At $700,000 in York Region, freehold ownership becomes possible for the first time. This is the price point where buyers cross from condo living into entry-level freehold townhouses and semi-detached homes — a meaningful shift in both lifestyle and long-term equity. The right choice depends heavily on which community you're targeting and how you weigh commute time against space and price. Here's what $700,000 buys across York Region in 2025.
One critical note: at $700,000, you're still below the $1,000,000 threshold where CMHC mortgage insurance cuts off. With 10% down ($70,000), your insured mortgage is $630,000 and the CMHC premium is 3.1% ($19,530). With 20% down ($140,000), you avoid CMHC entirely. Understanding your down payment options shapes whether a $700,000 property is within reach.
What $700,000 Buys in Newmarket
Newmarket delivers the best freehold value in York Region at $700,000. Entry-level freehold townhouses — typically 3 bedrooms, 1,400–1,600 sq ft, attached garage — are available in established Newmarket neighbourhoods in the $680,000–$750,000 range. These are not stacked or back-to-back townhouses; they're freehold properties you own outright, with no condo fees or maintenance corporation. Communities like Stonehaven, Summerhill Estates, and Gorham/College Manor have resale inventory in this bracket.
Newmarket also offers semi-detached homes at $700,000 — 3 bedrooms, 1,500–1,800 sq ft, in mature neighbourhoods near Yonge Street and the Barrie GO line. Commuters get two-way all-day GO service on the Barrie line with stops at Newmarket and East Gwillimbury stations. If you're comparing options, our guide on starter homes vs. waiting is worth reading before you decide.
What $700,000 Buys in East Gwillimbury
East Gwillimbury (Sharon and Holland Landing) is where new freehold townhouse construction fills the $650,000–$750,000 range. These are recently built 3-bedroom townhouses, 1,500–1,800 sq ft, on smaller lots with modern finishes, attached garages, and no maintenance fees. The East Gwillimbury GO station on the Barrie line provides rail access, though peak-direction service is still more limited than Newmarket's station.
The tradeoff in East Gwillimbury is infrastructure maturity. Retail, schools, and transit are still building out. Buyers who prioritize new construction at a freehold price point — and are willing to wait for the community to develop — find EG compelling at $700,000.
What $700,000 Buys in Aurora
Aurora's $700,000 market is mostly freehold townhouses and some semi-detached homes in older neighbourhoods. On the east side of Yonge Street — near Vandorf Sideroad and Bloomington — resale freehold towns in the 1,400–1,600 sq ft range hit the $700,000 mark. Aurora's train station (Barrie GO) is in the town centre and provides solid GO rail access, making Aurora one of the strongest value spots for commuters buying at $700,000.
Aurora also has some older bungalow listings at $700,000 — typically 900–1,100 sq ft on 40-foot lots, requiring renovation. These attract buyers who want a detached footprint and are willing to invest in upgrades. Our guide on who should buy a bungalow explains when that tradeoff makes sense.
What $700,000 Buys in Markham
Markham at $700,000 is mainly condo townhouses and stacked towns — freehold rarely dips below $800,000 in south Markham neighbourhoods like Unionville, Cornell, or Cathedraltown. Condo townhouses (which include POTL — Parcel of Tied Land — structures) in Cornell and Greensborough come in at $680,000–$750,000 for 3 bedrooms, 1,300–1,600 sq ft, with a maintenance fee of $250–$400/month covering common elements.
The distinction between freehold and POTL matters. A freehold townhouse has no monthly fees — you own the structure and the land outright. A POTL townhouse looks like a freehold from the outside but shares common road or parking ownership under a condo corporation. In Markham at $700,000, most townhouses are POTLs. Ask your agent to confirm the ownership structure before submitting an offer.
What $700,000 Buys in Richmond Hill
Richmond Hill's $700,000 market is tight on freehold but active on condo townhouses. Along Yonge Street and in the Oak Ridges corridor (north Richmond Hill), 3-bedroom condo townhouses in the 1,300–1,600 sq ft range are available. Freehold in south Richmond Hill (Langstaff, Bayview Hill) starts at $900,000+.
