Markham Real Estate Market Continues to Soften

While the real estate market in Markham is still one of the healthiest housing markets in the GTA, we continue to see softer conditions in recent months.  The average house price dropped from $612,512 in October to $570,283 in November although still a 1.6% increase over November of 2011.  The average time it took for homes to sell rose slightly from 29 to 31 days continuing the upward trend.  263 homes were sold during November which is down from 306 in October and also down 19% from the 326 homes sold a year ago.

While the market itself was likely due for a bit of cooling after an incredibly hot run, much of the current conditions are also a result of the recent mortage changes introduced in July which reduced maximum mortgage amortiaztions from 30 to 25 years and a purchase price ceiling of one-million dollars for government insured mortgages.

As with any location, if you’re buying and selling in the same market, it’s all relative when it comes to price.  Although, your overall strategy should be different and carefully thought out to ensure a successful move.  If you’re planning on buying in this market and don’t have anything to sell, well, now is an amazing time.  Not only are prices reasonable, there’s not much competition between buyers at the moment and mortgage rates are incredible.

The charts below provide a visual snapshot of the trends & statistics in Markham’s real estate market during the past year or so.  If there’s any specific info you would like to know or if you have any questions about your own situation, feel free to contact me anytime.