Markham Real Estate Market Prices, Trends and Forecast 2024

Markham, Ontario, is a vibrant and diverse city in Greater Toronto. Markham has become one of the most sought-after locations for homebuyers, known for its high-tech industry, excellent schools, and rich cultural heritage. Situated 30 km northeast of Downtown Toronto, Markham is among the largest suburban cities in Canada and is the largest community in York. Boasting an industry as diverse as its population, the city hosts more than 1,500 high-tech firms, 650 corporate offices, and more than 240 foreign companies.

As Markham continues to evolve and welcomes further growth, the real estate market seeks to expand as well, particularly in the luxury segment. This creates unique opportunities and a few challenges for buyers and sellers. Below, we explore current market prices, emerging trends, and what's ahead for the Markham real estate market for the remainder of 2024.

For the Q1-2024 reporting period, the Markham real estate market remains competitive, with prices reflecting its desirable location and amenities. Here is a breakdown of the current average prices for different types of properties:

During Q1-2024, the average sale price was $1.240 million, while the median sale price closed the quarter at $1.229 million.

The average sale price of detached homes in Markham was $1.869 million, and the median was $1.819 million. These properties are highly coveted, as they tend to offer larger lots and a suburban feel while still being close to urban conveniences.

The average sale price of semi-detached homes in Markham was $1.376 million, and the median was $1.377 million. These properties are popular among young families and first-time buyers seeking a balance between space and cost.

The average sale price of row houses in Markham was $1.283 million, and the median was also $1.283 million. These homes are attractive to those looking for low-maintenance living without sacrificing too much space.

The average sale price of Townhouse Condos in Markham was $942,000 million, and the median was $957,000 million. The average sale price of Condo Apartments in Markham was $731,000, and the median was $710,000. Condos are especially appealing to young professionals and retirees, offering modern amenities and proximity to public transit and entertainment options.

Several key trends are influencing the Markham real estate market in 2024:

A growing demand for luxury homes in Markham is driven by affluent buyers seeking spacious properties with high-end finishes and amenities. Neighborhoods like Angus Glen and Victoria Square are particularly popular for luxury homebuyers.

Markham's status as a high-tech hub continues to attract professionals from around the world. Companies like IBM, AMD, and Huawei have significant operations in the city, contributing to a steady influx of well-paid employees looking for housing close to work.

Transit infrastructure expansion, including the upcoming Yonge North Subway Extension, makes Markham even more attractive to commuters. Properties near transit hubs are seeing higher demand and price appreciation.

There is a discernible shift towards sustainable and energy-efficient homes. Many buyers want properties with green features such as solar panels, energy-efficient appliances, and smart home technology.

Markham remains a top destination for immigrants, contributing to its population growth and diverse community. This demographic trend supports sustained demand for housing across various price points.

Looking ahead, the real estate market in Markham should remain reasonably competitive, with several factors influencing its trajectory:

While buyers and sellers should expect the rapid price increases seen in previous years to moderate, Markham's real estate market will likely continue to experience stable price growth. The combination of consistently high demand and limited supply will keep upward pressure on prices.

The Bank of Canada's monetary policy and interest rate changes will be crucial in the housing market. Like home prices, rates should remain relatively stable; any significant changes could affect borrowing costs and buyer affordability.

Several new residential developments are planned or underway in Markham. These projects will add much-needed housing supply, particularly in the condo and townhouse segments, helping to meet the diverse needs of buyers.

Markham's economic health, driven by its tech sector and overall business environment, will continue to support the real estate market. Job growth and financial stability will attract more buyers to the area.

Any new government policies related to housing, such as incentives for first-time buyers or measures to increase housing supply, could impact the market. Buyers, investors, and sellers need to stay informed about potential policy changes.

The Markham real estate market in 2024 presents a blend of opportunities and challenges for buyers, sellers, and investors. With stable price growth, strong demand driven by a thriving high-tech sector, and ongoing transit developments, Markham remains a prime location for real estate investment. Whether you are looking for a luxury home, a family-friendly neighborhood, or a convenient condo, Markham offers a vast array of diverse options that suit various preferences and budgets.

As always, stay informed about market trends and work with experienced real estate professionals to ensure you make the most of the opportunities in this dynamic market. Whether you're seeking more insight into the Markham real estate market or looking to position a home for sale, contact The Digalakis Real Estate Team today. Allow our team's extensive knowledge and expertise in Markham-area luxury homes to ensure yours is a successful and highly lucrative real estate journey.

_{*Header image courtesy of The Digalakis Real Estate Team}