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Markham

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Markham, known as “The Silicon Valley of the North”, offers an ideal setting for urban professionals and families alike. A flourishing business district and booming tech sector provide a wealth of opportunities, while a network of highways ensures a seamless commute to Downtown Toronto. But Markham isn't just about work-life balance. This vibrant city boasts a thriving character, with a growing population projected to reach nearly half a million by 2041. This growth is fueled by a robust job market, adding over 100,000 positions in the next two decades.  New condos in Markham place you at the center of it all, offering an ideal location and a promising future. Explore your new home today!

Markham Pre-Construction Condo Market Trends 2024

Markham's 2024 market presents a welcoming environment for buyers. For those interested in pre-construction condos in Markham, the average price per square foot sits at $1,035. Resale prices in Markham across all home types average $1,349,401. If you're considering renting, the average rental rate in Markham is $2,423 (one-bedroom units) with a vacancy rate of only 0.6%, indicating a competitive rental market. The good news for sellers is that the market is moving quickly, with Markham condos selling in an average of 21 days. Detached houses in Markham are selling in just 17 days. New homes in Markham are also popular, selling in an average of 21 days on the market.

Pre-Construction Condos & Homes in Markham

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Reasons to Invest in Markham

Thriving Hub for Innovation

Earning the nickname “Canada’s High-Tech Capital,” Markham pulsates with innovation. Over 1,100 high-tech and life science companies, including Fortune 500 leaders, call Markham home. From research and development to pharmaceuticals, communication, and cutting-edge industries like robotics and healthcare, Markham fosters a dynamic environment where businesses thrive. This concentration of innovation creates a wealth of opportunities for professionals and entrepreneurs.

Unparalleled Accessibility

The majority of new pre-construction condos in Markham are located near the city’s robust public transit system, making it a haven for those seeking an accessible lifestyle. York Region Transit (YRT) connects you seamlessly across all nine municipalities, while Viva, the GTA’s first rapid transit system, offers frequent and comfortable rides to neighbouring cities like Richmond Hill and Vaughan. With real-time arrival displays and convenient payment options, getting around Markham and the broader region is a breeze, allowing you to ditch the car and embrace a stress-free commute.

A City on the Rise

Markhem’s future is brimming with potential, fueled by a booming job market. The city boasts a highly educated population, with over half holding university or college degrees – significantly higher than Toronto. This translates to a skilled workforce that fuels innovation and attracts leading companies. This growth is further amplified by strong household incomes, making Markham an attractive destination for new residents of new Markham condos.

Markham Rental and Seller Market 2024

Rental Market 

The rental market mirrors the city’s economic strength, with average rents for new condos in Markham at $2,423 for a one-bedroom unit, according to the Toronto Regional Real Estate Board. Meanwhile, the low condo vacancy rate (0.6%) indicates a strong demand for ownership opportunities. 

Seller Market

In June 2024, Markham’s real estate scene presented a variety of housing choices to cater to diverse financial plans. According to the latest data from the Toronto Regional Real Estate Board (TRREB) the condos in Marham sell at an average price of $728,391. For those looking for more space, detached homes in Markham are a great option with an average price around $1,640,144 (May 12 – June 10).

Average Renting and Selling Time in Markham

-New Condos 

Renting Time for Condos: As of June 2024, rental condos in Markham typically stay on the market for 2-4 weeks. 

Selling Time for Condos: Markham condos for sale are gearing up for an energetic rhythm in 2024, as indicated by the remarkably brief average selling time of 21 days.

-New Homes 

-Renting Time for Homes: As of May 2024, the detached home in Markham is experiencing a lively momentum, with the average rental timeframe ranging between 2 and 4 weeks. 

-Selling Time for Homes: Buyers are demonstrating a keen interest in detached homes in Markham, resulting in an average selling time of around 17 days.

Neighbourhoods

Markham North

This affluent area is home to upscale neighbourhoods like Cornell and Unionville boasting some of the best pre-construction townhouses in Markham. Cornell boasts large executive homes, top schools, and vast green spaces, perfect for families. Unionville charms with its historic downtown, boutique shops, and annual festivals, offering a taste of small-town living.

