Markham's "Missing Middle" Townhouse Market — Why Stacked Towns in Cornell and Box Grove Are the Smartest Buy in 2026

In Markham's 2026 real estate market, buyers are facing a stark choice: a 700-square-foot condo apartment for $750,000 with rising maintenance fees, or a 2,500-square-foot detached home in Cornell for $1.6 million. But there is a third option that sophisticated buyers are increasingly targeting — the "missing middle." Michael John Lau, Markham's top REALTOR® and a CPA/CMA, explains why stacked townhouses and freehold towns in Cornell, Box Grove, and Unionville are delivering the best price-per-square-foot value in the city.

What is the "Missing Middle" in Markham?

Urban planners use the term "missing middle" to describe housing types that bridge the gap between low-density single-family homes and high-density apartment towers. In Markham, this includes stacked townhouses (two or three units stacked vertically without an elevator), back-to-back towns, and traditional freehold townhomes. These properties offer the privacy, multiple levels, and often a small private yard of a detached home, but at a price point that is significantly more accessible.

The Math: Cornell vs. Box Grove vs. Unionville

When we analyze the price-per-square-foot across Markham's townhouse segments, the missing middle consistently outperforms:

• Cornell Stacked Towns: Averaging $680–$740 per sq ft. These units typically offer 1,400–1,800 sq ft of living space, often with 3 bedrooms and a single-car garage. Because they are newer construction, they attract first-time buyers and young families.
• Box Grove Freehold Towns: Averaging $710–$780 per sq ft. Box Grove offers established, mature neighbourhoods with larger lot widths. Freehold means no condo fees, but the buyer assumes full responsibility for roof and exterior maintenance.
• Unionville Condo Towns: Averaging $820–$890 per sq ft. The premium here is for location, heritage adjacency, and lower density. These are often purchased by downsizers who want to stay in Unionville but can no longer manage a large detached property.

Investment Yield for Buyers

For investors, the missing middle offers a unique advantage. Stacked townhouses in Cornell consistently command strong rental demand because they appeal to small families who want a yard and a garage but cannot afford a detached home. The rental yield on a $1.1 million stacked town in Cornell often outperforms a $900,000 high-rise condo because the tenant pool is deeper and the turnover rate is lower. However, investors must carefully review the Status Certificate, as some stacked town corporations have restrictive rental bylaws or poorly funded reserve funds.