Is Now a Good Time to Sell in Markham, Ontario? Analyzing the 2025 Spring Market Trends

by Michael Lau

Is Now a Good Time to Sell in Markham, Ontario? Analyzing the 2025 Spring Market Trends

Imagine standing at a crossroads: sell your Markham home now amid shifting tides or wait for calmer waters? With spring traditionally hailed as prime selling season, the 2025 market tells a more nuanced story. Let’s unpack the data, weigh the risks, and uncover whether this moment aligns with your goals.

Current Market Dynamics: A Buyer’s Playground

Markham’s housing market is firmly in buyer’s territory as of April 2025. Key indicators reveal:

Price Declines: The average home price dropped 9.9% year-over-year (YoY) to $1.21M in March 2025, with sharper declines than the broader GTA (-2.5% YoY).
Inventory Surge: Active listings surged 31.4% YoY to 569 homes, creating a surplus that pressures sellers to compete.
Slower Sales: Only 220 homes sold in March 2025, a 28.3% YoY drop, while properties linger longer (median 21 days on market) .

Detached homes, once Markham’s crown jewels, saw the steepest declines, averaging $1.64M (-11.1% YoY), while condos showed mixed resilience with a 3% monthly price uptick.

Seasonal Trends: Spring’s Silver Lining?

Spring typically brings a surge in buyer activity, and 2025 is no exception—but with caveats:

New Listings Spike: March–April 2025 saw 832 new listings in 28 days, up 52% YoY, signaling seller urgency.
Negotiation Leverage: Buyers hold the cards, with the sales-to-new-listings ratio (SNLR) at 34% in Ontario far below the 40% threshold for a balanced market.

While spring demand may shorten selling times, sellers must price aggressively. A Markham home recently reduced its asking price by $50K to attract interest, a common tactic in today’s climate.

Economic Headwinds and Rate Cuts: A Double-Edged Sword

The Bank of Canada’s rate cuts to 2.75% in March 2025 aim to stimulate demand, but broader uncertainties linger:

Tariff Tensions: U.S. trade policy and Canada’s federal election (fall 2025) fuel buyer hesitancy
Job Market Jitters: Ontario’s weakening employment sector could dampen buyer confidence despite lower borrowing costs .

Economists remain divided:

TD Economics predicts further price declines in 2025 due to economic risks.
CREA foresees a sales rebound later in the year as pent-up demand meets lower rates .

Property-Specific Insights: What’s Selling (and Struggling)?

Detached Homes: Down 11.1% YoY, these face the toughest competition. A 4-bedroom home now averages $1.6M, down 12% YoY.
Condos: Mixed performance, 2-bedroom units fell 6% YoY to $1.1M, while 3-bedroom condos rose 19% monthly to $964K.
Townhouses: Semi-detached homes dipped 5% YoY to $1.3M, reflecting broader affordability challenges.

The Verdict: To Sell or to Wait?

Sell Now If:

You need liquidity or are downsizing.
Your property stands out (e.g., renovated, prime location).
You’re prepared for negotiations (homes sell at 98–102% of listing price on average) .

Wait If:

You can afford to hold until late 2025, when post-election clarity and further rate cuts (forecasted to drop 0.75% by 2026) may stabilize prices.
Your home type (e.g., condo) shows signs of recovery.

Strategic Tips for Sellers:

Price Realistically: Benchmark against recent sales, not 2024 peaks.
Stage for Speed: Highlight move-in readiness; 20% of buyers prioritize turnkey homes.
Leverage Spring Momentum: List in April–May before summer slowdowns.
Monitor Rates: The Bank of Canada’s April 16 announcement could sway buyer urgency .

Final Thoughts

Markham’s 2025 spring market offers *opportunity amid uncertainty*. While buyers dominate today, strategic sellers can still thrive—provided they adapt to the new normal. Whether you sell now or wait, let data, not emotion, guide your decision.