In the city of Markham, a relatively low crime rate and high standard of living are to be expected. However, real estate in Ontario’s ninth-largest city can prove a financial challenge for many people. It is one of the most expensive places to live in Canada, with an average house price of $ 569,000.
Markham, which is considered a suburb of Toronto, have few commercial centers and strip malls. However, the city has several planned neighborhoods built with walking trails for recreation and outdoor activities such as walking or jogging.
One of the most important places in Markham is Cornell, an upper-class community with a high population of people from the United States. Those who live in this area are willing to pay $ 639,000 for a luxurious home with all amenities included.
Four Seasons Hotel is another attraction in Markham, but it is also where many business people stay when they come into the city for their meetings. Those looking to rent an apartment that may be close by can expect to pay a dollar rate of $ 2,299 per month.
In this city, where the population has been rapidly increasing due to its proximity to Toronto and abundant real estate, those who want a house or rental unit must be prepared to face competition from other buyers and high prices that are sometimes not within reach.
With the MLS Markham Home Price Index up only modestly in February, compared to January, year over year price growth continues to improve.
The average selling price for an MLS home rose 5% in February 2017 to $875,983 from January 2017, while it rose 6.6% from last year’s prices.
Meanwhile, new listings were down 10.4% in February but are still higher than they have been over the longer term. The number of active listings was also slightly lower (-1%) at 8962 homes after having increased by 2.5% in January – this is good news since it should provide some support for potential future sellers and give buyers more options on which properties they can choose from when looking for a home purchase or sale.
Sales activity was down 2.6% from January. Still, it was up by 15.7% compared to last February due to lack of supply and strong demand for homes. More people look to purchase a home as the Canadian economy continues its recovery process.
Although these gains are promising, it’s important to remember that this is still far below long term averages. However, the meagre number of properties on sale suggests that we may be getting closer to a balanced market between buyers’ support and sellers’ inventory levels which should help keep price growth under control in 2017 after many years of steep increases due to limited supply.
Even with the recent appreciation in house prices over the past year or two, houses are affordable when considering their typical monthly costs. The average payment on a new mortgage on an MLS home in February was $3,087, while the average rent payment for an apartment in Markham was $1,694 – this would mean that typical monthly housing costs are about 60% lower than they are when buying a house compared to renting.