Markham Real Estate, Answered
Markham Real Estate Questions, Answered Straight
Fifty-eight answers from Michael John Lau, REALTOR® at eXp Realty, to the questions Markham buyers, sellers, and homeowners actually search for: pricing, commission, closing costs, property tax, timing, downsizing, probate, and what it is really like to live here. Every number is current for 2026.
Selling a Home in Markham
Selling
A Markham listing agent prices a home from recent sold comparables in its own neighbourhood, adjusted for size, upgrades, lot, and condition, not from active listings or online estimates. Michael John Lau uses TRREB-verified sold data at the street level, because Markham's 33 communities behave as distinct micro-markets: some recently sold over asking in under three weeks while others negotiated below list over six or more weeks. Pricing from live comparables rather than city-wide averages is what positions a home to sell faster and for its full value. See the pricing method.
The median in Markham is 28 days from listing to accepted offer. Accurately priced homes in communities like Wismer, Unionville, and Berczy Village often sell within two to three weeks; overpriced listings take six to twelve weeks or more and usually sell for less than they would have at the right price from day one. After acceptance, closing typically runs 30 to 90 days, so the full timeline from listing to net proceeds is usually 6 to 14 weeks.
Focus on the improvements that return more than they cost: fresh neutral paint, replacing worn flooring in high-traffic areas, deep cleaning including windows and grout, curb appeal and landscaping, and minor cosmetic updates in the kitchen and bathrooms. Declutter and depersonalize every room. Major renovations before selling rarely recover their full cost. Michael walks every property before listing and provides a prioritized list for that specific home and price point, so sellers spend where it counts and skip what doesn't.
Yes, strategically. Staging does not always mean hiring a full staging company. At minimum, every Markham listing benefits from decluttering, depersonalizing, deep cleaning, and neutral paint where needed. For vacant or dated homes, professional furniture staging usually returns more than it costs through a higher sale price and a faster sale. Staging consultation is included in Michael's listing package.
Marketing a Markham luxury home starts with precision pricing from recent comparable sales, then layers professional staging, architectural and twilight photography, cinematic video, a 3D tour, and full digital distribution across Instagram, YouTube, Google, and the major real estate portals. For luxury and estate properties it extends to targeted advertising, email campaigns to qualified buyer networks, and discreet private outreach where appropriate. Michael John Lau, a REALTOR® in eXp Realty's Luxury Division, tracks buyer engagement throughout and adjusts the plan so the property reaches serious, qualified buyers. Luxury selling guide.
Speed comes from preparation, not a discount. A home sells fast in Markham when it is priced from real recent sales on its street, presented with professional photography and staging, launched with a "Coming Soon" campaign so demand is built before day one, and marketed to the buyers most likely to want that specific home. Homes that follow this approach regularly sell in two to three weeks at full value. Cutting the price to force speed usually costs far more than the preparation would have. How to sell fast, the right way.
In almost every case it comes down to one of three things: the price is above what recent sold data supports, the presentation (photos, staging, condition) is not competing with other listings buyers are seeing, or the marketing is not reaching the right buyers. A listing that gets showings but no offers is usually a price problem; a listing that gets no showings is usually a presentation or marketing problem. Michael reviews showing feedback and comparable sales to identify which one it is and what to change. Read the full breakdown.
Treat the relaunch as a new listing, not a continuation. That means fresh photography, a reset price built from current comparables rather than the old list price, addressing whatever buyer feedback pointed to the first time, and a proper pre-launch campaign so the home does not reappear quietly. A Markham home that sat for a year with another agent and no showings was relaunched this way and sold firm in two weeks, $100,000 over asking. Expired listing help.
Pricing & Home Value
Pricing & Value
A Comparative Market Analysis determines a home's current market value from recent comparable sales in its neighbourhood, adjusted for size, condition, lot, and features. It is the foundation of every successful listing. In a buyer's market, accurate pricing from day one is the single biggest factor in the final sale price. Michael's CMA is built from TRREB-verified sold data and documented line by line, so the pricing reasoning is transparent and defensible in any negotiation.
