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Yonge & Steeles — A 46-Storey Rental Tower Kicks Off a Three-Tower Plan Near the Future Subway
One of Markham's most significant transit-oriented development nodes is taking shape at Yonge and Steeles — and a newly filed rental tower shows just how much is coming.
What's being built at Yonge & Steeles in Markham? Times Group has filed plans for a 46-storey, 504-unit purpose-built rental tower at 7027 Yonge Street (Thornhill/Markham) — the first phase of a three-tower plan, steps from the future Steeles subway station on the Yonge North Subway Extension. It joins a growing cluster of high-rise proposals making Yonge & Steeles one of Markham's densest, most transit-oriented nodes. As a proposal, it's early-stage and subject to the City's planning process.
One of Markham's most significant transit-oriented development nodes is taking shape at Yonge and Steeles — and a newly filed rental tower shows just how much is coming. Michael John Lau, a top real estate agent in Markham and a CPA/CMA, breaks down the proposal and what this fast-densifying corridor means for buyers, renters, and investors.
Note: This is a development application, not an approved or built project. Details, unit counts, and timelines can change through the City of Markham's planning process, and there's no guarantee a proposal proceeds as filed. Always confirm current status with the City of Markham. Figures below are as reported at the application stage.
The Proposal: A 46-Storey Rental Tower
Times Group has submitted plans for a purpose-built rental tower at 7027 Yonge Street, in the Thornhill area straddling the Markham–Toronto boundary. As reported, the proposal includes:
504 purpose-built rental units
A 46-storey tower delivering 504 rental homes — notably, purpose-built rental (housing designed for long-term renting, not individual condo ownership). The reported unit mix: roughly 336 one-bedrooms, 126 two-bedrooms, and 42 three-bedroom-plus units — a mix that includes family-sized rentals, which are relatively scarce.
On-site childcare
The proposal includes an on-site childcare facility — a meaningful community amenity, especially for a building with family-sized units.
Four-level underground parking
Approximately 208 vehicular parking spaces across four underground levels — a relatively low parking ratio that reflects the site's transit-oriented, walk-everywhere location.
Steps from the future subway
Perhaps the headline feature: the site is roughly a two-minute walk from the future Steeles station on the Yonge North Subway Extension (Line 1). Direct subway access is one of the most powerful long-term value drivers in real estate.
The Bigger Picture: A Three-Tower Plan
This 46-storey tower is only the first phase of a larger three-tower plan Times Group envisions for the site. In other words, this application is the opening move in a much bigger development — signalling substantial new housing coming to this corner over the years ahead, should the plans advance through approvals and construction.
A Rapidly Densifying Transit Node
The Times Group proposal doesn't stand alone. It sits within a growing cluster of high-rise proposals concentrated around Yonge & Steeles — multiple towers in the 36-to-65-storey range on both sides of Steeles and along Yonge, from various developers. This corner is quickly becoming one of Markham's densest, most transit-oriented nodes. The reason is straightforward: the future Steeles subway station. When rapid transit is coming, development follows — and Yonge & Steeles is a textbook example of transit-oriented intensification.
Why the subway changes everything here: The Yonge North Subway Extension will bring Line 1 subway service north into the Yonge corridor, with a station at Steeles. Once complete, it's expected to connect the area to downtown Toronto in roughly 35 minutes. That kind of rapid-transit access transforms a location's appeal — and explains why developers are concentrating so many towers here. Major transit projects have evolving timelines, so confirm current status through Metrolinx.
What It Means for Buyers, Renters, and Investors
For renters
Purpose-built rental supply — especially with family-sized units and childcare — is genuinely needed. Projects like this, over time, add rental options in a transit-connected location. More supply can also help moderate rental competition.
For investors
The Yonge & Steeles node is becoming a major transit-oriented centre. Understanding where intensification and rapid transit are concentrated is valuable for thinking about long-term potential — though investors should also weigh the wave of new supply coming to the area and current rental-market conditions.
For nearby homeowners
Intensification and improved transit generally support long-term area value, though the transition to a denser node brings change — more density, construction activity, and a more urban character over time. How you view that depends on your priorities.
For buyers considering the area
This corridor is transforming into a dense, urban, transit-first neighbourhood. For buyers who want that walkable, connected, urban lifestyle near a subway, it's an area to watch. For those seeking quiet and low density, the trajectory here is toward the opposite.
The Bottom Line
The Times Group proposal at 7027 Yonge is one piece of a dramatic transformation underway at Yonge & Steeles — driven by the coming subway and playing out through a cluster of high-rise towers. For buyers, renters, and investors, understanding this fast-densifying, transit-oriented node is genuinely useful context. Just remember these are proposals working through the planning process, with timelines and details still to be finalized.
Michael John Lau, one of Markham's leading REALTORS® and a CPA/CMA, helps clients understand how major developments and transit projects like these shape the market — bringing an analytical lens to what intensification means for value, opportunity, and risk. If you're navigating the Yonge & Steeles area or Markham's transit corridors, let's talk about what it means for you.
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Michael John Lau, REALTOR® CPA, CMA, helps clients understand how major developments and transit shape value and opportunity. Navigating Yonge & Steeles? Let's talk.
Michael John Lau is a licensed REALTOR® and CPA/CMA at Kaizen Real Estate (eXp Realty), Licence #4784577, serving Markham and York Region. Development details are based on public reporting of an application filed with the City of Markham and are subject to change through the planning process; approval and construction are not guaranteed. Transit project timelines are set by Metrolinx and subject to change. This is general information, not investment advice. Not intended to solicit clients currently under contract with another brokerage.
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