Blog > Is it cheaper to rent or buy in Markham in 2026?
Is it cheaper to rent or buy in Markham in 2026?
Greater Toronto Area rents are falling. A one bedroom averaged $2,273 in the second quarter of 2026, down 2.3 percent year over year, and a two bedroom averaged $3,013, down 1.7 percent. Buying a $632,000 Markham condominium with 20 percent down costs roughly $3,300 to $3,500 a month all in, once mortgage, property tax and maintenance fees are counted. Renting is currently cheaper month to month. Whether it is cheaper overall depends almost entirely on how long you stay, because transaction costs on a short hold overwhelm any equity you build.
Rents Are Going Down, Not Up
This is the fact most people have not caught up with.
| Unit type | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Bachelor | $1,849 | $1,873 | -1.3% |
| One bedroom | $2,273 | $2,326 | -2.3% |
| Two bedroom | $3,013 | $3,065 | -1.7% |
| Three bedroom | $3,779 | $3,926 | -3.7% |
Condominium rental transactions rose 4.2 percent year over year to 21,251, while listings rose 2.9 percent to 27,844. The Toronto Regional Real Estate Board's own framing is that renters continued to benefit from substantial choice, with average condominium apartment rents remaining below year-ago levels.
On the purpose-built side, Canada Mortgage and Housing Corporation reported a Toronto census metropolitan area vacancy rate of 3.0 percent and an average two bedroom rent of $2,034. The gap between that figure and the $3,013 condominium average reflects the age and type of the stock, not a pricing error.
What Buying Costs Right Now
Markham condominium apartments averaged roughly $632,000 in 2026, took an average of 43 days to sell and traded at 96 percent of list price.
Here is the monthly cost of buying one, using September 2026 rates.
A $632,000 Markham condominium, 20 percent down
- Down payment: $126,400
- Mortgage: $505,600 at approximately 4.09 percent over 25 years, roughly $2,690 per month
- Maintenance fees: roughly $480 to $750 for a Markham low-rise, or $600 to $1,000 for a high-rise
- Property tax: roughly $310 per month, based on Markham's 2026 rates
- Total monthly carrying cost: approximately $3,480 to $3,750
Against a two bedroom rent of $3,013, buying costs roughly $470 to $740 more per month. And that is before the up front costs.
The costs people forget
- Land transfer tax on a $632,000 purchase, roughly $9,400 in Ontario, with first time buyer rebates available up to $4,000
- Legal fees: $1,500 to $2,500
- Status certificate: maximum $100 including tax
- Home inspection: $400 to $700
- Moving, and whatever the unit needs on day one
Add roughly $12,000 to $15,000 in closing costs on top of the down payment.
The Number That Actually Decides It
Not the monthly difference. The holding period.
When you sell, you pay real estate commission and legal fees, commonly five to six percent of the sale price all in. On $632,000 that is roughly $32,000 to $38,000. Combined with the $12,000 to $15,000 you paid to buy, a full round trip costs somewhere near $45,000 to $53,000 in transaction costs alone.
In the first five years of a 25 year mortgage at roughly 4 percent, you build about $70,000 to $80,000 in principal. Set the transaction costs against that and the arithmetic becomes clear:
- Under three years: renting almost always wins. Transaction costs consume everything you build.
- Three to five years: roughly a wash, and highly dependent on what prices do.
- Beyond five years: buying generally pulls ahead, and the gap widens the longer you hold.
Michael John Lau, a REALTOR® who advises first time buyers and investors in Markham, Ontario, asks the holding period question before any other. It matters more than the rate, more than the price and more than the rent comparison.
What Is Different About This Particular Moment
Three things are true at once, which is why the answer is genuinely less obvious than usual.
Buying has become relatively more attractive
Greater Toronto Area condominium apartment prices fell 3.8 percent year over year to $617,593 in August 2026, and condominium townhouses fell 7.8 percent. Markham condominiums sell at 96 percent of list after 43 days, which is real negotiating room. The Bank of Canada policy rate has held at 2.25 percent since October 2025, with prime at 4.45 percent and competitive five year fixed mortgages near 4.09 percent.
Renting has also become more attractive
Rents fell across every unit type. Listings rose faster than transactions. Renters have choice, which they did not have three years ago.