Not very. Online estimators have never seen the home, do not know about renovations, lot orientation, or what backs onto the property, and often blend Markham's 33 different neighbourhood markets into one number. They also lag current TRREB conditions by weeks or months. A professional evaluation uses street-level sold comparables and a walkthrough, and it is free. Request a free home evaluation.
No. Your MPAC assessed value determines your property taxes, not what your home would sell for. Ontario postponed its province-wide reassessment, so 2026 property assessments are still based on January 1, 2016 values. The 2026 average assessed value of a Markham home is $822,671, while the average sale price is around $1.1 million. Never price a Markham home off an MPAC number.
An appraisal is a formal valuation by a licensed appraiser, usually required by a lender for mortgage financing, and typically costs $300 to $600. A REALTOR®'s market evaluation estimates what a home would actually sell for in current conditions, which is the number that matters when deciding whether and how to sell. Michael's evaluation is free, takes 24 to 48 hours, and comes with no obligation.
In Markham's resale market, the features buyers consistently pay more for are a finished basement (often $40,000 to $80,000 depending on quality), an updated kitchen ($20,000 to $45,000), a double garage versus single ($15,000 to $25,000), a larger or premium lot, and a location away from busy roads. The improvements with the best return before selling are the inexpensive ones: paint, flooring, cleaning, and curb appeal. Full renovations before listing rarely recover their cost. See the adjustment framework.
Buying a Home in Markham
Buying
You are not legally required to use one, but it is strongly recommended. A buyer's agent represents your interests exclusively, negotiates on your behalf, gives you access to every MLS listing and off-market opportunities, and in most resale transactions costs you nothing directly, because the agent is paid from the seller's side. Without one, you are negotiating against a listing agent whose legal duty is to the seller. Buyer services.
In the large majority of Ontario resale transactions, the buyer's agent is paid from the seller's side of the sale. As a buyer working with Michael John Lau, you typically pay nothing out of pocket for representation: no upfront fees, no consultation fees, and no hidden charges in a standard resale purchase. Any exception is explained in writing before you sign anything.
First-time buyers receive step-by-step guidance covering budgeting with real numbers, mortgage pre-approval and the documents required, down payments, and closing costs. Michael explains how to compare listings, structure a competitive offer, and use conditions that keep the offer safe. Buyers also get access to a home search portal and neighbourhood sold prices, plus the 2026 programs that apply to them: the land transfer tax rebate, the First Home Savings Account, the RRSP Home Buyers' Plan, and the federal tax credit. First-time buyer services.
Borrowers must qualify at the greater of their contract rate plus 2% or 5.25%. If you are offered 4.5%, you must prove you could carry the mortgage at 6.5%. This reduces how much you can borrow compared to what you could carry at today's rates. Michael models your pre-approval before the search begins so you never fall in love with a home you cannot finance.
In Canada, the minimum is 5% on the first $500,000 of the purchase price, 10% on the portion from $500,000 to $1,500,000, and 20% on homes above $1,500,000. Purchases under $1,500,000 with less than 20% down require mortgage default insurance. On a $1,000,000 Markham home, the minimum down payment is $75,000. The deposit paid on an accepted offer (typically 5%) forms part of the down payment at closing.
Yes. In 2026's buyer's market, conditions on financing and home inspection are routinely accepted across Markham, which was not the case during the 2021 and 2022 bidding-war years. A financing condition protects you if the lender's appraisal comes in low; an inspection condition lets you negotiate repairs or walk away if a major issue appears. Michael advises on which conditions to include and how long the condition period should be for each offer.
School boundaries in Markham are set by the York Region District School Board and the York Catholic District School Board, and both publish address-lookup tools that show which schools serve a specific address. Boundaries can change from one street to the next and are reviewed periodically, so never rely on a listing description. Michael confirms the current designated schools for any home before an offer is written, so families know exactly what they are buying.
Most buyers complete a purchase within 6 to 12 weeks of starting an active search: one to two weeks for pre-approval, two to six weeks of searching and showings, one to two weeks for the offer and condition period, and then a closing period of 30 to 90 days. In today's buyer's market there is less time pressure and fewer competing offers than in 2021 and 2022.
