Markham Real Estate Market Report – February 2026

Market Overview: Where Markham Stands in Early 2026

Markham's real estate market is navigating a recalibration period in early 2026. After years of explosive growth, the market is showing clear signs of normalization, with prices moderating and inventory levels rising across all property types.

As of January 2026, the overall market saw 157 transactions with an average sale price of $1,065,222 and a median of $1,060,000. This represents a 9.7% year-over-year decline from January 2025, when prices averaged $1,179,221. Month-over-month, prices dropped 11.9% from December 2025's $1,208,976 average.

The market is clearly favoring buyers right now. With 750 active listings and new inventory surging 92.2% month-over-month to 502 new listings, buyers have significantly more choice than they've had in years. Properties are taking 40 days on average to sell (up from 36 days last year), and only 19.1% of homes are selling above asking price—down dramatically from 32.4% a year ago.

The sales-to-new-listings ratio (SNLR) sits at just 31%, well into buyer's market territory. When SNLR falls below 40%, it indicates buyers have the upper hand in negotiations. Sellers are responding by pricing more competitively, with the average sale price sitting at 98.1% of list price.

Transaction volume tells a similar story. The market saw 157 sales in January 2026 compared to 176 in January 2025—a 10.8% decline. Total dollar volume dropped 19.4% year-over-year to $167.2 million from $207.5 million.

This isn't a crash—it's a correction. Markham remains one of the GTA's strongest markets, backed by world-class employment, top-tier schools, excellent infrastructure, and a highly educated, affluent population. But after years of bidding wars and limited inventory, the market is finally giving buyers room to breathe and negotiate.

Is Now a Good Time to Buy or Sell in Markham?

For Buyers: This is a great buying environment Markham has seen in years. With inventory up, competition down, and prices moderating, buyers finally have negotiating power. You're no longer forced into blind bidding wars or waiving conditions. Days on market are increasing, giving you time to do proper due diligence. And with only 19.1% of homes selling above asking, you can make reasonable offers without fear of being dramatically outbid.

That said, Markham's fundamentals remain rock-solid. The Yonge North Subway Extension is in active construction, the Ontario Honda Dealers Indy is coming in August 2026, and the city continues investing $160 million in infrastructure annually. If you've been waiting for prices to drop before buying in a premium market, this might be your window.

For Sellers: It's not the frenzy of 2021-2022, but homes are still selling—just at more realistic prices and timelines. The key is pricing strategically from day one. Overpricing in this market means sitting unsold while fresh inventory enters at better price points. Homes priced right are still moving within 40 days, and quality properties in desirable neighborhoods like Unionville, Berczy Village, and Cornell continue to attract multiple offers.

If you need to sell, don't panic—but do work with someone who understands current market dynamics. Presentation matters more than ever, and pricing strategy is critical.

For Investors: This is a prime accumulation phase. Prices are down from peak, inventory is available, and Markham's long-term growth trajectory remains intact. The city is projected to reach 421,600 residents by 2031, and major infrastructure projects are underway. Rental demand remains strong (vacancy rates below 2% regionally), and Markham's highly educated workforce continues to attract corporate head offices.

Smart investors are buying now while others wait on the sidelines, positioning themselves for the next growth cycle.

Why Buy in Markham?

Markham isn't just another GTA suburb—it's Canada's most diverse city, a tech and innovation hub, and one of the country's wealthiest municipalities. Here's why buyers, families, and investors continue choosing Markham:

Economic Powerhouse: Markham is home to over 1,500 tech and life sciences companies, 650+ corporate head offices, and major employers including IBM, TD Bank, Johnson & Johnson, American Express, Motorola, Oracle, and Honeywell. The city's Professional, Scientific & Technical Services sector employs over 31,000 people, and Finance & Insurance adds another 18,000+ jobs. This isn't a bedroom community—it's an employment destination.

The Markham Innovation Exchange (MiX), a 1,920-acre development adjacent to Highway 404, will be the largest unbuilt employment opportunity in the Toronto region, focusing on semiconductor production, hardware manufacturing, and advanced technology sectors.

Education Excellence: Markham consistently ranks among Ontario's top municipalities for educational attainment. A staggering 48.7% of residents aged 25-64 hold a bachelor's degree or higher—compared to just 36.8% provincially and 32.9% nationally. The York Region District School Board, Canada's third-largest, operates top-performing schools throughout Markham, including Unionville High School, Markham District High School, Markville Secondary School, and Bur Oak Secondary School.

Four of Ontario's top 20 high schools are in Markham. Families move here specifically for the schools.

Cultural Diversity: Markham holds the distinction of being Canada's most diverse city, with over 82% of residents identifying as visible minorities (2021 Census). The city's population of approximately 375,000 (projected to reach 398,300 by the end of 2026) includes significant Chinese Canadian, South Asian, Middle Eastern, and European communities. This diversity is reflected in world-class dining, shopping destinations like Pacific Mall, cultural festivals, and a genuinely inclusive community atmosphere.

Infrastructure Investment: The City of Markham's 2026 budget allocates $160.4 million across 233 capital projects, including $27.4 million for Markham Village flood control, $12.5 million for city-wide road resurfacing, and $21.8 million for water and wastewater infrastructure. Since 2022, Markham has invested $680 million across 1,036 capital projects.

Property taxes remain competitive—the 2026 property tax increase is just 3.90%, representing only $54.99 for the average household. Markham has maintained the lowest average tax rate increase in the GTA for 21 consecutive years.

