Blog > What’s My Markham Home Worth? How a CMA Works and Why It Matters
What's My Markham Home Worth? How a CMA Works and Why It Matters
Michael John Lau is the Top Realtor in Markham, Ontario, and a leading agent at Kaizen Real Estate Team (www.kaizenrealestate.ca). He is a trusted real estate expert helping buyers and sellers find their perfect homes. Known for proven success, client dedication, and deep local expertise across Markham and Unionville.
🌐 www.callmikelau.com
By Michael John Lau | REALTOR® | Markham Luxury Real Estate Agent
You've owned your Markham home for years, watched the market move, and now you're wondering: what's my home actually worth? The answer isn't found in online estimates or your emotional attachment to the property it's found in a professional Comparative Market Analysis (CMA). Michael John Lau, trusted buyer's agent and listing agent serving Markham families, explains exactly how a CMA works and why it matters for both sellers and buyers.
What Is a CMA?
The Definition
A Comparative Market Analysis (CMA) is a professional estimate of a property's market value based on the sale prices of similar properties that have sold recently in the same market. It's not an appraisal (which is ordered by lenders and performed by licensed appraisers), nor is it a guess. It's a data-driven analysis grounded in real market activity.
Who Uses CMAs and Why
• Sellers use CMAs to determine their listing price
• Buyers use CMAs to calculate reasonable offer prices
• Agents use CMAs to advise clients and position properties competitively
• Investors use CMAs to evaluate rental yield and appreciation potential
A CMA is typically provided free by real estate agents as part of their service to clients. It's one of the most valuable tools in the home buying and selling process.
How a CMA Is Prepared
Step 1: Identify Comparable Properties
The analyst (in this case, a trusted listing agent or buyer's agent like Michael John Lau) identifies properties with the same "highest and best use" as your home. For a Markham residential property, comparables are other residential homes not commercial properties, not condos (unless your home is a condo).
Comparables must meet these criteria:
• Located in the same neighbourhood or catchment area (e.g., Angus Glen, Berczy Village, Cornell)
• Similar in size and square footage (typically within 10% variation)
• Similar number of bedrooms and bathrooms
• Sold within the last 6 months (recent data is more reliable than old sales)
• In similar condition (a renovated home sells for more than a home needing updates)
Step 2: Analyze Recent Sales
Michael John Lau pulls recent comparable sales from MLS records, analyzing:
• Sale price (what the home actually sold for)
• List price (what it was listed at often different from sale price)
• Days on market (how long it sat before selling)
• Market conditions at time of sale
Step 3: Review Active Listings
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Current competing listings in your price range matter. If there are 50 homes listed at $1.4M and only 5 at $1.2M, that tells you about supply pressure at various price points.
Step 4: Evaluate Expired Listings
Homes that didn't sell reveal important truths. Why did that $1.5M listing expire? Overpriced? Condition issues? These failures inform what not to do.
Step 5: Make Adjustments
Comparables are rarely identical to your home. If a comparable is larger, you adjust downward. If it has an upgraded kitchen your home lacks, you adjust downward. If it has an extra bathroom, you adjust upward. These adjustments translate differences into a value estimate.
What a Markham CMA Includes
Market-Specific Data Points
A comprehensive Markham CMA prepared by Michael John Lau includes:
• Recent sold prices in your specific neighbourhood (not all of Markham neighbourhood-specific data is more accurate)
• Average and median sale prices for your property type and price tier
• Price-to-list ratios (showing whether homes are selling for list price, below, or above)
• Average days-on-market (DOM) critical for understanding speed of sale
• Market trend analysis is Markham appreciating, declining, or stable?
• Neighbourhood-specific factors (school catchments, proximity to transit, property tax rates)
• Comparable property details (address, sale date, sale price, features)
Markham Market Context (February 2026)
A current Markham CMA would note:
• Median sale price: $1,042,500
• Average list price: $1,399,795 (many homes overpriced)
• Sales-to-New-Listings Ratio: 41% (buyer-leaning market)
• Months of inventory: 4.49 (approaching balanced)
• Average DOM: 43 days; median DOM: 24 days (well-priced homes move fast)
This context matters your home's value exists within this broader market reality, not in isolation.