Costs, Taxes & Closing
Costs, Taxes & Closing
Real estate commission in Ontario is always negotiable and never fixed by law. In Markham and the GTA, total commission commonly falls between roughly 3.5% and 5% of the final sale price, typically shared between the listing brokerage and the buyer's brokerage, plus 13% HST. Buyers usually pay no commission directly. The right number depends on the property, the market, and the scope of marketing and service, and it should be discussed openly before any listing agreement is signed.
On a $1,000,000 sale in Markham, expect roughly $48,000 to $62,000 in total selling costs: real estate commission (commonly 3.5% to 5% plus 13% HST), legal fees of $1,000 to $1,500, mortgage discharge or prepayment penalties if applicable, pre-listing repairs and staging, moving costs, and property tax adjustments. Sellers in Ontario do not pay Land Transfer Tax; that is the buyer's cost. Most principal-residence sellers pay no capital gains tax. The real cost of selling.
Budget 3% to 5% of the purchase price beyond your down payment. On a $1,000,000 home that is roughly $30,000 to $50,000: Ontario Land Transfer Tax of about $16,475, legal fees of $1,500 to $2,500, title insurance of $300 to $500, a home inspection of $400 to $600, adjustments, and moving costs. Markham buyers pay only the provincial Land Transfer Tax; there is no municipal land transfer tax as in the City of Toronto, which saves a buyer about $16,475 on a $1M home.
Markham buyers pay Ontario's provincial Land Transfer Tax only: 0.5% on the first $55,000, 1% from $55,000 to $250,000, 1.5% from $250,000 to $400,000, 2% from $400,000 to $2,000,000, and 2.5% above $2,000,000 for homes with one or two units. On a $1,000,000 purchase that is $16,475. First-time buyers receive a rebate of up to $4,000. Unlike Toronto, Markham has no additional municipal land transfer tax. Use the calculator.
Markham property tax is calculated by multiplying your MPAC assessed value by the combined tax rate for the City of Markham, York Region, and provincial education. About 54% of a Markham tax bill goes to York Region, roughly a quarter to the City, and the rest to education. For 2026, Markham Council approved a 3.90% increase on the City portion, about $54.99 for the average home, which the City reports is the lowest average increase in the GTA for 21 consecutive years. Assessments are still based on January 1, 2016 values because the province postponed reassessment; the 2026 average assessed value of a Markham home is $822,671. The City's online tax calculator gives the exact amount for a specific assessment.
The City of Markham issues two bills a year: an interim bill in early January (50% of the previous year's taxes, in two instalments) and a final bill in June that reflects the current year's budget. In 2026 the residential final instalments are due July 6 and August 5. You can pay through online banking, through your mortgage lender, or by pre-authorized payment in 4, 6, or 11 instalments; the City does not accept cash. Late payments carry a 1% penalty plus 1.25% interest per month, which Council cannot waive. When a home changes hands, the lawyers adjust the taxes between buyer and seller as of the closing date.
Most Canadian homeowners pay no capital gains tax on the sale of their principal residence, under the Principal Residence Exemption. If the home was your principal residence for every year you owned it, the gain is generally fully exempt, but you must designate the property on your tax return for the year of sale. Exceptions include renting the property out, using part of it exclusively for business, owning more than one property at once, or being a non-resident. This is general information; confirm your situation with a qualified tax advisor.
Resale homes are not subject to HST. Newly built homes are, at 13%, but 2026 brings the largest rebate Ontario has offered: for agreements signed between April 1, 2026 and March 31, 2027, eligible buyers of a qualifying new home can have the full 13% rebated on homes up to $1,000,000, with the $130,000 maximum holding to $1,500,000 and tapering to the existing $24,000 rebate at $1,850,000. It applies to all eligible buyers, not only first-timers, and is now law, retroactive to April 1, 2026. Confirm eligibility with your lawyer before relying on it.