1. Unionville

  • Highlights: Historic downtown with charming shops, restaurants, and the famous Unionville Main Street Festival. Surrounded by beautiful residential areas and parks.
  • Perfect For: Those seeking a small-town feel with easy access to urban amenities.

2. Cornell

  • Highlights: Upscale residential neighbourhood with some of the best townhouses for sale in Markham. Tree-lined streets, and proximity to top-rated schools and parks.
  • Perfect For: Families looking for a luxurious suburban lifestyle.

Markham Central

The heart of the city features modern and new developments in Markham like Berczy Village and Cathedraltown, catering to urban lifestyles with condos, townhomes, and amenities galore. The iconic Markham Cathedral anchors this vibrant area.

1. Berczy Village

  • Highlights: Modern mixed-use development with condos, townhomes, retail, and green spaces. Pedestrian-friendly design.
  • Perfect For: Urban dwellers seeking walkability and convenience.

2. Cathedraltown

  • Highlights: Centred around the iconic Markham Cathedral, featuring new condos for sale, townhome developments in Markham, and family-friendly amenities.
  • Perfect For: Families, and young professionals looking for urban conveniences.

Markham South

More affordable options like Armadale and the historic Markham Village make up the southern part of the city. Markham Village retains its heritage charm, while Armadale offers a diverse mix of housing choices close to major routes.

1. Armadale

  • Highlights: Residential area with a mix of housing types, parks, and proximity to major transportation routes.
  • Perfect For: Commuters seeking easy access and affordable housing options.

2. Markham Village

  • Highlights: One of Markham’s oldest neighbourhoods with a rich heritage. Historic homes, parks, and community events.
  • Perfect For: History buffs and those who appreciate a tight-knit community vibe.

Pros of Living in Markham

  • Family-Friendly Haven: New townhouses for sale in Markham offer a wealth of family-oriented amenities. Excellent schools, numerous parks and green spaces, and a safe environment make it an ideal place to raise children.
  • Strategic Location: Markham enjoys a prime location within the Greater Toronto Area (GTA). Residents of new condos in Markham will have easy access to all that Toronto offers, while still maintaining a more relaxed and community-oriented atmosphere.
  • Cultural Tapestry: Markham is a vibrant tapestry of cultures. This diversity is reflected in the city’s restaurants, shops, and festivals, offering residents a rich multicultural experience.
  • Green Oasis: Investing in pre-construction projects in Markham isn’t all about urban life. The city boasts numerous parks, trails, and green spaces like Milne Dam Conservation Park, offering residents ample opportunities to connect with nature.
  • Convenience at Your Doorstep: Markham offers a wide range of shopping options, from bustling malls to charming local shops. Grocery stores, restaurants, and entertainment venues are all conveniently located throughout the city.

Cons of Living in Markham

  • Cost of Living: New homes in Markham costs are higher than the national average, with rents surpassing $2,500 on average. This can be a hurdle for young professionals or those on a budget.
  • Suburban sprawl: Markham’s rapid growth has led to a sprawling suburban landscape. This can translate to a feeling of disconnectedness between neighbourhoods, with dependence on cars for most errands.

FAQs About New Condos and Homes in Markham

What is the average cost to buy a new home in Markham in 2024?

As of June 2024, pre-construction condos in Markham have become more attractive with an average price of $1,035 per square foot, offering a potential entry point into the market. This affordability is particularly enticing when considering the broader GTA market, where prices tend to be higher.

What are some of the main areas in Markham?

For a vibrant downtown experience, look at Markham Downtown, with its shops, restaurants, and green spaces. Families will find excellent schools and a friendly atmosphere in Thornhill. Stepping back in time, Unionville boasts a charming historic district with unique shops and a walkable setting. Milliken Mills is a hub for innovation and technology, attracting young professionals. If you seek a peaceful residential haven, Berczy Village offers a mix of housing options and a strong sense of community, perfect for raising a family.

Are there any new condos for sale in Markham?

Yes, condos are selling well in Markham. The market shows positive signs with an average price of $728,391, reflecting a slight increase from the previous month. This suggests that the value of pre-construction projects in Markham is on the rise. It’s important to note, however, that these are average figures and condo prices can vary depending on factors like size, location, and amenities.

