Why Invest in Markham Real Estate?
Markham is known as the High-Tech Capital of Canada and is also known as “The Silicon Valley of the North”. This fame is due to several high-tech companies that are concentrated in the area. Its highways link the city with Downtown Toronto making Markham very accessible. City’s population has increased exponentially in the last years around 50,000 new inhabitants, and census projections show that in twenty five years, the population will increase around 52%. This rise in population is mainly due to employment growth in the region attracted by Fortune 500 businesses coming to the area. The Downtown Markham project will create a new concept of urban environment gathering new office buildings and commercial buildings nearby condo towers, and high-end townhomes turning this area one of the most desired in the Greater Toronto Area.
List of New Condos in Markham
Why Buy New Condo Developments in Markham?
Markham is the sixteenth largest city in Canada by population. Its growth has been strategically planned to focus on four main development areas which include safe and sustainable communities, money and resources, diversity, and exceptional services. The new York University campus has come to Markham envisioning job demands in the several companies located in the city. Other colleges had the same interest, such as Seneca College which provides a range of programs and certificates attending more than 100,000 students.
Markham counts on YRT (York Region Transit) to connect all York region cities. Also, Viva buses support to attend the area and provide commuting services for all citizens in the city. Not only connects within the city but with Aurora, Richmond Hill, Vaughan, and other cities nearby. Viva services were a pioneer in the field throughout the entire Greater Toronto Area. Besides connecting Markham with other cities, it also creates a way for residents to get to the Toronto’s Transit Commission’s subway line. One of the best features about these services is the fact that they are frequent and as such, you do not have to worry about running late.
Average Prices of Condos in Markham
The average resale price for all types of homes including condos in Markham was around $438,600 for the year 2019. New listings so far have been maintaining a price of $731 for every square foot which is currently following a growth path of 3.7 percent every year. The average rate of resale appreciation has been seen at 3.5 percent for the past 10 years. The average rental rate currently stands at $2300, which is in addition to a rental appreciation rate of 3.5 percent for the past 10 years. The vacancy rate currently sits at 0.8 percent, thereby making the demand for condos strong here.