The deposit in Markham is typically about 5% of the purchase price, paid within 24 hours of an accepted offer and held in the listing brokerage's trust account. It is not an extra cost; it becomes part of your down payment at closing. It is at risk only if you firm up the deal and then fail to close. If a properly written condition (financing, inspection, status certificate) is not satisfied and you do not waive it, the deposit is returned in full.
Market & Timing
Market & Timing
2026 is a buyer's market in Markham: more inventory, longer days on market (a median of 28 days), and buyers with more negotiating power than at any point since 2019. Well-priced, professionally marketed homes in desirable communities still sell efficiently, with a sale-to-list ratio around 97.6%. What has changed is that the strategy has to be sharper. Sellers who invest in presentation and price to the data consistently do well; sellers who price aspirationally are the ones accumulating days on market. Is now a good time to sell?
For buyers, 2026 is the most favourable Markham market in years. Active listings are at a decade high, sellers are accepting conditional offers, and homes are selling at about 97.6% of list. Buyers have genuine negotiating power and real choice. Combined with the enhanced HST rebate on new construction, conditions for buyers are the best they have been since before 2020.
Yes. Michael John Lau publishes monthly Markham market updates covering recent sales, price movement, days on market, and sale-to-list ratios, broken down to the neighbourhood level across Markham and York Region. These reports help buyers and sellers time their move and understand what is actually happening on their street, rather than relying on broad regional headlines that can lag the local market by months. Read the latest update.
The average sale price across all property types in Markham is around $1.1 million in 2026, but the average hides enormous variation: condos and townhomes trade well below it, while detached homes in Unionville, Angus Glen, and Cachet trade well above it, with luxury properties from $2 million to $5 million and more. The number that matters for any decision is what comparable homes sold for on the specific street, which is why Michael prices from neighbourhood-level TRREB data rather than city averages. Neighbourhood home values.
Special Situations
Downsizing, Estates & Special Situations
Start with a free evaluation of the family home so you know your real budget, decide what matters in the next place (floor, amenities, maintenance fees, walkability, elevator access), then plan the timing of the two moves. For most Markham downsizers, selling first with a flexible closing gives the most control and avoids carrying two homes. Michael coordinates both sides so you move once, without rushing either decision. The downsizing guide.
In a buyer's market like Markham in 2026, selling first is usually the safer sequence: you know exactly what you have to spend, and you are not carrying two mortgages while your home waits for a buyer. Buying first can work when the right home appears and you have bridge financing or savings to cover the gap. The decision depends on your finances, the price band you are moving between, and how quickly homes like yours are selling, which is worth a proper conversation before committing either way. Buy before you sell.
Usually, if the home was in the deceased's sole name. The estate trustee needs a Certificate of Appointment of Estate Trustee from the Ontario Superior Court before title can transfer; property held in joint tenancy generally passes to the surviving owner without probate. The main cost is Estate Administration Tax: nothing on the first $50,000 of the estate, then $15 per $1,000 above that (about 1.5%), so $14,250 on a $1,000,000 estate. GTA court offices commonly take three to six months to issue the certificate in 2026. The home can be listed before the certificate arrives using a "subject to probate" clause. The full probate guide.
No. An estate trustee's duty is to sell at fair market value in the beneficiaries' best interest, not to sell fast to whoever offers first. In many cases light preparation, cleaning, and proper marketing net the estate far more than an as-is cash sale, often by more than the cost and effort involved. A Markham estate home Michael handled recently, with showings limited to 8 a.m. to 3 p.m., sold firm with no conditions for $51,000 over asking in seven days. Estate sale help.
Both owners on title must agree to list and must sign the listing agreement and the eventual sale; if one refuses, the other may need a court order. The practical keys are a neutral agent who communicates with both parties equally and in writing, an agreed pricing approach based on data rather than either side's opinion, and a clear plan for how proceeds are held and divided, usually through the lawyers. Michael handles these sales with a calm, even-handed process so the home does not become another point of conflict. Selling during separation.