What are some of the common on-site amenities offered by new builds in Markham?

New Markham condos cater to convenience and leisure. Expect to find gyms, pools, party rooms, rooftop terraces, and co-working spaces in some buildings. Security features like key fob access and video surveillance offer peace of mind. Note that specific offerings vary depending on the condos in Markham, so explore your options to find the amenities that best suit your lifestyle.

Is it a good time to sell condos in Markham?

Markham’s real estate market currently has an SNLR of 48%, indicating a balanced market where demand and supply are nearly in equilibrium. To secure the best possible price for your condo, it’s essential to price competitively and consider staging to appeal to potential buyers. Reach out to us today to learn more about maximizing your condo’s value in the current market.

What are the pros of buying a pre-construction home in Markham in 2024?

A pre-construction townhouse in Markham offers a compelling opportunity for homeownership. You’ll benefit from securing a competitive price point compared to the existing market. These brand-new units boast modern amenities and energy-efficient features, translating to lower maintenance costs. Plus, as Markham continues to flourish, your pre-construction purchase positions you for potential equity growth, making it a smart investment for the future.

Are new developments in Markham a good place to raise a family?

Markham is an ideal environment for raising a family. The city boasts excellent schools, consistently ranking high in provincial assessments. Markham’s safety record provides peace of mind, with a lower crime rate than the national average. Family-friendly activities abound, with parks, recreation centers, and community events offering opportunities for connection and fun.

Why are the prices of new condos in Markham so high?

High condo prices in Markham are a result of several factors. The city’s booming job market and population growth attract a lot of potential buyers, both domestic and foreign. This strong demand, coupled with a limited supply of new pre-construction condos in Markham, drives prices up. Additionally, Markham’s reputation for good schools and low vacancy rates makes it an attractive investment, further fueling the rise in condo prices.

How much is the down payment for a new home in Markham?

The minimum down payment for a pre-construction home in Markham is determined by the property’s price. For condos priced under $500,000, a 5% down payment is required. For those between $500,000 and $1 million, the calculation is 5% for the first $500,000 and 10% for the remaining amount. Condos priced over $1 million necessitate a minimum down payment of at least 20%.

What are the rental rates and vacancy rates for new homes in Markham in 2024?

With a vacancy rate hovering around just 0.6%, finding your perfect unit might require some persistence. This competitive market is reflected in the average rent of $2,423 (1 Bed), but the benefits of Markham living make the search worthwhile.

What is the average condo appreciation rate in Markham?

The average condo appreciation rate in Markham is approximately 114% over the past 10 years.

How close are the new condos in Markham to public transportation?

The proximity of new condos in Markham to public transportation varies depending on the specific development. However, Markham offers a decent public transit system with both York Region Transit (YRT) buses and Viva, a rapid transit option connecting Markham to neighbouring cities. Look for developments near YRT bus stops or Viva stations for easier commutes.

What is the average price of new condos in Markham?

As of June 2024, the average condo price is now $728,391, marking a decline in comparison to the same timeframe last year. This shift in the market may present an attractive opportunity for prospective buyers.

Are there any schools and universities in Markham?

Markham boasts a diverse array of educational institutions to cater to the needs of its residents. Notable primary and secondary schools in the area include Markham Gateway Public School, Trillium School, and Sam Chapman Public School, among others. For those pursuing higher education, York University’s Markham Campus offers a selection of undergraduate and graduate programs. Additionally, the nearby Seneca College and Centennial College provide a range of career-focused diploma and degree programs, further enriching the educational landscape in Markham.

What are the future condo and townhome developments coming to Markham in 2024?

Markham’s real estate market is buzzing with new possibilities in 2024! A wave of exciting developments, like Unionville Upper East Side Towns, are on the horizon. These new projects will not only enhance housing options but also have the potential to fuel further growth and bolster investment opportunities in the city.

What are some resources to help me find a townhouse for sale in Markham?

To remain up-to-date on the latest Markham condos for sale, consider subscribing to our newsletters, which will conveniently deliver relevant updates directly to your inbox. Furthermore, we encourage you to reach out to us for exclusive insights and information on new developments in Markham, ensuring you have access to the most current and comprehensive real estate data.

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