — the listing gives 1 parking space. Garage: Yes.
