Blog > What is being proposed at Yonge and Steeles in Markham?
What is being proposed at Yonge and Steeles in Markham?
A 46-storey tower with 504 purpose-built rental units has been proposed at 7015 and 7027 Yonge Street, on the northeast corner of Yonge and Steeles in Markham's Ward 1. The applicant is Times 7015 LP. The site is 0.891 hectares with a gross floor area of roughly 41,322 square metres. The application was deemed complete on July 28, 2026 and circulated on August 20, 2026, and the public meeting date has not yet been set. Both an official plan amendment and a zoning by-law amendment are sought. Nothing is approved.
What Is Proposed
| Detail | Information |
|---|---|
| Address | 7015 and 7027 Yonge Street |
| Location | Northeast corner of Yonge Street and Steeles Avenue East, Ward 1 |
| File number | PLAN 26 125327 |
| Applicant | Times 7015 LP |
| Height | 46 storeys |
| Units | 504, purpose-built rental |
| Site area | 0.891 hectares, roughly 2.20 acres |
| Gross floor area | Approximately 41,322 square metres |
| Approvals sought | Official plan amendment and zoning by-law amendment |
| Status | In review. Not approved, not under appeal. |
The existing gas station and two-storey commercial building on the site are retained under the proposal. The drive-through car wash is demolished.
Why Purpose-Built Rental Is the Interesting Part
The unit count is not what makes this application notable. The tenure is.
Most Greater Toronto Area rental housing is supplied by individual investors renting out condominium units they own. Purpose-built rental means a single owner builds and operates the entire building as rental housing. The two produce very different experiences for a tenant.
| Condominium rented from an investor | Purpose-built rental | |
|---|---|---|
| Landlord | An individual, often with one or two units | A professional operator |
| Lease renewal | Subject to the owner's own plans | Building operates as rental permanently |
| Own-use eviction risk | Real. The owner or a family member may move in. | Not applicable |
| Maintenance | Depends on the individual owner | On-site management |
| Amenities | Shared with owner-occupants | Designed for the tenant population |
Michael John Lau, a REALTOR® serving buyers, sellers and investors in Markham, Ontario, thinks the stability difference is underrated. A tenant in a purpose-built building is not at risk of a landlord deciding to sell or move in, which is the most common source of unwanted moves in the condominium rental market.
The Rental Market This Would Enter
Rents across the Greater Toronto Area are falling, not rising. Toronto Regional Real Estate Board figures for the second quarter of 2026:
| 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, and listings rose 2.9 percent to 27,844. The 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 with an average two bedroom rent of $2,034 in its most recent report. It also noted that after exceptional growth in 2024, Greater Toronto Area purpose-built rental supply expanded by just 0.4 percent in 2025, and that York Region, which has the smallest rental stock and where vacancy had persistently held below 2 percent, is expected to see the fastest supply growth.
That last line is the context for this application. York Region is under-supplied with purpose-built rental, and this is one of several proposals responding to it.
Not the Only One
A second purpose-built rental proposal is in review at 455 Ferrier Street, file PLAN 26 112050, from St. Marks Koinonia Housing. It proposes a 33-storey building with approximately 425 rental units, a daycare and a banquet hall, retaining the existing place of worship on site. Its public meeting was held April 21, 2026.
Together the two proposals represent roughly 929 purpose-built rental units in Markham, all of it still in review.
Where This Sits in Markham
Yonge and Steeles is Markham's southwest corner, in the Thornhill area, and it is the busiest transit node in this part of the city.
The Yonge North Subway Extension runs roughly eight kilometres north from Finch Station with five stations at Steeles, Bridge, High Tech, Clark and Royal Orchard. The Steeles, Clark and Royal Orchard stations serve the Thornhill side of Markham directly. The advance tunnelling contract was awarded in August 2025 and tunnelling is expected to begin in early 2027. No opening date has been announced, so treat it as a long-term factor.
A 46-storey rental building at a future subway station is a coherent piece of planning. It is also a significant change of scale for a corner that currently holds a gas station and low-rise commercial.
What It Means for Nearby Owners
Honest assessment, in both directions.
Arguments in favour
- Rental supply is genuinely short in York Region, and this addresses it
- It concentrates density at a transit node rather than in interior neighbourhoods
- Retail and services follow residents, which improves walkability at the corner
- It adds nothing to the ownership supply, so it does not compete with a nearby homeowner selling
Arguments against
- Forty-six storeys is a substantial change of scale for the immediate area
- Traffic and parking pressure at an already busy intersection
- Construction disruption over a multi-year build
- Shadow and wind effects on adjacent properties, which the required studies will address
The public meeting is where these get aired. It has not been scheduled yet, and the City provides 20 days' notice.
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.
How to Follow It
- File number PLAN 26 125327 is the reference for any enquiry
- MappiT, the City's Development Application Viewer, shows the site
- Zoning By-law and Official Plan Amendment Notices at markham.ca lists active files
- Development Services: dsc@markham.ca or 905.475.4861
Residents within the notification radius will receive mailed notice of the public meeting. Anyone else who wants to speak should watch the notices page.
Frequently Asked Questions
What is being built at Yonge and Steeles in Markham?
Nothing yet. A 46-storey tower with 504 purpose-built rental units has been proposed at 7015 and 7027 Yonge Street. The application is in review and has not been approved.
What is purpose-built rental?
A building constructed and operated entirely as rental housing by a single owner, rather than individual condominium units rented out by separate investor owners. Tenants generally get greater stability and professional on-site management.
When is the public meeting for the Yonge and Steeles tower?
Not yet scheduled. The application was deemed complete July 28, 2026 and circulated August 20, 2026. The City provides 20 days' notice before a public meeting.
Are rents going up in the Greater Toronto Area?
No. Rents fell across every unit type year over year in the second quarter of 2026, with one bedrooms down 2.3 percent to $2,273 and two bedrooms down 1.7 percent to $3,013.
Will the subway reach Yonge and Steeles?
The Yonge North Subway Extension includes a Steeles station. Advance tunnelling was contracted in August 2025 and tunnelling is expected to begin in early 2027. No opening date has been announced.
How do I object to or support a Markham development application?
Attend or make a written submission to the statutory public meeting, quoting the file number. Contact Development Services at dsc@markham.ca or 905.475.4861 to be added to the notification list for the file.
Following a development near you?
Michael John Lau tracks the applications that change a neighbourhood's scale, because buyers deserve to know what is filed before they commit.
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. Application details are current to September 2026 and reflect information published by the City of Markham. Applications may be amended, refused, approved with conditions or appealed. Nothing described here is approved. Confirm current status with City of Markham Development Services at 905.475.4861.