Why Buy a Condo in Markham?

Are you thinking of buying a condo in Markham? If so, you’re definitely thinking in the right direction. Located 30 km (19 mi) to the north-east of Downtown Toronto, Markham evolved into a city from a town in 2012. Thanks to rapid economic and infrastructural development, the city has expanded its horizons and become 16th largest city in Canada.

The real estate market of Markham has been booming for quite some time, and the condo market has played a massive role in that. Markham has been a leader when it comes to the condominium market in the country and has been one of the most preferred locations of businesses as well as homebuyers. So much is the demand for condos in Markham that people have had to go to bidding wars or wait for buying condos.

Condos have been a real driving force in the real estate sector of Markham, contributing 41% of the property sales within the city. The new condos in Markham boast bountiful of luxurious amenities that take your living experience to a whole new level.

From the investment point of view, buying a condo in Markham is undoubtedly a decision you won’t regret. In the past year alone, the average condo price in Markham has risen by 23.76%. If this doesn’t sound like a good return, we don’t know what would!

Markham: An Exciting Destination for Investors

In the mid-1970s, the completion of the highway 404 stimulated economic growth in Markham, and since then, it hasn’t looked back. Today, Markham is one of the fastest growing regions in the country. The best thing about the growth in Markham has been the systematic approach to it. The expansion of the city has been made sure by careful planning and the sustainable path.

Today, Markham is home to a plethora of big technology companies, and that’s why it’s known as Canada’s Hi-Tech Capital. Some of the most notable names include IBM, Motorola, Toshiba, Lucent, Honeywell, Apple, and Genesis Microchip. These companies have played a significant role as far as providing employment to the people of Markham is concerned.

The city has witnessed a tremendous growth trajectory as far as the real estate sector and the condo sector is concerned. The condo projects in the city have been fascinating, to say the least. Projects with new ideas, new identity are getting built in the city. One such experiment has been condo villages, developed near the highway 7 and Warden Avenue.

The growth story of Markham is hard to explain in few sentences, but numbers inevitably reflect the point better. The average price of a dwelling unit in Markham is $500,741, 1.8 times higher than the national average of $280,552. The median household income in Markham is $75,135 (after taxes), significantly higher than the national average of $54,089.

Therefore, from the investment point of view, there are very few places in Canada better than Markham.

Average Condo Price in Markham

As far as the average resale condo price in Markham is concerned, it has given handsome returns to the investors, yielding 23.76 percent return in 2016.

On the other hand, the average index selling price of pre-construction condos has increased from 18% to 20%. It has touched the mark of $650 per square foot.

Getting in and around Markham

What is your preferred method of commuting? Rail? Subway? Bus? Automobile? Whichever way it is, Markham has options for you. Markham is home to some of the major highways in Canada, Highway 404 and Highway 407 being the most notable of them. Go Transit provides the passenger rail service in Markham, with the commuter line stretching from Lincolnville to downtown Toronto.

Markham being a municipality in the York region, York Region Transit connects Markham with other surrounding municipalities. It has two major stations in Markham: Unionville GO Terminal and Markham Stouffville Hospital Bus Terminal. Cornell, a new terminal near Rose Way has been approved and is scheduled to be completed in June 2019.

The most prominent transit system of the York region is VIVAfork, an extraordinary rapid transit service. Viva links Markham along with Richmond Hill, Vaughan, Aurora, and Newmarket. The best thing about Viva is that you don’t need to wait or check schedules. Viva buses run all the time, connecting Viva stations. A display is put in each of this station that shows the time it’d take for buses to arrive. It’s flexible, it’s comfortable, and it’s easy.

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