Loading...Markham has always been a unique case of the Greater Toronto Area’s suburbs. What makes it special is the sustained elevated prices driven by the demand to live in this city. The city’s residents are highly educated with 49% of the population’s highest level of education being university according to Prizm. Markham also has a predominantly Chinese demographic with Mandarin and Cantonese as the leading languages aside from English. Furthermore, Markham has a strong strategy for economic growth attracting companies in life sciences, ICT, engineering, and financial services. Many large employers have their offices in Markham including IBM, TD, The Miller Group, Aviva, Johnson and Johson, and so forth. While there is strong buyer demand, both sellers and buyers need to consider the slowdown of the current real estate market. Correctly pricing a home in Markham is one of the most important steps when selling. There is no taking back a price once it is listed publicly and first impressions really matter. When pricing is too high or too low, the sale of the home is affected in its final sale price and days on the market.
Understanding the Current Markham Real Estate Market
Markham is a suburb located north east of the 401 and Steeles. The suburb consists mainly of freehold and some condos. There are a few pockets of condos in the city mainly along Hwy 7 Rd stretching from Bayview Ave to Kennedy Rd and in the eastern end at Markham Rd & Major Mackenzie. However, you’ll find the majority of homes are family-driven with a lot of detached, semis, and townhomes.
Now you may be wondering who are the buyers looking for homes in Markham? The buyer pool mainly consists of existing residents, growing families, and professionals who are looking for proximity to highly ranked schools and ease of access to Toronto.
Months of inventory gives a good idea of the current Markham Real Estate market conditions. As of February 2026, Markham has 4.2 months of inventory according to the Toronto Real Estate Board. This means if no new listings were to come to market, it would take 4.2 months to sell the remaining inventory. This is a clear indication of a buyer’s market, so it makes pricing matter all the more.
Average prices have also dropped a lot in the past two years from the peak of the market. Currently, average price is $1.065M in February 2026 compared to $1.32M in March 2024. Meanwhile average days on the market have more than doubled in the past two years from 18 to 43 DOM.
Why Pricing Your Home Correctly Matters
First Impressions in the Market
Homes attract the most attention during the first few weeks after listing. If you price your home too high, you will create two issues. The first being that your home will not set off notifications for potential buyers. For example, if a buyer had set up search notifications for homes for sale priced up to $800,000 and you’ve priced it at $830,000 then your property will not show up in their search results or notifications. The second issue is that a high price dissuades buyers from even considering your home. As we’ve repeatedly mentioned, first impressions matter, and if the potential buyer’s impression is that your high price means you’re going to be picky or not negotiate, they may not even consider booking an appointment to see your home. At the end of the day, the purchase of a home is an emotional one and you really need to consider a buyer’s psychology when pricing it.
Overpriced Homes Lose Buyer Interest
Overpricing can cause listings to sit on the market and eventually sell for less. As mentioned earlier, overpriced properties won’t gain the attention of buyers compared to a property that’s listed lower.
Underpricing Can Leave Money on the Table
If priced too low, sellers may miss the full value of the property. That’s a serious risk too! Additionally, some owners may list their property very low in order to gain a lot of attention and showings, and try to hold an offer date in the hopes of a bidding war or multiple buyers competing with each other. However, this strategy is really dependent on the market conditions. If there is no appetite for this, you may just risk receiving no offers on the offer date. Some buyers are also discouraged when they see that there is an offer date, and do not want to participate in such a stressful experience. Finally, when you list low there is a chance that even with multiple offers – the final sale price could still end up being lower than had you just listed it at the price you wanted/fair market value.
How to Determine the Right Listing Price
Use a Comparative Market Analysis (CMA)
A comparative market analysis (CMA) helps determine a competitive price supported by real market data. A CMA is created by comparing recently sold homes that are similar in size and condition as the property being listed. Typically, sold homes in the vicinity of the subject property will be reviewed and chosen to be a comparable. Based on the recent sales in the neighbourhood, a price range can be created and will give you a good estimate of what your home could sell for.
Evaluate Active Listings in Your Area
Buyers compare listings directly, so pricing must compete with similar homes in your area. It’s important to consider the other listings as serious buyers will most likely see both or more homes while they are in the neighbourhood. Have a discussion with your agent if you want to be priced higher, lower, or similar than the competition. This will also depend on if your home has any unique selling points or if its condition/upgrades can make it stand out or be more appealing amongst the active listings.
Consider Price per Square Foot
Price per square foot is a metric that could help you determine the right listing price. This metric may be more commonly used for condos rather than freehold. To calculate the price per square foot, you take the sale price and divide it by the home’s above ground square footage. For instance, when you calculate the PSF for similar recently sold condos in your building they range from $950-1000/sq. Ft. If your property is 630 sq. ft., then you can use that PSF range to get an approximate price range that your condo could sell for by multiplying the square footage by the comparable PSF’s (in this example it would range from $598,500 to $630,000).