Oak Ridges — the northern part of Richmond Hill — offers better value. Older freehold semis on 25-foot lots occasionally appear at $700,000, especially further from Yonge. The Richmond Hill GO station (Barrie line) is at the south end of the municipality. Service is currently peak-only, so buyers considering Richmond Hill for GO access should factor that in.
What $700,000 Buys in Vaughan
Vaughan at $700,000 spans condo townhouses in Maple and Woodbridge, and stacked towns near the VMC subway hub. Freehold in Kleinburg, Woodbridge, and Maple starts around $800,000 for the smallest end-unit townhouses. At $700,000 in Vaughan, you're most likely looking at a 2–3 bedroom stacked or back-to-back townhouse — typically 1,000–1,300 sq ft, with maintenance fees of $300–$500/month — in a newer development.
York Region $700,000 Value Comparison
| Community | What you get | Typical size | Freehold? | Best for |
|---|---|---|---|---|
| Newmarket | Freehold townhouse or semi | 1,400–1,800 sq ft | Yes | Families, GO commuters |
| East Gwillimbury | New freehold townhouse | 1,500–1,800 sq ft | Yes | New-build buyers, young families |
| Aurora | Freehold townhouse or bungalow | 1,400–1,600 sq ft | Yes (towns); Yes (bungalow) | Commuters, renovators |
| Markham | Condo/POTL townhouse | 1,300–1,600 sq ft | No (POTL) | Buyers prioritizing south York location |
| Richmond Hill (Oak Ridges) | Condo townhouse or older semi | 1,200–1,500 sq ft | Sometimes | Mid-region buyers |
| Vaughan | Stacked/back-to-back town | 1,000–1,300 sq ft | No | Subway access priority |
Ontario Land Transfer Tax at $700,000
Ontario Land Transfer Tax on a $700,000 purchase is $9,475. First-time buyers receive a refund up to $4,000, reducing net LTT to $5,475. There is no Toronto Municipal Land Transfer Tax in York Region. Legal fees add $1,500–$2,000. Budget $13,000–$16,000 in total closing costs at $700,000, separate from your down payment. Full details are in our guide on Ontario Land Transfer Tax.
Ready to explore? Browse York Region homes for sale on Condohill and use price filters to find current inventory in the $700,000 range.
FAQ
Is $700,000 enough to buy freehold in York Region?
Yes, in the right communities. Newmarket, East Gwillimbury, and Aurora all have freehold townhouses and some semis available at $700,000 in 2025. South York Region communities like Markham, Richmond Hill, and Vaughan rarely have freehold available under $800,000. Community choice drives what you get at this price.
What's the difference between a POTL and a freehold townhouse in York Region?
A POTL (Parcel of Tied Land) townhouse looks identical to a freehold from the outside but has shared ownership of common elements — often the road, visitor parking, or landscaping — managed by a condo corporation with monthly fees. A true freehold townhouse has no condo fees and no shared ownership. In York Region, many new-build townhouses are POTLs with fees of $150–$400/month.
Should I buy in Newmarket or East Gwillimbury at $700,000?
Newmarket has more established infrastructure — retail, schools, and more frequent GO service — but resale inventory. East Gwillimbury offers newer construction at similar prices but in a community still building out. If schools and services matter now, Newmarket is the stronger choice. If you want new finishes and can wait for infrastructure, East Gwillimbury makes sense.
Can I get a semi-detached home for $700,000 in York Region?
Yes, in select communities. Aurora and Newmarket have semi-detached resale inventory at $700,000, particularly in older neighbourhoods away from main transit corridors. These tend to be 1,500–1,800 sq ft, 3 bedrooms, and offer more separation and yard space than townhouses at a similar price.
What income do I need to buy a $700,000 home in York Region?
With 10% down ($70,000) and a 25-year amortization, you typically need a household income of $130,000–$145,000 to pass the federal stress test on a $630,000 insured mortgage. At 20% down, the required income drops modestly since you avoid CMHC insurance and the insured limit. See our income-to-purchase guide for more detail on qualifying income.
