Blog > Downsizing in Markham: The Detached-to-Condo Math in a Falling Condo Market
Downsizing in Markham: The Detached-to-Condo Math in a Falling Condo Market
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Using September 2026 MLS HPI benchmarks, a typical Markham detached home ($1,441,700) and a typical Markham condo apartment ($517,200) are about $924,500 apart. After illustrative selling costs, Ontario land transfer tax and legal fees, a downsizer could free up roughly $838,000 before paying off any mortgage. Condo prices have fallen faster than detached prices this year (9.70% versus 5.61%), so the condo now costs a smaller share of the house than it did a year ago, even though the dollar gap is slightly narrower.
The kids have moved out. The stairs feel steeper. The garden that once felt like a joy now feels like a job. For many Markham homeowners, downsizing is the next chapter, and the first question is always the same: what will it actually leave us with?
Here is the real math using September 2026 Markham data, with every assumption shown so you can adjust it for your own home.
Michael John Lau is one of Markham's top real estate agents, with 430+ homes sold, a 5.0 rating across 81 Google reviews, and eXp ICON Agent awards in 2024 and 2025. He has guided many Markham downsizers, including the retiring sellers at 278 Williamson Road, and he always starts with the numbers before the listing.
| Illustrative downsizing math | Amount |
|---|---|
| Sell: typical Markham detached (benchmark) | $1,441,700 |
| Less selling costs (illustrative 5%, incl. commission and HST) | -$72,085 |
| Less legal, moving and prep (illustrative) | -$5,000 |
| Net from sale | $1,364,615 |
| Buy: typical Markham condo apartment (benchmark) | $517,200 |
| Plus Ontario land transfer tax | $6,819 |
| Plus legal and closing (illustrative) | $2,500 |
| Total cost to buy | $526,519 |
| Equity freed (before any mortgage payout) | about $838,096 |
Key takeaways
- Markham detached benchmark: $1,441,700 (-5.61%). Condo apartment benchmark: $517,200 (-9.70%).
- Benchmark gap today: about $924,500, down from about $954,600 a year ago.
- A typical condo now costs about 35.9% of a typical detached home, versus about 37.5% a year ago.
- Ontario land transfer tax on a $517,200 condo is about $6,819. Markham has no municipal land transfer tax.
- Illustrative equity freed: about $838,000 before any mortgage payout.
What's happening to Markham condo and detached prices?
Both are lower than a year ago, but condos have fallen further. In September 2026, the Markham detached benchmark was $1,441,700, down 5.61%, while the condo apartment benchmark was $517,200, down 9.70%.
That has two effects for downsizers:
- The dollar gap is a bit smaller. A year ago, the benchmarks were about $1,527,400 and $572,800, a gap of about $954,600. Today the gap is about $924,500.
- The condo is relatively cheaper. A typical condo now costs about 35.9% of a typical detached home, down from about 37.5% a year ago.
Buying in a soft condo market also gives you more choice: Markham had 354 condo apartments for sale in September.
How the downsizing math works
The table above uses benchmark prices for a typical home. Your own numbers will differ, so here is what goes into each line:
- Selling costs: real estate commission plus HST, which we show at an illustrative 5%. Commission is negotiable and not fixed by law; figures are illustrative.
- Prep and moving: repairs, paint, staging, movers and storage. Budget more for a large family home.
- Land transfer tax: Ontario charges it on your purchase. On $517,200 it is about $6,819. Markham does not add a municipal land transfer tax.
- Mortgage payout: subtract any remaining mortgage or line of credit on your current home.
Run your own numbers: what will it cost to sell in Markham?
Don't forget the monthly costs
A condo trades yard work and roof repairs for a monthly condo fee. Before you buy, compare your current yearly costs (property tax, utilities, insurance, maintenance, snow and lawn care) with the condo's fees, tax, insurance and utilities.
Also check the building's reserve fund and any planned special assessments in the status certificate. A low fee in an underfunded building can cost more later. For a middle option, see POTL vs freehold townhomes, which often have lower fees.
Should you sell first or buy first?
- Sell first: you know your budget exactly, but may need a short-term rental or a longer closing.
- Buy first: you secure the condo you want while choice is wide, but you may need bridge financing. See buy before you sell in Markham.
- Coordinated closings: with planning, many downsizers close both on the same day or a few weeks apart.
Is a condo the only option?
No. Markham downsizers also choose bungalows, townhomes, POTL communities, or a home with a suite to live near family. Some keep the house and add a suite instead. See multi-generational homes in Markham.
Learn more on the downsizing in Markham page, or see how the retiring sellers at 278 Williamson Road moved forward.
General information only, not financial, legal or tax advice. Figures are from the sources listed and may change.
Frequently asked questions
How much money will I have after downsizing in Markham?
Using September 2026 benchmarks, selling a typical detached home and buying a typical condo could free up roughly $838,000 before paying off any mortgage, after illustrative selling costs, land transfer tax and legal fees. Your numbers depend on your home and purchase.
Is it a good time to downsize in Markham?
Condo prices have fallen more than detached prices over the past year, so a typical condo costs a smaller share of a typical detached home than a year ago, and buyers have more condos to choose from.
How much is land transfer tax on a Markham condo?
Ontario land transfer tax on a $517,200 purchase is about $6,819. Markham does not charge a municipal land transfer tax.
What does it cost to sell a house in Markham?
Typical costs include real estate commission plus HST, legal fees, moving and any repairs or staging. Commission is negotiable and not fixed by law.
Should I sell my house or buy my condo first?
Selling first gives budget certainty. Buying first secures the right condo but may need bridge financing. Many downsizers coordinate both closings.
What should I check before buying a condo to downsize?
Review the status certificate, reserve fund, condo fee history, special assessments, rules on pets and renovations, and accessibility features.
Talk to a Markham REALTOR® who knows these streets
Thinking about downsizing? Michael John Lau can run your real numbers, from your home's value today to the condos that fit your next chapter.
Call (416) 700-0286Free home evaluationKeep reading
Sources
- TRREB Market Watch, September 2026
- TRREB MLS® HPI Public Tables, September 2026
- Ontario: Land transfer tax
Information is accurate to the best of our knowledge as of October 23, 2026 and may change. Not intended to solicit buyers or sellers currently under contract.
