Markham Freehold Market Report - May 2021

Markham Freehold Market Report - May 2021

Markham Freehold Market Report - May 2021

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The Freehold housing market in Markham is still robust in May.

Freehold Attached Market

The freehold attached houses' average price, including town, semi, and link houses, was up 1.6% from the previous month, up 27.4% from the same month previous year. The average time to sell this type of home is around 12 Days. The current month of inventory of Attached houses in Markham is about 0.7. Therefore, this segment of housing is currently in a Strong Seller's Market.

Freehold Detached Market

The average price of detached houses was up 4.9% from the previous month, up 30.2% from the same month last year. Approximately 57.4% of total freehold units sold in Markham last month are Detached houses. If you plan to buy a detached home in Markham, you will need to spend an average of $1.8M. The current month of inventory of detached dwellings in Markham is around 1.43. Both new listings and sold listings are down over 20% this month, meaning price will not change much in the coming months. With the new mortgage stress test rule effective on June 1st, buyers will qualify less on the mortgage to purchase a home. The reduced buyer's affordability could impact the market in the coming months.

Condo Market

The average price of the condo had its first decline since last Dec, down 1.6% compared to April, but up 18% v.s. last May. The sold listing dropped by 11%. Take a closer look at the condo market in Unionville; the average price of all segments increased except the units between 600-699sqf and 700-799sqf, which accounted for more than half of units sold last month. The surge of the listings of segment will put price pressure of 600-600sqf condo in the coming months.

If you plan to move to Markham or you want to learn more about real estate investment opportunities in Markham, please contact Markham real estate agent Realtor Alan Zheng at 647-877-9311.