Factors That Affect Home Pricing in Markham
Location and Neighbourhood
Here are few examples of different neighboruhoods in Markham and what is unique about them:
- Unionville – A highly desired community with some of the city’s highest prices – especially the custom homes or one’s near main street. People really like the quaintness of being near Too Good Pond, Main St. Unionville, in addition to the safety and schools of this area.
- Wismer Commons – Heavily dominated by homes for families with children as there are a number of schools in the area and also a lot of recreational outdoor amenities such as Wismer Park and Swan Lake Park which houses multiple tennis courts, playgrounds, and trails. Many families choose this community as it is not as expensive as Unionville or Berczy.
- Bayview Glen – An established neighbourhood of Markham, so many of the homes are older. Prices remain high for renovated homes, and those looking to be closer to Richmond Hill. You could potentially get a great deal on some of the older homes if you’re willing to put in the work to renovate.
Property Size and Condition
It goes without saying that the size of your property and condition of the home will play a big factor in the pricing. Here are some things to consider that you may not have even thought of outside of the typical renovations, lot size, etc. (some are distinct to the demographics of Markham):
- The direction your home faces: this determines how much sunlight you’re getting throughout the day. A lot of people prefer brighter homes, so houses facing south typically get a lot of light.
- House number: your buyers may be deterred by certain house numbers if they’re auspicious. Unfortunately, it’s pretty hard to change a house number, but this is still something to consider when pricing. Consult your agent first and see what you can do!
- Layout: consider what current buyers prefer – if your home is open concept, it might appeal more to younger buyers compared to a home that has lots of closed-off rooms.
Market Timing
Spring and summer often attract more buyers, but it also means you’ll have more competition as everyone who is thinking of selling will think the same thing.
Interest Rates and Economic Conditions
High interest rates will create a smaller pool of qualified buyers. As seen during covid, lower interest rates spurred a buying frenzy. At the time of writing, it’s currently a buyer’s market which favours buyers more with negotiating power and lots of choices in inventory.
Pricing Strategies That Work in Today’s Market
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Market Value Pricing
Listing close to the estimated value to attract serious buyers.
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Strategic Pricing to Generate Multiple Offers
Sometimes listing slightly below market value to encourage bidding competition. This is only encouraged in a seller’s market if your home is a highly desirable home. Otherwise, leave this strategy for when we are in a seller’s market.
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Psychological Pricing
Example: $999,900 instead of $1,000,000. Your home will show up more when people are searching or have set their search notifications. The jump from $999,900 to $1,000,000 price tag affects how people perceive your home.
Common Pricing Mistakes Home Sellers Make
While it’s easy to feel like your home is worth more because of the memories you made there or the hard work you put into the garden, the buyers won’t think the same. They are going to think about the objective utility and market value of the home. Just because you “feel” your house is worth more, doesn’t make it so. Understandably, this is a contentious mistake especially if you had bought the home for a higher price than it is currently worth. Don’t price emotionally, your goal is to sell the home.
Some sellers look at active listings for pricing, but your neighbours may have a different strategy than you. The real truth lies in the sold data and what buyers in that area of Markham actually paid for similar properties. Typically we look at sales in the last 30, 60, or 90 days and go further back if there are no comparable sales nearby.
Some owners may also try testing the market with an unrealistic price. “Let’s see what happens,” are the famous last words before it backfires. High prices scare off the very buyers who are most likely to bid in the first week, leading to a stale listing.
If you’ve had twenty showings and zero offers, the market is sending you a clear signal. Stubbornly sticking to an initial price while your home sits on the market often leads to “Listing Fatigue,” where buyers begin to wonder, “What’s wrong with this house?”
Homes that stay on the market longer than the neighbourhood average often lose perceived value, eventually selling for less than they would have if they were priced correctly from day one.
Summary of common pricing mistakes:
- Pricing based on emotional value instead of market data
- Ignoring comparable sales
- Testing the market with an unrealistic price
- Refusing to adjust pricing when demand is low
Working With Professionals When Pricing Your Home
You don’t have to navigate the complexities of the Markham real estate market alone. Working with an expert makes the whole selling experience a lot simpler. We provide a Comparative Market Analysis (CMA), looking at local trends, neighbourhood demand, and the specific nuances of your street to find the “sweet spot” for your listing price.
Pricing your home correctly is one of the most important factors in attracting serious buyers and maximizing your final sale price. Position yourself for success and work with an agent to create a pricing strategy that works for your home. Not only does it help sell a home faster—it prevents the stress of “chasing the market” with constant price reductions. Before you plant that “For Sale” sign in the yard, consult with professionals to ensure your home is positioned to win.
FAQ Section
How do I determine the value of my home in Markham?
A comparative market analysis compares your property to recently sold homes in your neighbourhood to estimate market value.
What happens if my home is overpriced?
Overpriced homes often stay on the market longer and may require price reductions before attracting buyers.
Is it better to price high and negotiate down?
In most cases, this strategy discourages buyers because they can easily compare listings online.
When is the best time to sell a home in Markham?
Spring and summer are typically the busiest seasons for buyers.
Should I get an appraisal before listing my home?
An appraisal can provide an unbiased estimate of your home’s value and support your pricing strategy