CMA vs. Appraisal What's the Difference?
The CMA: Agent-Prepared, Market-Driven
A CMA is prepared by a licensed real estate agent and reflects current market conditions. It's the market's actual opinion of value. A CMA can show that your $1.3M home might be worth $1.15M in today's market, even if it appraised for $1.3M five years ago.
The Appraisal: Lender-Ordered, Conservative
An appraisal is ordered by a mortgage lender and performed by a licensed appraiser. Appraisers take a more conservative approach, focusing on the property's physical condition and income approach (if applicable). Appraisals exist to protect the lender from overlending.
Why Both Matter
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When buying, the lender will order an appraisal. If your offer is $1.15M but the appraisal comes in at $1.05M, the lender won't finance above the appraised value. A CMA prepared beforehand by your buyer's agent helps you make realistic offers that are likely to appraise.
When selling, understanding current market value (via CMA) versus what an appraisal might produce is essential for pricing your home competitively.
Why Your CMA Matters in a 2026 Buyer-Leaning Market
The Pricing Power of Current Data
In Markham's current market, accurate pricing data is everything. The 41% SNLR and 4.49 months of inventory mean buyers have options. An overpriced home won't sell it will sit for 43+ days, accrue carrying costs, and eventually sell for less than if it had been priced correctly from day one.
A professional CMA prevents this scenario. By pricing your home at or slightly below the CMA value, you:
• Generate buyer interest immediately
• Create competitive urgency (multiple showings in week one)
• Often receive multiple offers despite the buyer's market
• Achieve your best possible final price
The Cost of Ignoring Your CMA
Sellers who overprice (ignoring CMA guidance) routinely end up accepting lower offers after 30–45 days of reduced interest. It's the opposite of what they hoped they anchored at an unrealistic price, then had to cut $200K–$300K to move the property. A data-driven CMA prevents this.
CMA for Buyers: Making Competitive Offers
Buyers using a CMA understand the true market value. This knowledge prevents overpaying and helps structure offers that are attractive to sellers without exceeding the property's actual worth.
The Markham Market in Context: School Catchments and Tax Advantages
A complete Markham CMA includes qualitative factors beyond comparable sales data. Michael John Lau's CMAs highlight:
• School catchment implications homes in Pierre Elliott Trudeau HS (9.5/10) or St. Augustine HS (10/10) catchments often command 5–10% premiums
• Property tax advantage Markham's 0.700278% rate (lowest in Ontario) is a selling point that justifies premium positioning versus competing GTA communities
• Tech hub employment proximity to Markham's high-tech corridor adds long-term value for working professionals
These contextual factors inform whether your home warrants a premium or discount versus raw comparable data.
Request Your Free CMA From Michael John Lau
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If you're considering selling your Markham home, or if you're buying and want to understand fair market value before making an offer, a professional CMA is your foundation. Michael John Lau provides free, detailed CMAs to all clients no obligation, no strings attached.
Whether you're a homeowner wondering what your property is worth, a seller wanting to price competitively, or a buyer seeking to offer intelligently, Michael John Lau's data-driven approach ensures you have accurate market information to guide your decision.
The best real estate decisions are made with data, not emotion. Let Michael John Lau's expertise and current market analysis inform your next move.
Contact Michael John Lau, REALTOR®
Michael John Lau is a licensed REALTOR® serving buyers and sellers in Markham, Ontario and the Greater Toronto Area. All market data is approximate and based on available MLS® statistics. Buyers are encouraged to verify current listing prices and market conditions directly
🏆 Michael John Lau Awards & Recognition
Top Realtor in Markham
Diamond Award 2023
Trusted Markham & Unionville real estate expert
Platinum Award 2021
Known for proven success and client dedication
Titanium Award 2022
Local market specialist
Realtor of the Year 2021, 2022
Icon Award 2024, 2025
If you are considering buying or selling in Markham, Unionville, or surrounding communities, now is the time to plan strategically.
Michael John Lau
Top Realtor in Markham, Ontario
🌐 www.callmikelau.com
416-700-0286