Supply is about to shift
Canada Mortgage and Housing Corporation noted that Greater Toronto Area purpose-built rental supply grew only 0.4 percent in 2025 after exceptional growth in 2024, and that York Region, with the smallest rental stock and vacancy that had persistently held below 2 percent, is expected to see the fastest supply growth. Two Markham purpose-built rental proposals are in review: 504 units in a 46-storey tower at Yonge and Steeles, and roughly 425 units at 455 Ferrier Street.
Condominium Rental Versus Purpose-Built
If you are renting in Markham, this distinction affects your life more than the rent does.
| Condominium from an investor | Purpose-built rental | |
|---|---|---|
| Landlord | An individual, often with one unit | A professional operator |
| Own-use eviction risk | Real. The owner or a family member may move in. | Not applicable |
| If the owner sells | Your tenancy transfers, but the new owner may want the unit | Not applicable |
| Maintenance response | Depends entirely on the owner | On-site management |
| Rent | Generally higher, newer stock | Generally lower, often older stock |
| Availability in Markham | Widespread | Limited, though two proposals are in review |
A tenant in a purpose-built building is not exposed to a landlord deciding to sell or move in, which is the most common cause of an unwanted move in the condominium rental market.
Questions about your own property or timeline? Call Michael John Lau, REALTOR®, at (416) 700-0286 for a direct answer on your street and your situation.
Renting Is Not a Failure
Worth saying plainly, because a lot of real estate content implies otherwise.
Renting is the better financial decision when your timeline is short, when your job or family situation may change, when you have not saved enough that a down payment leaves you with a cushion, or when you would rather put capital somewhere other than a single illiquid asset in a single city.
Buying is the better decision when you intend to stay past five years, when you value control over your housing, when you can carry it comfortably rather than at the limit of what a lender will approve, and when you understand that a home is not a liquid asset.
The advice worth taking from a REALTOR® is not "buy now". It is: run your own numbers over your own timeline, and be honest about how long you will stay.
Frequently Asked Questions
How much is rent in Markham in 2026?
Greater Toronto Area averages in the second quarter of 2026 were $1,849 for a bachelor, $2,273 for a one bedroom, $3,013 for a two bedroom and $3,779 for a three bedroom, all down year over year. Purpose-built rental two bedrooms averaged $2,034 across the Toronto census metropolitan area.
Is it cheaper to rent or buy in Markham?
Month to month, renting is currently cheaper. A $632,000 Markham condominium with 20 percent down carries roughly $3,480 to $3,750 monthly against a two bedroom rent of $3,013. Over a longer hold, buying generally pulls ahead once transaction costs are absorbed.
How long do I need to own a home for buying to make sense?
Generally more than five years. Round trip transaction costs on a $632,000 purchase run roughly $45,000 to $53,000, against about $70,000 to $80,000 of principal built in five years at current rates. Under three years, renting almost always wins.
Are rents going up in Markham?
No. Rents fell across every unit type year over year in the second quarter of 2026, and rental listings rose faster than rental transactions, which gives renters more choice.
What is the vacancy rate in the Toronto area?
3.0 percent for purpose-built apartments across the Toronto census metropolitan area in the most recent Canada Mortgage and Housing Corporation report. York Region has historically run below 2 percent and is expected to see the fastest supply growth in the region.
What does it actually cost to buy a condo in Markham?
On a $632,000 purchase with 20 percent down: $126,400 down payment, roughly $12,000 to $15,000 in closing costs including land transfer tax, and roughly $3,480 to $3,750 a month covering mortgage, maintenance fees and property tax.
Run your own numbers first
Michael John Lau compares total monthly carrying cost against your actual timeline, and will tell you when renting is the better answer.
Michael John Lau, REALTOR® · Markham, Ontario · (416) 700-0286
Disclaimer. Michael John Lau is a licensed REALTOR® serving buyers and sellers in Markham, Ontario and the Greater Toronto Area. Rent and market data reflect Toronto Regional Real Estate Board and Canada Mortgage and Housing Corporation figures current to 2026. Mortgage calculations are illustrative estimates only and are not a quote. This article is general information and is not mortgage, tax or investment advice. Consult a licensed mortgage professional regarding your own situation.