Richmond Hill/Markham

One of the most remarkable things about the Golden Horseshoe is the economic diversity that has led to the region's title. While many of the cities and towns within the area boast strength in a handful of sectors, there are a few cities which can point to an economic foundation that literally goes across the board. In this series of articles, we will be taking a look at two such towns, Richmond Hill and Markham. Before we start the series, here is some background information on these communities.

Markham is the larger of the two municipalities, with a population of over 270,000. Despite that size, however, if you own a Markham home you will still be said to live in a town; the province has not yet granted the community the title of "city"

Markham's biggest economic advantage is the strength of its technology sector. Big name technology companies including Motorola, Toshiba, Apple, and ATD all have a commercial mortgage in the town on property from which they run offices. The presence of these companies and the further efforts of Markham to bring similar ventures to the town have earned it the nickname Canada's Hi-Tech Capital.

The high tech boom of the late 1990s, which continues today, has been particularly good to Markham. The companies mentioned above moved their offices to the town at the beginning of the boom, when land and prices in Markham were still relatively cheap. What followed was a period of massive population growth; where farms stood just a decade ago one can now find malls with boutiques selling blackberry leather cases and the latest in fashion design. Naturally, an increase in the prices of real estate has followed this population expansion!

The story of Richmond Hill, which shares a border with Markham, mirrors that of the latter in many ways. Although slightly smaller, with a population of just over 180,000, Richmond Hill experienced a population boom at the same time as its neighbour. Workers who found they could no longer afford the high prices of Bay St. condos made their way to Richmond Hill, where real estate was considerably cheaper.

Of course, that was back in the early days of the city's growth spurt. Today, Richmond Hill is among the wealthiest municipalities in the country. There are mansions of a style and price to rival those found in Rosedale; citizens have to have plenty of money salted away in gold mutual funds and other ventures in order to qualify for those mortgages!

Although it does share the high tech angle, Richmond Hill's economy can truthfully be said to have a little more diversity than Markham's. In fact, in every sector, Richmond Hill tends to put up even employment numbers. This includes small business; more than half of all the employers in the town have four or less employees.

Want to find out more about Richmond Hill and Markham? We have plenty of information on these diverse communities in the following articles of this series!