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Markham Real Estate

Markham-Real-Estate

Markham Real Estate Market

When it comes to Markham Real Estate it is no secret to anyone living there and surrounding areas that close to majority of the city’s population are of Asian descent. But what many people don’t know is that Markham is a high-tech capital and boasts some major employers that range from IBM Canada, Apple Inc, American Express, Oracle, AMD and many others. In total there are more than 400 corporate head offices located in the city of Markham, which are home to some 140,000 jobs.

As one of the fastest growing cities in Ontario, Markham has been growing rapidly and its booming real estate market has covered so much ground that land became scarce in what used to be a much smaller city with plenty of farm lands only a decade ago. This has resulted in some extremely ambitious condominium projects in the form of condo villages in the heart of Markham around Highway 7 & Warden ave. Known as the Uptown Markham, theMarkham-Real-Estate project will boast dozens of different shaped high-rise condominium buildings. This massive project is currently surrounded by dozens of other condominiums which have proven to be successful in establishing communities in these high dense areas.
Markham-Real-EstateCurrent population of Markham is estimated to be 340,000 and constantly growing. It stood at 56,000 residents in year 1976, which shows that population has more than quintupled since then. Today, it is estimated to be growing at about 3% a year, which is actually 3 times higher than the national average. About 40% of residents are of East Asian descent, followed by white at 27% and South Asian make up about 19% of population. What is interesting is that Markham has the highest visible minority population of any major city in Canada at 72% and is only 1 of 8 cities with no major racial group.

The future of Markham Real EstateUnionville-Markham-Real-Estate

The median price of a property in Markham is over $500,000. That is nearly double the national average. Currently, Oak Ridges Moraine restricts any construction north of Major Mackenzie drive (north end of Markham). Today, a drive along Major Mackenzie Drive east of Warden avenue is drastically different than what it was five or so years ago. Much of farm land on the south side has disappeared and is currently filled Uptown-Markham-Real-Estatewith residential homes. Markham real estate market has followed the path of other cities in York Region. With its high population growth, the demand for housing has resulted in all new communities being built that seemed unimaginable only a decade ago.
The new reality for this city is similar to that of Richmond Hill and Vaughan, where high-rise condominium projects are the future of the their respective real estate markets. Markham, being an attractive city for AsianViva-Markham-Real-Estate immigrants, with some 900 employers operating there, as well as its growing population will continue the demand for its housing market. Markham is no doubt a desirable city to live in for many and it should by no means be overlooked.
As always, and as one of many tips to my clients, buying a low rise property, be it detached, semi or townhouse will yield you a better return on investment in years to come. Hope you enjoyed this insight on Markham Real Estate market, and if you have any questions don’t hesitate to CONTACT ME.