Blog > 77 Anderson Ave Goes Rental: What It Means
Markham Development News · Mount Joy
What is happening at 77 Anderson Avenue in Markham?
Treasure Hill Homes is reworking its tower at 77 Anderson Avenue, just north of Mount Joy GO Station, from condominiums to purpose-built rental. The revised plan is a 42-storey building with 395 rental units. Michael John Lau, one of Markham's top real estate agents, sees it as good news for renters: more rental supply near the GO line should help keep local rents in check.
Stand on the Mount Joy GO platform today and you can see how quickly this corner of Markham is changing. Open land and low industrial buildings are giving way to towers, and new proposals keep arriving at City Hall.
The latest change comes from 77 Anderson Avenue. After years as a condo proposal, the tower is now being reworked as rental housing. Michael John Lau, REALTOR® and one of the top real estate agents in Markham, breaks down what changed and what it means for renters, investors and homeowners around Mount Joy.
How the Project Has Changed Since 2022
77 Anderson Avenue sits in the Greensborough area near Markham Road and Bur Oak Avenue, a short walk north of Mount Joy GO. The proposal has changed several times:
| Year | Proposal | Units |
|---|---|---|
| 2022 | 30-storey mixed-use condominium | 362 |
| 2023 | Resubmitted at 45 storeys after Major Transit Station Area rules came in | 508 |
| 2025 | Approved at 42 storeys | |
| 2026 | Reworked as purpose-built rental | 395 |
Sources: City of Markham planning records and UrbanToronto. The rental plan is a proposal and still subject to City review.
Why a Condo Tower Is Becoming a Rental
The switch says a lot about today's market. In the first quarter of 2026, not a single new condo project launched across the Greater Toronto and Hamilton Area, according to Urbanation data reported by CP24. Pre-construction buyers, many of them investors, have stepped back.
Purpose-built rentals, meanwhile, now benefit from better financing and tax relief on new rental construction. For a builder holding an approved site beside a GO station, renting the building often makes more sense than trying to pre-sell hundreds of condos in a slow market.
Mount Joy Already Has a Lot of Investor-Owned Condos
This tower is not landing in an empty field. The Mount Joy and Markham Road corridor already has condos built or planned, including ArtHouse at 9582 Markham Road and approved towers at 9781 and 9900 Markham Road. In August 2026, plans were also outlined for a transit-oriented community beside Mount Joy GO with about 2,090 more homes.
In Michael John Lau's experience as one of Markham's top real estate agents, many of the newer condos in this area were bought by investors and are rented out. That means renters around Mount Joy already have options, and a 395-unit rental building adds meaningfully to them.
Michael John Lau's Take: Good News for Renters
Michael John Lau welcomes the change, for three reasons.
- More supply helps rents. When more units compete for the same tenants, landlords have to price fairly. It is already happening across the region: GTHA rents hit a four-year low in early 2026, with vacancy at 5.4%.
- Rental buildings are built for renters. A purpose-built rental is managed for the long term, so tenants don't face the risk of an owner selling or moving back in.
- Homes near transit make sense. A tower beside a GO station lets people live in Markham without needing a second car.
A lot of new condos have already gone up around Mount Joy, and many are owned by investors. Adding a large rental building on top of that should help make rents in the area more affordable overall. For families and young professionals who want to live in Markham, that's a real win.Michael John Lau, REALTOR®
What It Means for Condo Investors Near Mount Joy
If you own a rental condo near Mount Joy, expect more competition for tenants once this building opens. As one of the top real estate agents in Markham, Michael John Lau suggests a few steps now:
- Price with the market. Set rent from what similar units actually lease for, not last year's asking prices.
- Keep good tenants. A reliable tenant is often worth more than a small rent increase.
- Stand out. Clean, updated units with good photos lease faster.
- Review your plan. For some owners, selling to a buyer who wants to live there makes more sense than holding. Start with this guide to running the numbers on a rental.
See how Michael helps investors on the real estate investing page.
What It Means for Renters and Homeowners
Renters: more choice and more room to negotiate. When the building opens, compare incentives, lease length and parking before you sign.
Homeowners in Greensborough, Wismer and Mount Joy: more people near the GO station usually brings more shops and services, and freehold homes close to transit tend to stay in demand. Check your home's value on the Greensborough or Wismer home values pages.
Future buyers: today's renters are tomorrow's buyers. More affordable rent can help people save a down payment faster. See the first-time buyer services page.
Frequently Asked Questions
How tall is the 77 Anderson Avenue building?
The tower was approved at 42 storeys in 2025. The revised plan keeps it at 42 storeys, with 395 purpose-built rental units instead of condominiums.
Where is 77 Anderson Avenue?
In the Greensborough area of Markham, near Markham Road and Bur Oak Avenue, a short walk north of Mount Joy GO Station on the Stouffville line.
Will the new rental tower lower rents in Markham?
No one can promise a specific number. But adding hundreds of rental units near Mount Joy increases choice for tenants, and with GTA vacancy higher and rents lower in 2026, Michael John Lau expects it to help keep local rents more affordable.
Should I sell my investment condo near Mount Joy?
It depends on your numbers and goals. Michael John Lau, one of Markham's top real estate agents, can compare holding and renting against selling to an end user, using current rents and sold data.