121 Milky Way Drive, Richmond Hill, ON

$2,518,000
MLS#:N13160592
8 beds
6 baths
3500-5000 sqft
4.0 parking
Residential Freehold
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Property Highlights

Welcome to this remarkable 2 1/2 Storey detached located in the coveted neighborhood of Observatory. Expertly crafted featuring premium brick and stone construction, this residence presents an exceptional opportunity offered at $2,518,000 to acquire a beautiful home in a highly sought-after setting. Designed for both comfortable daily living and elegant entertaining, the layout maximizes natural light, functional flow, and lifestyle utility.

  • 8 Bedrooms and 6 Bathrooms
  • Generous living space spanning 3500-5000 sqft on a premium 44.95 x 98.43 ft lot
  • Features a finished, full basement, adding superb versatility for recreation, a home gym, or extra storage
  • 4.0 total parking spaces available with a convenient built-in configuration
  • Notable attributes: Carpet Free, Central Vacuum, Auto Garage Door Remote
  • equipped with central air central cooling and highly efficient forced air heating via gas

Description

Experience refined luxury in this remarkable ravine-backed 5+3 bed estate located in the prestigious Observatory Hill community. Built by Aspen Ridge in 2022, this exceptional residence offers over 6,800 sq ft of finished living space, including 4,303 sq ft above grade plus a professionally finished basement, enhanced in over $300,000 of premium upgrades. Designed with sophistication and functionality in mind, the home features a rare private 4-stop elevator providing seamless access across all levels. The striking stone and brick exterior is complemented by 10 ft ceilings, smooth ceilings throughout, elegant coffered details, stained oak staircases with upgraded iron pickets, and engineered oak hardwood flooring throughout the main and upper floors. The spectacular kitchen is fully upgraded and built for entertaining, showcasing oversized appliances, extended-height cabinetry, quartz countertops and slab backsplash, Hansgrohe fixtures, Wolf gas range, Sub-Zero refrigerator, and a dramatic 17 ft waterfall island with servery. Offering 5+3 spacious bedrooms and 6 beautifully finished bathrooms, this home provides incredible flexibility for family living and guests. The luxurious primary retreat features a spa-inspired ensuite with heated floors and a freestanding soaking tub. A standout feature is the third-floor loft with wet bar and walkout to a private rooftop terrace, overlooking breathtaking ravine views. The professionally finished basement adds a large recreation area, separate den, wet bar, and radiant heated floors. Additional highlights include a high-efficiency HVAC system with smart thermostat, 200-amp electrical service, EV charging rough-in, HRV system, central vacuum, and Tarion warranty coverage. Ideally situated just minutes to Yonge Street, Hillcrest Mall, Mackenzie Health, Richmond Hill GO Station, and Highway 404, this is a rare opportunity to own a truly exceptional luxury residence in one of Richmond Hill's most prestigious communities.

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Key Features

Bedrooms
8
Bathrooms
6
Kitchens
1
Living Area
3500-5000 sqft
Property Type
Residential Freehold

Additional Details

StatusActive
Listed Date5/22/2026
Transaction TypeFor Sale

Property Details

Property Sub-TypeDetached
Architectural Style2 1/2 Storey
ConstructionBrick, Stone
BasementFinished, Full
Lot Size44.95 × 98.43 Feet
CountyYork
Annual Tax$13,148
Legal DescriptionLOT 374, PLAN 65M4547 SUBJECT TO AN EASEMENT FOR ENTRY AS IN YR3496380 CITY OF RICHMOND HILL

Parking & Garage

Parking Spaces4.0
Garage Spaces2
Garage TypeBuilt-In

Heating & Cooling

Heat SourceGas
Heat TypeForced Air
CoolingCentral Air

Features

Property Features

Fenced Yard, Park, Ravine, School, Rec./Commun.Centre

Interior Features

Carpet Free, Central Vacuum, Auto Garage Door Remote, ERV/HRV, Water Softener

Security Features

Community Features

Location

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121 Milky Way Drive, Richmond Hill, ON
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Property History

No historical data available for this property.

