Blog > Why are Markham homes selling below asking?
Why are Markham homes selling below asking?
Most Markham homes are selling below asking because there are more homes for sale than buyers ready to buy. In August 2026, HouseSigma data reported by REMI showed 69.9% of Markham sales closed below the final asking price, compared with 79.3% across the Greater Toronto Area. In September, Wahi reported a median Markham sale of $22,000 under asking, with about 9 months of inventory. Buyers have time to compare, include conditions and negotiate. Many sellers are also still pricing from earlier, stronger markets. Selling below asking does not always mean a seller lost money. It often means the asking price was set above what today’s buyers are willing to pay.
What “Below Asking” Really Means
“Below asking” compares the sale price with the final asking price. If a home started at $1,199,000, dropped to $1,099,000 and sold for $1,080,000, it sold $19,000 below asking but $119,000 below where it started. That is why the headline numbers can understate how far some sellers have moved.
Markham is actually holding up better than most of the region. In REMI’s report of 24 September 2026, Markham and Ajax were the most competitive markets in the GTA in August, with Markham at 69.9% of sales below asking. Across the whole GTA, almost four in five homes sold below asking.
Michael John Lau, a REALTOR® with the Kaizen Real Estate Team, one of the most active real estate teams in Markham and York Region, prices every listing from recent sold homes on the same street and in the same building type, not from what nearby homes are listed at, because listed prices are only wishes until a buyer agrees.
Why It Is Happening
1. More choice for buyers
Markham had about 9 months of inventory in September 2026, according to Wahi. The Canadian Real Estate Association treats more than 6.4 months as a buyer’s market. When buyers have many options, they negotiate. For the full picture, see whether Markham is a buyer’s market right now.
2. Prices anchored to the past
Many owners remember what similar homes sold for in 2022 or hear about the highest sale on the street. Buyers look at what sold in the last 90 days. When those two numbers are far apart, the gap shows up as a price reduction or a below-asking sale.
3. Buyers are cautious
The Bank of Canada held its rate at 2.25% on 2 September 2026, but warned that uncertainty is high and new US tariffs pose risks. Inflation has hovered around 3%. Buyers who are unsure about jobs or rates take their time and offer carefully.
4. Buyers can see the full history
Sold-price apps let buyers see a home’s past listings, price changes and nearby sales in seconds. A home that has been relisted or reduced several times invites lower offers.
Three Pricing Strategies, Compared
| Strategy | How it works | Works best when | Main risk |
|---|---|---|---|
| Price at market value | List close to what recent comparable sales support | Most homes in today’s market | Fewer early showings if presentation is weak |
| Price slightly below and hold offers | List a little under value and set an offer date | Popular streets and home types with active demand | If few buyers show up, the seller may need to reset |
| Price above with “room to negotiate” | List high and expect to come down | Rarely, in a buyer’s market | Fewer showings, longer days on market, and reductions that signal weakness |
In a slower market, the first two weeks matter most. That is when a new listing gets the most attention from buyers who have been waiting. A home that misses that window often sells for less later. Choose the option that fits your situation and your timeline.
Not sure where your home should be priced? Call Michael John Lau, REALTOR®, at (416) 700-0286 for a review of recent sales on your street.
Pricing Mistakes That Cost Markham Sellers
- Chasing the market down. Small reductions every few weeks keep a home one step behind buyers.
- Pricing from active listings. Competing homes that have not sold are not proof of value.
- Skipping preparation. With many choices, buyers pass on homes that need paint, repairs or a deep clean.
- Terminating and relisting too quickly. Buyers and their agents can usually see the history, so a quick relist rarely resets their view.
- Ignoring the total cost. Holding a home for extra months adds mortgage interest, property tax, utilities and insurance. What it costs to sell a house in Markham breaks down the numbers.
What This Means for Buyers
For buyers, below-asking sales are an opportunity, but not a rule. Homes priced correctly from the start may still sell at or above asking, especially on popular streets. Before making an offer, look at recent sales of similar homes, how long the home has been listed, and its price history. A fair, well-supported offer with clean terms is usually more effective than a very low offer that the seller rejects.
A Simple Plan for Sellers
- Start with the date that matters. Michael John Lau starts every sale with the date that matters to the seller, then builds the plan backward.
- Review recent sold homes of the same type, size and street from the last 90 days.
- Prepare the home before photos: repairs, paint, decluttering and lighting. See how to sell your house for top dollar in Markham.
- Choose the pricing strategy that suits your home and timeline.
- Review results after two weeks. Showings, feedback and offers tell you whether the price is right.
Next Steps
- Request a free home evaluation: get a price based on recent sales near you.
- Selling your Markham home: how Michael plans pricing, preparation and marketing.
- Read the Markham home selling guide: every step from preparation to closing.
Frequently Asked Questions
Why are so many Markham homes selling below asking?
There are more homes for sale than active buyers. Markham had about 9 months of inventory in September 2026, so buyers can compare and negotiate. Many asking prices are also based on earlier, stronger markets.
What percentage of Markham homes sell below asking?
HouseSigma data reported by REMI showed 69.9% of Markham sales closed below the final asking price in August 2026. Across the Greater Toronto Area, the figure was 79.3%.
How much below asking are Markham homes selling for?
Wahi reported that the median Markham home sold $22,000 under asking in September 2026. The gap varies by home type, price range and how well the home was priced.
Should I price my Markham home low to get multiple offers?
Pricing slightly below value and holding offers can work on popular streets with strong demand. If buyer interest is weak, it can backfire, so the choice should be based on recent sales and showing activity.
Is it better to list high and reduce later?
In a buyer’s market, listing high usually means fewer showings and longer days on market. Each reduction can signal weakness, and the home may end up selling for less than if it had been priced right at the start.
Does selling below asking mean I lost money?
Not necessarily. Selling below asking means the sale price was lower than the final list price. The real question is how the sale price compares with recent sales of similar homes.
Work With Michael John Lau in Markham
Michael John Lau helps Markham sellers set a price buyers will respect from day one. That means reviewing recent sales on your street, preparing the home before it goes live, and checking showing feedback early so the plan can adjust before a listing goes stale. Ultimately, the decision is yours. The goal is to make sure you have all the information.
📞 Contact Michael John Lau, REALTOR®
🌐 www.callmikelau.com
Want a price buyers will respect?
Michael John Lau reviews recent sales of homes like yours and builds a pricing plan around your timeline.
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. Below-asking figures are HouseSigma data for August 2026 as reported by REMI on 24 September 2026. Median and inventory figures are from Wahi’s Markham report of 26 September 2026. Market thresholds are from the Canadian Real Estate Association, and rate information is from the Bank of Canada announcement of 2 September 2026. This article is general information, not financial or legal advice.