Markham Real Estate Slows as Tariffs and Uncertainty Weigh on Summer Market

Markham Real Estate Slows as Tariffs and Uncertainty Weigh on Summer Market

It’s been an unusually sluggish summer for the Markham real estate market. Normally, summer tends to slow down a bit, families travel, buyers take a break, and activity tapers off after the spring rush. But this year, spring was already quiet, and without the typical wave of pre-summer sales, listings began to pile up. That surplus carried into the summer months, causing inventory to rise while buyer activity remained soft. As a result, the months of inventory (MOI) have climbed across all housing segments, with high-rise condos rising to over 8 and low-rise homes sitting around 5 to 6, clear signs of a cooler-than-usual season. Meanwhile, average home prices in Markham have been gradually trending downward, reflecting the more cautious tone of today’s market.

I spoke with a homeowner in Markham recently who’s been trying to sell for months, with no success under a previous agent. What stood out wasn’t just the frustration, but where he placed the blame. He never brought up interest rates. Instead, his concerns centered around the uncertainty surrounding tariffs and the global trade climate. In his eyes, what’s keeping buyers away isn’t borrowing costs, it’s a lack of confidence, much of it stemming from broader economic worries, especially US-Canada trade tensions.

That kind of sentiment mirrors what’s happening beyond the local level. Ontario Premier Doug Ford even commented on the Bank of Canada’s recent decision to hold its interest rate at 2.75%, expressing surprise and disappointment. He argued that with the global trade war dragging on and uncertainty weighing on investment, the economy needs a push, and that a rate cut could provide it. He framed it as a way to protect jobs and support economic growth during a fragile period.

But the Bank of Canada took a different stance. Governor Tiff Macklem pointed to inflation as the dominant concern. Despite the trade issues, he emphasized that the Canadian economy is holding up, and that inflationary pressures are still strong enough to justify leaving rates where they are for now.

This disconnect between political and monetary decision-makers adds another layer of confusion for buyers and sellers. People see mixed signals. One side calls for stimulus, the other holds back to fight inflation. And in the middle are homeowners trying to sell, buyers unsure about timing, and a market that’s searching for direction.

In Markham, where many buyers are cautious and data-driven, that confusion has real consequences. People aren’t rushing into purchases, especially when they think prices could dip further or when they’re unsure where rates will go next. Sellers, especially those who came into summer expecting a rebound, are now adjusting their expectations as listings sit longer and offers take time to materialize.

This market isn’t crashing, but it is cooling. And it’s doing so in a more complex environment than usual. It’s not just about interest rates or seasonal slowdowns. It’s about global uncertainty, local inventory buildup, and buyer hesitation all converging at once.

For anyone buying or selling in Markham right now, understanding those layers is crucial. It’s not just about price, it’s about timing, messaging, and being realistic. The sellers who adapt to this climate and work with someone who knows how to navigate uncertainty are the ones who will move forward, even while the broader market hesitates.

 



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