Quality of Life: From the historic charm of Main Street Unionville to the modern amenities of Downtown Markham, the city offers an exceptional lifestyle. Residents enjoy extensive trail systems (including connections to the Rouge Valley), over 140 parks, the Markham Pan Am Centre, the Flato Markham Theatre, Toogood Pond, and the Varley Art Gallery. The city balances urban sophistication with suburban green space.

Who Should Buy in Markham?

Families: Markham is family central. Top-tier schools, safe neighborhoods, abundant parks and rec facilities, and a strong community focus make it ideal for raising kids. Neighborhoods like Berczy Village, Cornell, Wismer Commons, and Unionville are specifically designed around family life, with elementary schools, playgrounds, and community centers within walking distance.

Professionals and Tech Workers: With major corporate campuses throughout the city and excellent Highway 407/404 access, Markham attracts professionals who want short commutes and high-quality amenities. The upcoming Yonge North Subway Extension will add five new stations (including Bridge Station in Markham Centre), making downtown Toronto commutes even easier.

Investors: Markham offers multiple investment angles. Strong rental demand from the corporate workforce supports steady cash flow, while long-term appreciation potential remains excellent given infrastructure projects, employment growth, and limited land supply. Basement suite opportunities in detached homes provide additional rental income.

Downsizers and Empty Nesters: Mature buyers appreciate Markham's walkability (especially in Unionville and Downtown Markham), cultural amenities, excellent healthcare access at Markham Stouffville Hospital, and low-maintenance condo/townhome options near transit and shopping.

New Canadians: Markham's cultural diversity, established ethnic communities, multilingual services, and international dining/shopping make newcomers feel at home immediately. The city actively welcomes immigrants and has robust settlement services.

Transportation & Commute: Getting Around and Getting Out

Markham's transportation infrastructure is excellent and getting better.

Highway Access: Highway 404 runs north-south through Markham, connecting to Highway 401 southbound (12-15 minutes to the 401/404 interchange). Highway 407 ETR runs east-west along Markham's southern boundary, providing fast-toll access across the entire GTA. Highway 7 (a major east-west arterial) connects Markham to Vaughan, Richmond Hill, and points east.

GO Transit: The Stouffville GO Line serves Markham with stations at Unionville, Centennial, Markham, and Mount Joy. Peak service offers frequent trains to Union Station (approximately 35-45 minutes depending on station). GO Bus routes provide additional connections to Highway 407 Station, Richmond Hill Centre, and other regional hubs.

Viva Rapid Transit: York Region's Viva bus rapid transit system operates dedicated lanes along Highway 7, connecting Markham to Vaughan, Richmond Hill, and Newmarket with frequent, reliable service.

Yonge North Subway Extension: Currently in construction, this game-changing project will extend TTC Line 1 approximately 8 kilometers from Finch Station to Richmond Hill, with stations at Steeles, Clark, Royal Orchard, Bridge (at Highway 7/407 in Markham Centre), and High Tech. Bridge Station will serve as a major intermodal hub connecting subway, GO Transit, Viva, and YRT services.

The extension will bring rapid transit within walking distance for 26,000 additional residents and cut commute times by up to 22 minutes for trips to downtown Toronto. The tunnel boring contract is awarded, preparatory excavation is underway, and the stations contract was tendered in October 2025. While exact completion timelines aren't finalized, the project represents a transformational upgrade to Markham's transit connectivity.

Future Development: The Markham Innovation Exchange (MiX) includes plans for Highway 404 ramp extensions and collector roads to serve the massive employment district. Downtown Markham continues building out as a complete, transit-oriented community.

Driving Commutes:

• To Downtown Toronto (Union Station): 30-45 minutes off-peak via 404/DVP
• To Pearson Airport: 30-40 minutes via 407 ETR
• To Vaughan Metropolitan Centre: 15-20 minutes via Highway 7
• To Richmond Hill: 10-15 minutes via Yonge Street or Highway 7

Communities & Neighborhoods: Markham's Diverse Districts

Markham is a city of distinct neighborhoods, each with its own character, amenities, and appeal.

Unionville – Historic Charm Meets Premium Living

Unionville is Markham's crown jewel—a picturesque, historic village with a small-town feel inside a big city. Main Street Unionville, with its heritage buildings, boutique shops, cafes, and restaurants, has been featured in countless films and TV shows (including Gilmore Girls). The Varley Art Gallery, Toogood Pond Park, and the Salem-Eckhardt House (former home of Group of Seven artist Frederick Varley) anchor the cultural scene.

Housing ranges from heritage homes on tree-lined streets to modern estates and luxury condos. Detached homes average $1.7M+, reflecting the area's prestige and limited supply. The Unionville GO Station provides direct rail access to downtown Toronto.

Best for: Families seeking top schools (Unionville High School is consistently top-ranked), empty nesters who value walkability and culture, and professionals who want a blend of historic charm and modern convenience.

Berczy Village – Family-Friendly Master-Planned Community

Located north of Unionville between Major Mackenzie Drive and 16th Avenue, Berczy Village exemplifies Markham's "Smart Growth" planning. The neighborhood features a well-balanced mix of detached homes, semi-detached properties, and townhouses, with extensive green space, parks, and connected trail systems.

Berczy Park serves as the community hub, with soccer fields, playgrounds, ponds, and walking paths. The area is known for garage alleyways behind townhomes and spacious catwalks connecting subdivisions. Upper Unionville, completed in 2017, extends Berczy Village northward with themed streets designed to evoke Main Street Unionville's charm.

