Why Invest in Markham Real Estate?
The City of Markham is located north of the Greater Toronto Area in the region of York. Markham is known as the High-Tech Capital of Canada and is named the Silicon Valley of the North. The area has gained recognition for its concentration of high-tech companies. With several highways connecting the city with downtown Toronto, Markham is quite accessible. The City of Markham is home to a highly diverse population of over 351,000 people, with over 70% of the population being in visible minority groups. As the population grows, Fortune 500 companies are bringing employment to the region. A new concept of the urban environment will be developed by the Downtown Markham project, which will bring new office buildings and commercial buildings as well as high-rise condominiums and townhomes, turning this area into one of the most desirable in the Greater Toronto Area. This city has a wealth of new facilities, numerous housing options, and excellent educational institutions. There are many new condo developments in Markham as the population has increased, more housing options have become available. Living in Markham will give residents easy access to many shopping options, public transit, career opportunities, and city facilities. The City of Markham allows for easy access to other regions of the Greater Toronto Area through Highway 7, 404, and 407, and motorists can arrive in Downtown Toronto in 30 minutes. Residents can take advantage of the city’s excellent transit services, operated by York Region Transit. The city is also home to many diverse and amenity-rich neighbourhoods, where there are plenty of opportunities to invest in new condos in Markham, among the many other new developments in the city.
List of New Condos in Markham
Why Buy New Condo Developments in Markham?
The city of Markham has the seventh-largest population in Ontario. Four main development areas have been focused on in its growth strategy: safety and sustainability of neighbourhoods, money and resources, diversity, and exceptional services. The city has many careers, housing, and educational opportunities available. The city will soon welcome the new York University Markham Centre Campus, which is set to open in Fall 2023. The City of Markham and York University are partnering on the project, intending to accommodate 4,200 in the early stages. Seneca College Markham Campus is situated at Highway 404 and Highway 7. The college offers both full-time and part-time programs. In Markham, you can find an array of attractions, dining, arts and culture, parks and trails, and shopping options. The city of Markham hosts a variety of events, including Night it Up and Taste of Asia, to showcase its many cultures. With a new condo in Markham, you’ll have access to all the city’s excellent amenities, including parks and shopping malls. Markham is primarily an urban area, but the city has made efforts to preserve its natural environment. Residents can enjoy nature at Milne Dam Conservation Park, Milliken Mills Park, and Bob Hunter Memorial Park.
Employment in Markham
Investing in a new condo development in Markham will place you in an award-winning community with over 10,840 businesses in the city, and it is one of the most successful economies in Ontario. There are over 650 corporate offices in the city, 1,500 technology and life science companies, and 240 foreign companies. Of the 351,000 residents living in Markham, 63.3% of the population are participating in the labour force, with almost 160,000 people employed. The unemployment rate in Markham currently sits at 7.3%, which is below the 8.1% national rate. The top five industries in Markham are FIRE (finance, insurance, and real estate), science and technology, retail, manufacturing, and healthcare and social assistance. The average total income for private households in Markham is $45,184, which is below the provincial and national averages of $47,915 and $47,487, respectively. The City of Markham is home to several large corporations such as IBM Canada Ltd., TD Financial Group, Johnson and Johnson Inc., Huawei Technologies Canada Co. LTD, and Aviva Canada.
Average Prices for Condos in Markham
Toronto Regional Real Estate Board statistics show that the average price of all types of homes, including new condominiums in Markham, is $1,259,516. The price is higher than the average cost for all types of homes in the GTA, which comes to $1,073,104. In 2021, the average selling price for condos in Markham is $679,373, and the average day on the market is 14 days. York Region condos sell on average for $656,648, which is lower than Markham condo prices. The average condo price in Markham is still lower than in the GTA, where it is $682,280. Markham condo prices are benchmarked at $673,700, a change of 11.13% from the previous year.
