Why Berczy is the Standout Neighborhood in Markham’s Real Estate Market

Why Berczy is the Standout Neighborhood in Markham’s Real Estate Market

When looking at the real estate market in Markham, Berczy stands out as the only community where attached home prices have increased in mid-June 2025, and it's clear why. As of today, the average price for an attached home in Berczy is $1.27 million, which represents a modest 1% increase compared to last year. In contrast, attached home prices in other parts of Markham have dropped anywhere from 5% to 25%, with most areas seeing a 10% decline. This raises the question: why is Berczy attached home prices bucking the trend, and can this price stability continue?

Berczy has become increasingly popular for several reasons, especially among new immigrants. Many of my clients, who are new to Canada, have purchased homes here and paid in full upfront, avoiding the need for a mortgage. This speaks to the level of investment and commitment to the community. For these families, Berczy offers a welcoming environment with excellent schools, such as Pierre Elliott Trudeau High School and elementary schools like Castlemore and Stonebridge, which are especially popular within the Chinese community. It's not just about buying a house, it's about securing a future for their children in a community with strong educational values. One of the more compelling stories I can share involves a family that raised their kids in Berczy. Their child, who went through the local schools, has just been accepted into Harvard University. This success story is a testament to the environment that Berczy offers, where education, community, and a sense of stability have shaped their child’s future.

One of the key reasons why Berczy has become so desirable is its relatively newer housing stock. Compared to older neighborhoods like Unionville or Markville, most attached homes in Berczy were built after the year 2000, offering more modern designs and better construction compared to older homes in other areas. This modern feel adds a layer of appeal, especially for families looking for newer homes.

Additionally, Berczy's location is perfect for those seeking convenience. It's not far from major highways, making it easy to get around, and it's home to many Asian grocery stores and restaurants. For families that have recently immigrated, having these amenities nearby makes settling in a lot easier. The community offers a sense of familiarity and comfort, which makes it particularly attractive for newcomers who may feel more at home in a neighborhood with cultural ties.

Berczy also has a unique characteristic. There's simply not enough supply to meet the demand. The average months of inventory (MOI) is just 2.4 months, indicating a seller's market. Many homeowners in the area, including a significant number of wealthy Chinese immigrants, are not looking to sell anytime soon. These homeowners are less affected by fluctuations in the job market or broader economic trends, creating a stable environment for housing prices. This stability, combined with the area's high demand, has kept Berczy's real estate market strong.

For years now, new immigrants, many of whom purchased homes in Berczy starting in the 2010s, have significantly contributed to the area's price growth. Even after the foreign buyer tax was implemented in 2017, there was a temporary drop in prices, but they quickly rebounded and continued to rise, particularly after the COVID-19 pandemic. In fact, by the 2022 peak, home prices in Berczy had surged by nearly 50% compared to the 2017 foreign buyer tax peak. As a result, prices in Berczy are now at least 10% higher than the average across the Greater Toronto Area (GTA), making it one of the most expensive neighborhoods in Markham.

While Berczy's real estate market has certainly thrived due to strong demand and limited supply, we need to also consider the future of the community and how changes in the buyer profile could impact prices in the years to come. Currently, Berczy continues to command a premium, with its attractive schools, modern homes, and vibrant community making it a top choice. However, as the dynamics of the real estate market shift, particularly in terms of who is buying homes, we might see some changes in the pricing trajectory.

The reality is that if the influx of wealthy Chinese immigrants, which has been a driving force behind Berczy's success, slows down, the premium price that the area currently enjoys could be in jeopardy. The profile of future buyers plays a key role here. While new immigrants have historically been a significant part of the buyer pool in Berczy, particularly those who are willing to pay in full and avoid mortgages, a decline in the number of high-net-worth individuals coming into the community could lead to slower price growth, or even a price drop.

Moreover, if the broader GTA market continues to experience price declines, especially in neighboring communities, there could be a growing affordability gap between Berczy and other areas. As other neighborhoods become more affordable, future buyers may opt for these options, especially if they have more choices available to them. This would put pressure on Berczy's prices, as buyers might start to consider more budget-friendly alternatives. With increased competition from more affordable areas, the premium prices in Berczy may begin to lose their appeal. Another perspective is to look at the detached housing price in Berczy, where the average price has dropped by 11% compared to last year. That’s another warning sign that attached housing prices may fall too.

In this context, if the economic conditions continue to worsen, and the supply of high-net-worth buyers diminishes, the premium pricing in Berczy may soften. Right now, we are already seeing that Berczy prices are off by around 20% from their peak in 2022. This decline reflects the broader market correction, but it also signals that if the buyer pool continues to shrink or shift, prices could face further downward pressure.

Ultimately, while Berczy will likely always remain a desirable community, especially for those seeking quality schools and modern homes, the potential slowdown in immigration, changes in buyer profiles, and broader economic trends could impact the market in the future. For now, Berczy continues to hold strong, but it’s important to recognize that, like any real estate market, it is not immune to larger shifts that could affect pricing.

Berczy's real estate market has thrived due to a combination of high demand, limited supply, and a stable, affluent community. The neighborhood offers a unique mix of convenience, modern housing, and strong educational opportunities, all of which continue to drive its success. Given the sustained demand and low inventory, it seems likely that Berczy will continue to outperform other areas in the region. Of course, broader economic conditions may play a role, but for now, Berczy remains one of Markham’s most resilient and sought-after neighborhoods.



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