Best for: Young families, first-time buyers seeking more affordable entry points than Unionville, and professionals who want modern homes with community amenities and easy Highway 404/407 access.

Cornell – Modern "New Urban" Living

Cornell, in northeast Markham, is Markham's poster child for New Urbanism. This master-planned community emphasizes walkability, mixed-use development, green space, and transit connectivity. The neighborhood features a vibrant town center with shops, restaurants, services, and a community vibe that encourages residents to walk rather than drive.

Housing includes newer townhouses, detached homes, and condos built primarily in the 2000s and 2010s. Extensive parks, the Cornell Community Centre, and excellent schools make it highly popular with families.

Best for: Young families, first-time buyers, and anyone seeking a complete community where you can live, work, and play without needing a car for every errand.

Wismer Commons – Suburban Family Haven

Located in East Markham north of 16th Avenue, Wismer Commons is a newer residential community known for highly rated schools, safe streets, and active community centers. The neighborhood centers around Wismer Park, featuring dual playgrounds (for toddlers and older children), soccer fields, tennis courts, splash pads, and wooded trails.

Detached homes dominate, with prices ranging from $1M to $2M. The area attracts move-up buyers and established families seeking modern homes in a peaceful, suburban setting.

Best for: Families prioritizing schools and safety, professionals seeking newer construction, and buyers wanting a traditional suburban lifestyle with parks and community events.

Cachet – Upscale Prestige Living

Cachet is a small, prestigious enclave northwest of Unionville and west of Angus Glen. The neighborhood features larger estate homes, mature landscaping, and an exclusive, quiet atmosphere. It's one of Markham's most sought-after addresses for affluent buyers.

Best for: Established professionals, executives, and affluent families seeking prestige, privacy, and luxury finishes.

Angus Glen – Golf Course Living

Angus Glen surrounds the renowned Angus Glen Golf Club at the northern edge of Unionville. The neighborhood offers upscale homes with premium finishes and direct access to championship golf facilities. The lush, green setting provides tranquility while remaining close to urban amenities.

Best for: Golf enthusiasts, empty nesters, and buyers seeking an upscale, resort-style atmosphere.

Box Grove – Peaceful Northeastern Retreat

Box Grove, in northeastern Markham, offers a quieter, more spacious suburban feel. The neighborhood features larger lots, tree-lined streets, and proximity to green space. It's popular with families seeking more land and a relaxed pace.

Best for: Families wanting space and tranquility, commuters working in North Markham or Stouffville, and buyers seeking better value per square foot.

Thornhill – Established Prestige Across Markham-Vaughan Border

Portions of Thornhill fall within Markham (the neighborhood straddles the Markham-Vaughan boundary). The Markham side offers a mix of older heritage homes and newer developments, excellent schools (including private options), and beautiful landscaping.

Best for: Families prioritizing top-tier education, established professionals, and buyers wanting a prestigious address with mature character.

Markham Village – Historic Core

Markham Village is the city's original downtown core along Main Street (north of Highway 7). Historic buildings dating back 200 years house shops, restaurants, offices, and the restored heritage town hall. The area blends history with ongoing redevelopment and is undergoing significant flood control infrastructure improvements.

Best for: History enthusiasts, buyers seeking character homes, and investors eyeing revitalization opportunities.

Downtown Markham – Urban Living, Markham Style

Downtown Markham (Markham Centre) is the city's modern urban core, centered around the intersection of Highway 7 and Warden Avenue. This transit-oriented community features high-rise condos, office towers, the York University Markham Campus, the Markham Pan Am Centre, and the Markham Civic Centre.

The area is rapidly developing with mixed-use buildings, retail, dining, and entertainment. It's designed as a complete live-work-play environment with pedestrian-friendly streets and future subway access (Bridge Station on the Yonge North Subway Extension will be a major hub here).

Starting August 2026, Downtown Markham will host the Ontario Honda Dealers Indy, a three-day NTT INDYCAR SERIES race on a temporary 12-turn, 2.19-mile street circuit. The event is expected to draw 140,000+ attendees and generate tens of millions in economic activity.

Best for: Young professionals, investors, empty nesters seeking walkable urban living, and anyone who wants condo/apartment living with direct access to transit, employment, and entertainment.

Things to Do: Culture, Recreation & Lifestyle

Markham offers a rich mix of cultural attractions, recreational facilities, dining, shopping, and events.

Main Street Unionville: This charming historic street is the heart of Markham's cultural scene. Boutique shops, art galleries, cafes, and restaurants line heritage buildings. It's a popular spot for weekend strolls, date nights, and special events. Toogood Pond Park connects directly to Main Street via walking trails.

Varley Art Gallery: Named after Group of Seven founding member Frederick Varley, this municipal gallery on Main Street Unionville showcases rotating exhibitions of Canadian contemporary art, hosts workshops and lectures, and preserves Varley's legacy. Admission is free (donations accepted).

Toogood Pond Park: A 33-hectare oasis in the heart of Unionville, Toogood Pond features scenic walking trails, a picturesque pond and marsh, abundant birdlife, and connections to the Rouge Valley trail system. It's a favorite for nature walks, photography, and peaceful reflection.

Markham Museum: This heritage museum preserves Markham's agricultural and pioneer history through restored buildings, artifacts, and educational programs. The 25-acre site includes historic homes, barns, a schoolhouse, and seasonal events.