Accessibility and Transit
The York Region Transit (YRT) provides connections between all York region cities in Markham. Toronto Transit Commission (TTC), GO Transit, and Viva Transit also provide commuting services for all residents of the city. In Markham, the PRESTO card can be used to pay for all public transit fares, which allows for easy travel between all transit providers. The YRT provides numerous routes from Viva routes, local routes, school routes, and express routes. YRT also has mobility services to make travel accessible for all residents. Viva Transit’s Purple Line operates east and west of Markham, making 25 stops along Highway 7. The TTC runs five routes in Markham, including bus routes 102D (Markham Road), 68B (Warden), 17A (Birchmount), 160 (Bathurst North), and 129A (McCowan North). In Markham, GO Transit has two stations, Unionville GO and Langstaff GO, which residents can use to get to other parts of the GTA quickly. If you buy a new condo in Markham, you will have access to the many transit services that are available in the city, which will make travelling around the city and the Greater Toronto Area easy.
Neighbourhoods in Markham
Markham is a new and urban area with diverse and unique neighbourhoods. New condo developments in Markham can be found in the neighbourhoods of Unionville, Cathedraltown, Wismar, Greensborough, and Berczy Village. Unionville is a unique and charming neighbourhood located in the heart of Markham with many shopping opportunities, parks, schools, and other recreational facilities. Shoppers in Unionville have many options, including shopping plazas and shopping malls, such as CF Markville. Unionville’s location also allows for easy access to highways and public transit. Highway 7 runs through Unionville, where residents can easily access Highway 404 and use the purple line of Viva Transit to travel through the York Region and the GTA. Residents of Unionville can spend time outdoors in the neighbourhood’s many green spaces, including Toogood Pond Park and Austin Drive Park. Located north of Unionville is the family-friendly neighbourhood of Berczy Village, which has many opportunities for new condos in Markham. A large portion of the homes in the community are detached homes and townhomes, with a growing selection of newer developments. In the middle of the neighbourhood is Berczy Park North and South, where residents can use the picnic areas, sports facilities, and walking trails. In the northwest end of Markham is Cathedraltown, which is a master-planned community with a mix of homes from boutique townhomes to mid-rise condos. The neighbourhood of Cathedraltown lies directly east of Highway 404, which allows residents easy access to other highways in the 400-series. In the new neighbourhood of Wismer you’ll find safe roads, plenty of green space, and good schools. Wismer is comprised of medium-sized detached and semi-detached homes that have large front yards and backyards. There is a large green space in the center of the neighborhood where residents can access splash pads, soccer fields, tennis courts, and picnic areas. Greensborough is in the northeast end of Markham and offers a wide range of housing options, including low-rise condos, stacked townhomes, and detached homes. In Greensborough, residents have access to several shopping areas and to Main Street Markham, where they can visit local retailers and restaurants. These neighbourhoods are excellent places to look for a new condo development in Markham.
Questions & Answers
An interim occupancy period occurs between moving into a new condo unit and the closing date (the final closing). Construction progress can affect the length of an interim occupancy period, which can last from four to six months. As construction continues, units will be available for occupancy once construction is complete. Homeowners must still pay interim occupancy fees regardless of whether they move into the home during the interim period. Other than taxes and condo fees, the interim occupancy fee includes interest on the remaining purchase price. Buyers will be notified of the final closing date after the interim occupancy period. When the closing takes place, the building will be registered, and the ownership will transfer to the buyers.
Pre-construction properties are inspected differently from resale properties. Pre-delivery inspections are also advisable as an alternative. An inspection is done before you take possession of your condo or house as part of the Pre-Delivery Inspection. You may conduct the PDI following the completion of construction and viewing of the homes. It is the builder’s responsibility to show the inspection of the property’s different features, such as ventilation, plumbing, and heating. It is important for the builder to note any damaged or missing parts of the house. The inspection must be followed by a signature on the PDI Form.
In the Greater Toronto Area, the down payment rate is typically 20%, though this can vary depending on who the buyer agrees to work with. For the down payment, the 20% will be paid in several installments. Five percent of the cost of the home is due within the first 30 days of purchase. Five percent is due again within 90 days. Five percent is due within 180 days, and five percent is due before occupancy.