Pull up a chair and grab a coffee. Let’s talk about the Markham condo market, which, through the first three quarters of 2025, has been about as predictable as Toronto traffic—sometimes you’re cruising, and sometimes you’re at a dead stop wondering how you got here. I’ve crunched the numbers, and the story they tell is one of shifting dynamics, offering both opportunities and cautionary tales for buyers and sellers alike.
As we dive into this, it’s important to remember that the real estate market doesn’t exist in a bubble. It’s constantly being nudged and shaped by bigger forces. Throughout 2025, we’ve seen the Bank of Canada cautiously lowering interest rates from the highs of previous years, bringing the overnight rate to 2.5% in September. This was a welcome sign for borrowing costs, yet a slowing Ontario economy, partly due to U.S. trade tariffs, has kept consumer confidence in a state of flux.
With that backdrop, let’s dissect the year so far.
Q1: A Cool but Steady Start
The year kicked off not with a bang, but with a quiet hum. In the first quarter, 152 condo apartments changed hands in Markham. Sellers were, on average, getting 99% of their asking price, which sounds pretty good on paper. However, with an average of 34 days on the market, properties weren’t exactly flying off the shelves. The average sold price landed at a respectable $696,757. Essentially, Q1 was a balanced, if somewhat sleepy, opening act.
Q2: The Spring Market Heats Up… In Volume, Not Price
As the weather warmed up, so did market activity. The second quarter saw a significant jump in sales, with 186 transactions. This is your classic spring market surge. Interestingly, this spike in activity led to sellers achieving, on average, 99% of their list price, and properties were selling a tad quicker at 32 days on the market.
But here’s the twist in the plot. Despite the flurry of sales and sellers getting their asking price, the average sold price actually dipped slightly to $688,452. So, while more people were buying and selling, they were doing so at a slightly lower price point. This suggests that while demand was strong, buyers were becoming more price-sensitive.
Q3: The Summer Cooldown and a Shift in Power
The third quarter continued the trend of high activity with 187 sales, virtually identical to Q2. However, the other metrics tell a story of a market that’s beginning to favour the buyer. The average time a condo spent on the market increased to 36 days, the longest of the year.
More telling, however, is that the average percentage of list price received dropped to 98%. Consequently, the average sold price saw its most significant decline of the year, falling to $671,916. This two-point drop in the sale-to-list ratio might not sound dramatic, but in real estate, it’s a clear signal that buyers are gaining negotiating power. It’s the difference between offering the asking price and successfully offering $13,000 less on a $650,000 condo. Across the broader GTA, the sales-to-new-listings ratio (SNLR) sat at 37% in August, officially designating it a buyer’s market, and it appears Markham is following suit.
What Does This All Mean?
Looking at the three quarters together, a clear trend emerges: the Markham condo apartment market is softening. After a brisk spring, the summer has brought a cooldown where prices are adjusting downwards, and buyers are finding more room to negotiate.
This isn’t a crash, but rather a correction—a market finding a more sustainable balance after years of frantic growth. The combination of a slightly sluggish provincial economy and a significant increase in condo inventory across the GTA (with a reported 31,000 new units expected for completion in 2025) is creating more choice for buyers than they’ve had in a long time. For sellers, this means pricing strategically is more critical than ever. Gone are the days of listing high and expecting a bidding war.
A Final Thought (and an Open Invitation)
Trying to perfectly time the real estate market is a bit like trying to catch a falling leaf—tricky and often a matter of luck. What matters more is making a decision that’s right for your personal circumstances. The data we’ve discussed provides a bird’s-eye view of the entire Markham condo apartment scene. It’s a valuable overview, but it doesn’t tell the whole story.
The market for a one-bedroom-plus-den in Downtown Markham can behave very differently from a similar sized apartment in a different area of Markham. That’s where a deeper dive becomes essential. If you’re curious about a specific neighbourhood, building, or even a particular floor plan, please don’t hesitate to reach out. I’d be happy to provide a more tailored analysis to help you navigate this fascinating and ever-changing market.
Data Source: The sales data and statistics discussed in this article are based on information sourced from the Toronto Regional Real Estate Board (TRREB) for the first three quarters of 2025