Flato Markham Theatre: This 527-seat performing arts venue hosts concerts, theatre productions, comedy shows, dance performances, and community events throughout the year.

Markham Pan Am Centre: Built for the 2015 Pan Am and Parapan Am Games, this world-class aquatics and recreation facility features pools, fitness areas, sports courts, and hosts regional and national competitions.

Pacific Mall: North America's largest indoor Asian shopping mall offers over 500 vendors selling everything from electronics and fashion to specialty foods and imports. It's a cultural experience and shopping destination rolled into one.

Milliken Mills Children's Festival: Held annually each September, this beloved community event features entertainment, activities, cultural performances, and family fun.

Markham Fair: One of Canada's oldest agricultural fairs (established 1844), held each October, celebrates rural heritage with livestock shows, midway rides, agricultural competitions, food vendors, and entertainment.

Rouge Valley Trail System: Markham connects to this extensive trail network offering hiking, cycling, and nature exploration through protected green space.

Dining & Shopping: Markham's cultural diversity translates into exceptional international dining. Chinese, Korean, Japanese, Indian, Middle Eastern, Italian, and fusion restaurants abound. Major shopping includes CF Markville, First Markham Place, and countless plazas along Highway 7.

Ontario Honda Dealers Indy at Markham (Starting August 2026): Markham will host the NTT INDYCAR SERIES annually on a temporary downtown street circuit. The three-day festival (August 14-16, 2026, for the inaugural race) will be the largest sports and cultural celebration in York Region history.

Schools: Educational Excellence Across All Levels

Markham's reputation for educational excellence is well-deserved and consistently attracts families from across the GTA.

York Region District School Board (YRDSB): Canada's third-largest school board operates public English-language schools throughout Markham, including:

Elementary Schools (Notable Examples):

• Buttonville Public School
• Cathedraltown Elementary School
• Cornell Village Public School
• Fred H. Armstrong Public School
• Frisby Public School
• William Berczy Public School
• St. Brother André Catholic Elementary School
• Many others serving every Markham neighborhood

Secondary Schools (Top-Ranked):

• Unionville High School (consistently ranked among Ontario's top schools)
• Markham District High School (historic school with strong academics and athletics)
• Markville Secondary School
• Bur Oak Secondary School
• Middlefield Collegiate Institute
• Pierre Elliott Trudeau High School
• Thornhill Secondary School
• Thornlea Secondary School
• Bill Crothers Secondary School (specialized sports school)

York Catholic District School Board: Operates Catholic schools throughout Markham for families seeking faith-based education.

Private Schools: Markham and surrounding areas offer several private school options for families seeking alternative educational environments.

Post-Secondary: York University's Markham Campus opened in 2023, bringing university-level education directly to the city. Seneca College also operates programs in the region.

Markham students consistently outperform provincial averages on standardized testing. The city's educational attainment statistics speak for themselves: 71.4% of working-age residents have at least some post-secondary education, compared to 67.8% provincially.

Investor Opportunities: Why Markham Makes Sense for Real Estate Investment

Markham presents compelling opportunities for investors at multiple price points and strategies.

Strong Rental Demand: Markham's employment base of 184,645+ workers (2024 York Region Employment Survey) creates consistent rental demand. Young professionals, new Canadians, and corporate relocations all need housing. Regional vacancy rates remain below 2%, supporting stable cash flow for landlords.

Basement Suite Potential: Many of Markham's detached homes in neighborhoods like Berczy Village, Cornell, and Wismer Commons accommodate legal basement apartments, allowing investors to offset carrying costs while holding for appreciation.

Condo Investment: Downtown Markham condos appeal to investors seeking newer product, lower maintenance, and proximity to employment/transit. With the Yonge North Subway Extension approaching and the Ontario Honda Dealers Indy bringing international visibility, Downtown Markham's profile is rising.

Long-Term Appreciation: Markham's fundamentals support sustained long-term growth:

• Population projected to reach 421,600 by 2031 and 498,100 by 2041
• Major infrastructure investments ($160M+ annually)
• Yonge North Subway Extension adding rapid transit access
• MiX employment lands bringing thousands of high-paying jobs
• Established tech sector and corporate head offices
• Limited land supply (Markham is largely built out)

Build-to-Rent Opportunities: With the city encouraging purpose-built rental development to meet housing targets, investors with capital and development experience may find opportunities in small-scale multi-residential projects.

Price Correction = Opportunity: Current market conditions (prices down 9-13% year-over-year across most property types, rising inventory, longer selling times) create a buying opportunity for investors with longer time horizons. Smart money accumulates assets when others are fearful.

Rental Yields by Property Type (Estimated):

• Detached homes: 3.5-4.5% gross yield (including basement rental)
• Townhouses: 4.5-5.5% gross yield
• Condos: 5.0-6.0% gross yield

Remember to account for property taxes (rising 3.90% in 2026), insurance, maintenance, potential vacancy, and property management when calculating net returns.

Future Development & Growth Outlook: What's Next for Markham

Markham's future is bright, backed by major infrastructure projects and strategic planning.

Yonge North Subway Extension: This $5.6 billion project (as of 2021 estimates) will revolutionize transit access. Bridge Station in Markham Centre will become a major hub connecting subway, GO Transit, Viva, and YRT. The extension brings rapid transit within walking distance for 26,000+ additional Markham residents and supports transit-oriented development.