Yes. You can sell with the tenant in place, in which case the buyer takes over the lease and the tenant's rights continue, which suits investor buyers. If a buyer wants to live in the home, the seller serves an N12 notice on the buyer's behalf after a firm agreement, giving the tenant at least 60 days' notice to the end of a rental period plus one month's rent as compensation, and the buyer must genuinely intend to occupy. Tenants must also be given proper notice for every showing. Getting the sequence right protects the sale from Landlord and Tenant Board complications. Selling a tenanted property.
It can be, with the right protections. Buy from an established builder registered with Tarion, confirm your deposit is protected (freehold deposits are covered by Tarion up to set limits; condo deposits must be held in trust), and use the 10-day cooling-off period on new condo agreements to have a lawyer review the contract. The risks in 2026 are closing two to four years out into an unknown market, appraisal shortfalls at closing, development-charge increases (cap them in the agreement), and interim occupancy fees. The enhanced HST rebate makes the math better for agreements signed before March 31, 2027. Michael reviews the agreement and the project's track record before any client signs.
Often, but only if the builder's agreement allows assignment, and usually with the builder's consent and an assignment fee. The buyer of an assignment takes over your contract, pays you your deposit plus any agreed premium, and closes with the builder. Assignment sales have their own tax treatment (HST can apply to the assignment amount and profit is generally taxed as income), so speak to an accountant before listing. Marketing an assignment is different from marketing a resale home, because it can't go on MLS the same way. Selling an assignment.
Living in Markham
Living in Markham
Yes, by any national measure. York Region, which polices Markham, had a Crime Severity Index of about 54 in 2024, well below Toronto (about 69) and the Canadian average (about 75), and Markham regularly places near the top of Canadian "safest city" rankings. Within the city, the established, owner-occupied family communities such as Angus Glen, Berczy Village, and Unionville tend to sit at the low end of an already low range. Explore the neighbourhoods.
Markham consistently ranks among the most desirable cities in the GTA for families and professionals: low crime, strong public and Catholic school boards, more than 1,000 technology and life-sciences companies (it calls itself Canada's High-Tech Capital), extensive parks and the Rouge River corridor, and a diverse food and cultural scene from Main Street Unionville to Pacific Mall. The trade-off is price: the average home is around $1.1 million, so choosing the right community for your budget matters. Michael's neighbourhood guides cover all 33.
Markham is a city. It was first settled in 1794 by German families led by William Berczy, incorporated as a village in 1872 and a town in 1971, and officially changed its status to the City of Markham on July 1, 2012. With 338,503 residents at the 2021 census it is the largest municipality in York Region, the fourth largest in the Greater Toronto Area, and the 16th largest in Canada.
Markham borders Toronto directly at Steeles Avenue. Downtown Toronto is roughly 30 kilometres from central Markham, about 35 to 60 minutes by car via Highway 404 and the Don Valley Parkway depending on traffic, or about 45 to 55 minutes on the GO Transit Stouffville line from Unionville, Centennial, Markham, or Mount Joy stations to Union Station. Highway 407 runs east to west across the city, and Highway 7 is a major transit corridor with Viva rapid transit.
Markham is part of the Greater Toronto Area and is one of nine municipalities in York Region, along with Richmond Hill, Vaughan, Aurora, Newmarket, Whitchurch-Stouffville, King, East Gwillimbury, and Georgina. Richmond Hill is not in Markham; it is a separate city immediately to the west, with the border running roughly along Highway 404 and Woodbine Avenue. Markham is a distinct city from Toronto, not one of Toronto's former boroughs (those are Toronto, North York, Scarborough, Etobicoke, York, and East York).
Markham is one of the higher-priced cities in the GTA, with an average sale price around $1.1 million and established luxury enclaves such as Angus Glen, Cachet, and parts of Unionville where homes trade from $2 million to $5 million and up. It is also more varied than its reputation: Milliken Mills, Middlefield, and Markham's condo corridors along Highway 7 offer entry points well below the city average. Property taxes are moderate for the GTA, with the lowest average tax rate increase in the region for 21 years running.
The Markham Fair, one of Canada's oldest agricultural fairs, runs every autumn at the Markham Fairgrounds on McCowan Road north of Elgin Mills, typically over the first weekend of October. Exact dates and admission are published each year at markhamfair.ca. It is a good weekend to see the north end of the city if you are considering communities like Victoria Square, Cathedraltown, or Greensborough.