This could be the first listing for this address.

Pricing & Value Insights

Data-driven valuation for 121 Milky Way Drive, Richmond Hill, ON L4C 4L9

Estimated Sales Range
$1.2M - $1.4M

Based on 0 recent similar sales in the pocket.

Market Speed
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Mortgage & Affordability Audit

Calculate your monthly payment, minimum downpayment, and land transfer taxes for this home in Richmond Hill.

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Interest Rate5.25%
Down Payment$503,600 (20.0%)
* Minimum Canadian down payment required for this price is $503,600.
Amortization Period25 Years
Estimated Monthly Payment$12,004Based on a loan of $2,014,400 over 25 years.
Purchase Price$2,518,000
Loan Amount$2,014,400
Provincial Land Transfer Tax:$49,425
Total Estimated Closing Taxes:$49,425

About Purchasing a Home in Richmond Hill, ON

For a property listed at $2,518,000 in Richmond Hill, the legal minimum down payment is $503,600 under current Canadian banking regulations. This calculation applies a 5% requirement on the first $500,000, 10% on the next $499,999, and a flat 20% on any amount exceeding $1,000,000.

Additionally, buyers in Ontario must budget for the Provincial Land Transfer Tax, which is estimated at $49,425 for this transaction. As this listing is in Richmond Hill (outside the City of Toronto), no additional municipal land transfer tax is levied, resulting in total estimated land transfer taxes of $49,425.

Nearby Listings

Distance:

No current listings found in Richmond Hill.

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City & Neighborhood Guide

Comprehensive city-wide demographics, local real estate stats, and school rankings for Observatory, Richmond Hill.

Verified Local Data
City Population202,022
City Median Age42.4 Yrs
City Ownership78% Owners
Avg Area List Price$1,298,422

People & Families

Age Distribution

Household Composition

One-person households
18%
Families with children
50%
Couples without children
27%
Other households
5%

Top Ethnic Origins

Chinese30%
Iranian11%
Canadian8%
Italian7%

Local Schools Guide

Elementary Schools

Sixteenth Avenue
Public400 16th Avenue, Richmond Hill, Ontario, L4C 7A9
6.5
St Joseph
Public301 Roney Avenue, Richmond Hill, Ontario, L4C 2H4
7.0
Walter Scott
Public500 Major MacKenzie Drive East, Richmond Hill, Ontario, L4C 1J2
3.9
Bayview Hill
Public81 Strathearn Avenue, Richmond Hill, Ontario, L4B 2J5
8.0
St Charles Garnier
Public16 Castle Rock Drive, Richmond Hill, Ontario, L4C 5H5
9.3

Secondary Schools

Richmond Hill
Public189 Weldrick Road East, Richmond Hill, Ontario, L4C 0A6
8.3
Alexander MacKenzie
Public300 Major MacKenzie Drive West, Richmond Hill, Ontario, L4C 3S3
8.5
Bayview
Public10077 Bayview Avenue, Richmond Hill, Ontario, L4C 2L4
9.2
Norval-Morrisseau
Public51 Wright Street, Richmond Hill, Ontario, L4C 4A1
8.3
Langstaff
Public106 Garden Avenue, Richmond Hill, Ontario, L4C 6M1
5.2

Homes & Housing

Structural Home Types

Tenure (Ownership vs Rental)

Owner-Occupied78%
Rented22%

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Notice: Market Insights are generated by analyzing real-time data and should be used for informational purposes only. Consult with a licensed professional for exact valuations.

Disclaimer: AI Insights are generated by an automated system and should be used for informational purposes only. While we strive for accuracy using current market data and deep-learning models, these assessments do not constitute professional real estate, legal, or financial advice. All property values, predictions, and scores are estimates. We strongly recommend verifying all property details and conducting independent due diligence with a licensed professional before making any purchase decisions.