Markham Innovation Exchange (MiX): This 1,920-acre employment district adjacent to Highway 404 is the Toronto region's largest unbuilt greenfield employment opportunity. Focus areas include semiconductor production, hardware manufacturing, software development, and advanced technology. When fully built out, MiX will employ tens of thousands in high-paying jobs.

Downtown Markham Build-Out: Markham Centre continues evolving as a complete urban downtown. Planned development includes additional residential towers, office buildings, retail, and public amenities. The area is designed to accommodate 25,000 residents and significant employment.

Ontario Honda Dealers Indy: Starting August 2026, Markham hosts a five-year agreement to hold the NTT INDYCAR SERIES race on downtown streets. The event brings international motorsports attention, tourism dollars, and an estimated 140,000+ attendees. Infrastructure upgrades to support the race (road improvements, pit lanes) are already underway.

Infrastructure Investment: The 2026 capital budget allocates $160.4 million across 233 projects:

• $27.4M for Markham Village flood control
• $12.5M for city-wide asphalt resurfacing
• $12.3M for watermain replacement
• $34.5M for flood control and stormwater management
• $53.8M for road construction and traffic improvements

Population Growth: Markham is projected to grow from approximately 375,000 today to 398,300 by the end of 2026, 421,600 by 2031, and 498,100 by 2041. This sustained population growth drives housing demand across all property types.

Employment Growth: While Markham's employment growth has lagged projections (184,750 jobs in 2023 vs. a forecast of 221,500 for 2021), the MiX development and continued corporate attraction efforts position the city for strong job growth ahead.

Things to Consider: Pros, Cons, and Market Realities

Pros:

• Top-tier schools and educational culture
• Major employment hub with high-paying jobs
• Excellent infrastructure and transit (improving with subway extension)
• Cultural diversity and international amenities
• Safe, family-friendly communities
• Strong long-term appreciation history
• Low property tax increases (lowest in GTA over 21 years)
• Proximity to Toronto without Toronto prices (currently)
• Extensive parks, trails, and recreation facilities
• World-class cultural attractions (Varley Gallery, Flato Theatre, etc.)

Cons:

• Prices remain high compared to regions outside the GTA (though down from peak)
• Property taxes, while increasing slowly, are calculated on higher assessed values
• Traffic congestion on major corridors (Highway 7, Markham Road, etc.) during peak hours
• Some neighborhoods lack walkability; car dependency outside downtown/Unionville
• Condo fees in newer buildings can be expensive
• Competition for top school districts remains fierce even in softer markets
• Winters require snow clearing and maintenance
• Some areas lack the character of more established Toronto neighborhoods

Market Realities to Know:

• The "easy money" phase of Markham real estate is over. Appreciation from here will be driven by fundamentals, not speculation.
• Bidding wars are rare in early 2026. Price negotiations are expected.
• Pre-construction condo assignments are difficult to move; many sellers are taking losses
• Detached homes in premium areas (Unionville, Cachet) hold value better than others
• Rental income alone won't cover all ownership costs on most properties; you need appreciation for returns
• Some neighborhoods see more listing inventory than others; research specific pockets
• Property insurance costs are rising across Ontario

Price Spreads by Property Type: January 2026 Market Data

Here's how different property types performed in January 2026:

Detached Homes

• Transactions: 57
• Average Price: $1,455,682 (down 12.5% YoY from $1,663,467)
• Median Price: $1,415,000 (down 12.7% YoY from $1,620,000)
• Average Days on Market: 38
• Selling Above List: 22.8% of sales
• Price to List: 97.9%

Detached homes saw the most significant price drops, reflecting the broader market correction. However, volume remains steady (57 sales vs. 61 last January), indicating continued demand at adjusted price levels. Homes priced correctly are moving within 5-6 weeks.

Semi-Detached Homes

• Transactions: 8
• Average Price: $1,071,563 (down 12.0% YoY from $1,217,571)
• Median Price: $1,044,000 (down 14.1% YoY from $1,215,900)
• Average Days on Market: 41
• Selling Above List: 12.5% of sales
• Price to List: 98.3%

Semi-detached homes, always a smaller segment in Markham, saw similar percentage declines but much lower transaction volumes. Only 8 sales in January 2026 vs. 14 in January 2025 reflects both market softness and limited product.

Attached Row Townhouses

• Transactions: 28
• Average Price: $1,073,292 (down 9.1% YoY from $1,180,170)
• Median Price: $1,020,000 (down 12.5% YoY from $1,166,000)
• Average Days on Market: 46
• Selling Above List: 3.6% of sales
• Price to List: 95.8%

Townhouses showed the longest days on market (46 days) and the lowest percentage selling above asking (just 3.6%), indicating this segment is most affected by rising inventory and buyer caution. First-time buyers who typically drive townhouse demand are being more selective.

Condo Apartments

• Transactions: 40
• Average Price: $592,668 (down 13.8% YoY from $687,786)
• Median Price: $582,500 (down 11.7% YoY from $660,000)
• Average Days on Market: 44
• Selling Above List: 15.0% of sales
• Price to List: 97.8%

Condos saw the sharpest percentage price decline (13.8%) but maintained decent transaction volume (40 sales vs. 49 last January). Downtown Markham condos and well-managed buildings near transit continue to perform better than older buildings in car-dependent locations.