Yes. Under the Ontario Building Code, finishing a basement in Markham requires a building permit whenever you add walls or rooms, plumbing, a bathroom, or change structure, electrical, or HVAC. Creating a separate basement apartment is a further step: Markham permits additional dwelling units, but they must meet fire-separation, egress, and ceiling-height rules and be registered with the City. When you sell, buyers and their lawyers will ask whether basement work was permitted, and unpermitted work can cost you at the negotiating table.
Working With a REALTOR®
Working With a REALTOR®
Michael John Lau is a Markham REALTOR® and leader of the Kaizen Real Estate Team at eXp Realty's Luxury Division, with 11 years of experience, more than 430 homes sold, 81 five-star Google reviews, and recognition as an eXp ICON Agent in 2024 and 2025. His approach pairs data-driven pricing from street-level TRREB sold data with full-service marketing across Markham and York Region. Clients choose him for a process built on accurate valuation, professional presentation, and responsive, informed guidance from first conversation to closing. How to judge any agent against five standards.
In Ontario, commission has never been fixed and remains fully negotiable. The Trust in Real Estate Services Act, in force since December 2023, requires brokerages to explain in writing how they are paid and by whom before you sign a representation agreement, and it gives sellers the option of an open offer process. The 2024 changes you may have read about in the news, where offers of buyer-agent compensation were removed from listing databases, came from a U.S. legal settlement and do not apply in Ontario, although written buyer representation agreements are now standard here too. Ask any agent to put their compensation in writing before you commit.
Raise it directly with the agent first, in writing, naming the specific gap: no showing feedback, no marketing you were promised, no response to calls. If nothing changes, contact the brokerage's broker of record; every Ontario agent works under one and the brokerage is accountable for the service. Check your representation agreement for its term and any cancellation clause; many brokerages will release a client on request rather than hold them to an unhappy contract. Complaints about conduct can be made to the Real Estate Council of Ontario. A second opinion on price and marketing from another agent costs nothing.
During an active listing, at least weekly, and after every showing. A weekly written update should cover showings, feedback, online traffic, and any comparable homes that sold or listed nearby, along with a recommendation if anything needs to change. Buyers should expect same-day responses on new listings and a call after every viewing. Michael's clients receive showing feedback within 24 hours and a written weekly report, because the pattern in that feedback is what tells you whether the strategy is working.
Yes. An experienced Markham buyer's agent can surface off-market and pre-market opportunities through local networks and broker connections, giving buyers more options and sometimes less competition. On negotiation, the agent advises on offer price, terms, and conditions and manages the process using current sold data and market trends, protecting the buyer while working to secure the strongest possible deal.
Yes. The Kaizen Real Estate Team includes a member who is both a REALTOR® and a licensed mortgage agent, so buyers can get help finding the right home alongside informed guidance on mortgage options, pre-approval, and budgeting. Having real estate and financing expertise on one team streamlines the process and helps buyers make confident, well-informed decisions.
Yes. For renters, Michael's team finds listings that fit your needs and budget, arranges showings, prepares a competitive rental application with the documents landlords require, and reviews lease terms before you sign. For landlords, the team markets the property, screens and qualifies tenants, handles showings, and sets up the lease agreement. The goal on both sides is a smooth process where you understand your options at every step.
Yes. Michael is fluent in English and Cantonese and works with local families, luxury sellers, condo owners, and downsizers across Markham and York Region in either language. Contracts and disclosures are always provided in English, the language of the legal documents, and explained in whichever language the client prefers.
Still Have a Question?
Get an Answer for Your Situation
Every home and every move is different. Get answers specific to your situation from a Markham REALTOR® who knows the local market street by street. Free consultation, no obligation.
Call (416) 700-0286 Email info@callmikelau.com
Answers on this page are general information current as of 2026 and are not legal, tax, or financial advice. Tax rates, government programs, and regulations change; confirm the details for your situation with your lawyer, accountant, or the relevant authority.