Condo Townhouses

• Transactions: 12
• Average Price: $808,137 (down 11.4% YoY from $912,135)
• Median Price: $825,000 (down 6.3% YoY from $880,000)
• Average Days on Market: 38
• Selling Above List: 25.0% of sales
• Price to List: 100.3%

Interestingly, condo townhouses showed the strongest relative performance, with 25% selling above asking and achieving 100.3% of list price on average. This segment offers a middle ground between condo apartments and freehold townhouses, appealing to both investors and end-users.

Historical Context (Detached Homes): Looking at the 3-year trend for detached homes shows the recent correction clearly:

• January 2023: Average $1,668,667 / Median $1,572,500
• January 2024: Average $1,604,120 / Median $1,445,888
• January 2025: Average $1,663,467 / Median $1,620,000
• January 2026: Average $1,455,682 / Median $1,415,000

Prices peaked in early 2022, corrected through 2023, recovered slightly in 2024-2025, and are now correcting again. The current average is roughly 12-15% below the 2022 peak but still approximately 30-40% above 2019 levels.

Key Takeaways: Buyers, Sellers & Investors

For Buyers:

1. You Have Negotiating Power: With 750 active listings, rising inventory, and only 19% of homes selling above asking, you can negotiate. Don't rush. Do your due diligence. Make reasonable offers.
2. Focus on Fundamentals: Buy in areas with strong schools, transit access, and amenities. Unionville, Berczy Village, Cornell, and Wismer Commons continue to hold value.
3. Get Pre-Approved: While competition is down, you still need financing certainty. Get pre-approved before shopping.
4. Think Long-Term: If you're buying for 5-10+ years, short-term price fluctuations matter less. Markham's long-term trajectory remains positive.
5. Consider Total Costs: Factor property taxes ($54.99 increase this year), utilities, insurance, and maintenance. Ownership costs are rising even as purchase prices moderate.

For Sellers:

1. Price Right from Day One: Overpricing in this market means sitting unsold while fresh inventory enters at better prices. Work with an agent who understands current valuations.
2. Presentation Matters: With less buyer urgency, homes need to show well. Invest in staging, photography, and repairs.
3. Be Realistic About Timing: Expect 40+ days on market. Don't panic if you don't sell in week one.
4. Understand Your Competition: There are 750 active listings. Know what else is available in your price range and neighborhood.
5. Be Flexible on Conditions: Buyers are no longer waiving inspections and financing. Accept reasonable conditions to get deals done.

For Investors:

1. Buy the Dip: Prices are down 9-13% from last year. If your investment thesis was valid at $1.6M, it's more valid at $1.4M.
2. Focus on Cash Flow: In a slower appreciation environment, rental income matters more. Run conservative numbers including vacancy, maintenance, and property management.
3. Target Transit-Oriented Locations: Properties near GO stations and future subway stops will outperform over time.
4. Consider Value-Add: Properties needing cosmetic updates may offer better deals than turnkey homes in this market.
5. Hold for the Long Term: Real estate is a marathon, not a sprint. Markham's fundamentals support long-term growth, but expect volatility in the short term.
6. Diversify by Property Type: Don't put all capital into one segment. Consider mixing detached, townhouses, and condos based on your risk tolerance and return requirements.

Local Insights & Pro Tips: Insider Knowledge for Markham Buyers and Sellers

Best Times to List: Spring (April-May) traditionally sees the most buyer activity in Markham, but in the current market, February-March can be advantageous for sellers who want to get ahead of spring inventory. Avoid listing between mid-November and early January unless you have compelling reasons—holiday distractions reduce buyer pool.

Hidden Gem Neighborhoods: While Unionville and Cachet command premium prices, neighborhoods like Box Grove and portions of Milliken Mills offer better value per square foot with similar access to schools and amenities. Upper Unionville (the Berczy Village extension) gives you "Unionville-adjacent" appeal at lower price points.

School District Strategy: Families serious about top schools should verify exact school boundaries before purchasing. Boundaries shift, and being on the "wrong" side of a street can mean a different school. Popular schools like Unionville High School draw buyers who will pay premiums to stay in-boundary.

Bidding War Hotspots (Even in 2026): While bidding wars are rare overall, well-priced, updated detached homes in Unionville, Berczy Village, and Wismer Commons under $1.5M still attract multiple offers if listed correctly. Properties with legal basement apartments or near GO stations also see more competition.

Condo Caution Zones: Not all Markham condos are created equal. Older buildings along Highway 7 with high maintenance fees and limited amenities struggle in resale markets. Focus on newer buildings (post-2010) in Downtown Markham or near transit. Review status certificates carefully—special assessments can kill deals.

Basement Apartment Regulations: Markham has specific requirements for legal basement apartments (second units). Ensure any property with a basement rental complies with city bylaws, building codes, and fire safety regulations. Illegal apartments create liability and complications for resale.

Snow Removal Matters: Markham gets real winter. Properties with long driveways, large lots, or corner locations require significant snow removal. Factor this into your budget (plowing services) or physical capability if you plan to do it yourself.

Property Tax Appeals: Markham properties were reassessed in recent years. If you believe your assessment is high relative to comparable properties, you can appeal through MPAC. This can result in lower annual tax bills.

Transit-Oriented Premium: Properties within 800 meters of GO stations or future subway stops command 10-15% premiums in normal markets. In corrections, they hold value better. If you're investing long-term, proximity to the Yonge North Subway Extension stations is critical.

The "Markham Premium" is Real: Buyers pay more for Markham addresses compared to neighboring municipalities (Vaughan, Richmond Hill, Whitchurch-Stouffville) primarily because of schools. If education isn't your priority, you may find better value slightly outside city limits.

Heritage Homes in Unionville and Markham Village: Character homes in historic areas come with charm—and potential headaches. Older plumbing, electrical, foundations, and heating systems need inspection. Renovation restrictions may apply in heritage conservation districts. Budget accordingly.

New Construction Timelines: If you're buying pre-construction in Markham, expect delays. Recent projects have seen occupancy dates pushed back 6-12 months or more. Build buffer time into your planning and avoid firm commitments based on builder timelines.

Walkability Varies Dramatically: Unionville's Main Street and Downtown Markham are genuinely walkable. Most other Markham neighborhoods are car-dependent. Don't assume suburban Markham = walkable lifestyle.

The Markham "Tech Crowd": The concentration of tech companies creates a specific demographic: highly educated, well-paid, often first-generation Canadian homebuyers with substantial down payments. This demographic supports premium pricing and explains why Markham recovered faster than other GTA markets in past corrections.

Frequently Asked Questions (FAQ)

What's the average price of a detached home in Markham? As of January 2026, the average sale price for a detached home in Markham is $1,455,682, with a median of $1,415,000. Prices vary significantly by neighborhood—Unionville and Cachet average $1.7M+, while Box Grove and eastern neighborhoods range from $1.2-1.4M.

Is Markham a good place for investors? Yes. Markham offers strong rental demand driven by its employment base of 184,000+ workers, excellent long-term appreciation potential backed by infrastructure projects (Yonge North Subway Extension, MiX employment lands), and relatively stable market fundamentals. Current market conditions (prices down 9-13% year-over-year) create buying opportunities for patient investors with longer time horizons.

What are property taxes like in Markham? Markham has maintained the lowest average property tax rate increases in the GTA for 21 consecutive years. The 2026 property tax increase is 3.90%, representing an additional $54.99 for the average household. However, actual tax bills depend on assessed property value—higher-valued homes pay more in absolute dollars.

Is Markham real estate overpriced? Markham commands premium pricing compared to many GTA suburbs, primarily driven by top-tier schools, major employment, and quality of life. Whether it's "overpriced" depends on your priorities. Families valuing education often find the premium worthwhile. Investors should analyze returns carefully—appreciation has slowed from historic rates, making cash flow more important.

What are the best neighborhoods for families in Markham? Top family neighborhoods include:

• Unionville – historic charm, top schools, walkability
• Berczy Village – parks, newer homes, family-friendly design
• Cornell – New Urbanism, community feel, modern amenities
• Wismer Commons – excellent schools, safe streets, suburban comfort
• Cachet/Angus Glen – upscale, spacious, prestigious

How is the Yonge North Subway Extension affecting Markham real estate? The subway extension is in active construction, with the tunnel boring contract awarded and station construction underway. Bridge Station in Markham Centre will become a major intermodal hub connecting subway, GO Transit, and regional buses. Properties within 800m of future stations are commanding premiums and will likely outperform as the project nears completion. Exact opening dates aren't finalized, but the extension is a transformational infrastructure project for Markham.

Are condos a good investment in Markham? Downtown Markham condos near transit and employment centers offer the best investment potential. Focus on newer buildings (post-2010) with reasonable maintenance fees and proximity to GO stations or future subway stops. Older condos along Highway 7 with high fees and limited amenities struggle in resale. Always review status certificates for special assessments and reserve fund health.

What's the job market like in Markham? Markham is a major employment center with 184,645 jobs (2024 data). Key sectors include:

• Professional, Scientific & Technical Services (31,290 jobs)
• Finance & Insurance (18,493 jobs)
• Manufacturing (particularly tech manufacturing)
• Corporate head offices (650+ companies) The Markham Innovation Exchange (MiX) will add tens of thousands of additional jobs in tech and semiconductor manufacturing when built out.

How diverse is Markham? Markham is Canada's most diverse city, with over 82% of residents identifying as visible minorities (2021 Census). The population includes significant Chinese Canadian (approximately 40% of residents), South Asian (approximately 20%), Middle Eastern, and European communities. This diversity is reflected in international dining, shopping (like Pacific Mall), cultural festivals, and a genuinely multicultural atmosphere.

What are the downsides of living in Markham? Honest cons include:

• High housing costs (even after recent correction)
• Car dependency in most neighborhoods outside Unionville/Downtown
• Traffic congestion on major corridors during rush hours
• Long winters requiring snow removal
• Competition for top schools remains fierce
• Limited nightlife/entertainment compared to downtown Toronto
• Some neighborhoods lack character of older Toronto communities

How long does it take to commute to downtown Toronto from Markham? Commute times vary by neighborhood and mode:

• GO Train (Unionville Station): 35-45 minutes to Union Station
• Driving (off-peak): 30-45 minutes via Highway 404/DVP
• Driving (rush hour): 60-90 minutes depending on traffic
• Future subway (Bridge Station): Estimated 40-50 minutes once Yonge North Subway Extension opens

Are there good schools in Markham? Absolutely. Markham is renowned for educational excellence. Four of Ontario's top 20 high schools are in Markham. The York Region District School Board (Canada's third-largest) operates top-performing schools including Unionville High School, Markham District High School, Markville SS, and Bur Oak SS. The city also has excellent Catholic schools and private school options.

What's happening with the Ontario Honda Dealers Indy in Markham? Starting August 14-16, 2026, Markham will host the NTT INDYCAR SERIES on a temporary 12-turn, 2.19-mile street circuit in Downtown Markham. The event is under a five-year agreement and is expected to draw 140,000+ attendees, generating tens of millions in economic activity. It's the largest sports and cultural event in York Region history. Infrastructure improvements to support the race are already underway.

Is now a good time to buy in Markham? For buyers, yes—this is the best buying environment in years. Inventory is up, prices are down 9-13% from last year, bidding wars are rare, and you have negotiating power. If you're buying for 5-10+ years and can afford the carrying costs, Markham's long-term fundamentals (transit projects, employment growth, population increase) support strong appreciation over time. Just don't expect the rapid gains of 2020-2021.

What's the rental market like in Markham? Rental demand is strong, driven by Markham's employment base and influx of young professionals and new Canadians. Regional vacancy rates remain below 2%. Rental yields vary by property type:

• Detached homes (with basement suite): 3.5-4.5% gross yield
• Townhouses: 4.5-5.5% gross yield
• Condos: 5.0-6.0% gross yield Remember these are gross yields—net returns after expenses are lower.

How does Markham compare to other York Region cities? Markham is York Region's largest municipality and fourth-largest in the GTA. Compared to Richmond Hill and Vaughan, Markham offers:

• More established employment base (less bedroom community)
• Greater cultural diversity
• More walkable historic areas (Unionville)
• Competitive pricing (though all three are expensive)
• Better transit connectivity (especially with future subway) Compared to Aurora or Newmarket, Markham is more urban, more diverse, and more expensive, but offers more amenities and employment.

Final Thoughts

Markham's real estate market is in a healthy correction phase after years of unsustainable growth. Prices are moderating, inventory is normalizing, and buyers are regaining negotiating power. This isn't a crash—it's a reset.

The fundamentals remain outstanding: world-class schools, major corporate employers, massive infrastructure investment, cultural diversity, and strategic location within the GTA. The Yonge North Subway Extension will transform transit access. The Ontario Honda Dealers Indy will bring international attention. Population growth continues.

For buyers, this is the best opportunity in years to purchase quality Markham real estate without competing in bidding wars. For sellers, pricing strategy and presentation are critical. For investors, this is an accumulation phase—buy when others are fearful.

Markham isn't going anywhere but up over the long term. The question is whether you'll position yourself to benefit from that growth.

Explore Markham Rentals & Compare York Region Markets

Looking to Rent in Markham Instead?

Not ready to buy? Markham's rental market offers options across all property types and price points. Whether you're relocating for work, new to Canada, or want to test-drive neighborhoods before committing to a purchase, renting gives you flexibility while you get to know the city.

Visit our Markham Rental Market Guide for comprehensive rental data including:

• Average rental rates by property type and neighborhood
• Vacancy rates and rental market trends
• Landlord-tenant regulations specific to Ontario
• Best neighborhoods for renters
• Rental vs. buying calculations
• Tips for finding quality rental properties in competitive markets

Understanding both the sales and rental markets gives you complete insight into Markham real estate, whether you're an investor analyzing rental yields or a resident weighing your housing options.

How Does Markham Compare to Other York Region Towns?

Markham is York Region's largest city, but each municipality offers distinct advantages depending on your priorities. Here's how Markham stacks up:

Richmond Hill – Markham's neighbor to the west offers similar demographics, excellent schools, and will also benefit from the Yonge North Subway Extension. Richmond Hill tends to be slightly more expensive for comparable properties but offers a more established "town center" feel in areas like Richmond Hill Centre. Explore Richmond Hill Sales Market

Vaughan – West of Markham, Vaughan is more sprawling and car-dependent but offers the Vaughan Metropolitan Centre subway station (already operational). Vaughan appeals to buyers seeking larger lots and newer construction, particularly in areas like Kleinburg and Woodbridge. Explore Vaughan Sales Market

Aurora – Further north, Aurora provides small-town charm, lower density, and more affordable pricing than Markham. The trade-off is longer commutes and fewer urban amenities. Aurora attracts families seeking space and a slower pace. Explore Aurora Sales Market

Newmarket – Similar to Aurora, Newmarket offers better value per square foot with decent GO Transit access. The downtown core has character, and the community feels more "small town" than Markham's urban centers. Explore Newmarket Sales Market

Whitchurch-Stouffville – East of Markham, this rapidly growing municipality offers newer housing stock, larger lots, and lower prices. The trade-off is being further from Toronto and relying heavily on cars for transportation. Explore Whitchurch-Stouffville Sales Market

East Gwillimbury & Georgina – The northernmost York Region municipalities offer rural character, waterfront living (Lake Simcoe in Georgina), and the most affordable pricing. Expect long commutes to Toronto and limited urban amenities. Explore East Gwillimbury Sales Market | Explore Georgina Sales Market

King Township – York Region's most rural municipality features estate properties, horse farms, and the prestigious King City area. Properties are expensive despite the rural setting, attracting wealthy buyers seeking privacy and land. Explore King Township Sales Market

Each York Region municipality has unique characteristics, pricing, and lifestyle offerings. Compare markets to find the best fit for your budget, commute requirements, and lifestyle priorities.

Compare All York Region Markets – Complete Overview

Data Sources: January 2026 market data from Toronto Regional Real Estate Board (TRREB) and local MLS statistics. Historical data spans January 2023 through January 2026. All figures represent City of Markham boundaries and include all property types unless otherwise specified.

Last Updated: February 2026