Markham New Condos for Sale
Why Should You Invest In Markham Real Estate?
There is a desire by the city to control urban sprawl by requesting higher density for new condominium developments. The city plan calls for more growth along Highway 7 and less towards the farmland to the north. Markham today has vast new subdivisions, multi-level condominiums being developed and constructed and sold at a rapid pace.
The new city council is located at the Markham Civic Centre at the intersection of Warden Avenue and York Regional Road 7. The site of the previous offices on Woodbine Avenue has been redeveloped for commercial uses as well as many new pre-constructed condos for sale.
Markham is the biggest of nine municipalities in York Region. It is the seventh largest in Ontario and the sixteenth largest municipality in Canada. The completion of highway 404 in the mid 1970's allowed rapid urban development in the area.
The City has received praise for its strong incredibly liveable facilities, its economic growth and its public spaces. Since the 1980's, the city has been identified as a suburb of Toronto. Markham comprises six major communities, which include Cornell, Berczy Village, Markham Village, Unionville and Thornhill.
The City has been prepared for its expansion through decisive planning, this will ensure a sustainable and balanced approach to the advancement of the community. The four major strategic priorities are as follows: Stewardship of Money and Resources, Building a Safe and Sustainable Community, Creating a Diverse and Thriving City and Instituting Exceptional Services by Exceptional People.
As one of the fastest growing cities in Ontario, Markham continues to grow at a rapid pace and its booming real estate market has covered so much ground that it's resulted in some extremely ambitious condominium projects in the form of condo villages in the heart of Markham around Highway 7 & Warden Avenue. Known as the Uptown Markham, the project will boast dozens of differently 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 highly dense areas.
About 1 in 5 households (21%) had a household income over $150,000. Approximately two-thirds (65%) of the population aged 15 and over was in the labour force, and 60% were employed.
The median household income before taxes here is $86,022, and after taxes at $75,135, it is a quite a bit higher than the national average of $54,089.
Average Price of Condos in Markham
The average price of a resale condominium apartment for Markham in 2017 was around $470,315 – up 23.76 percent compared to 2016.
The average index selling price for a pre-construction condo unit continues to grow, rising 18% to 20% from a year ago to $650 per square foot. The average selling price rose annually to $449,900.
Markham: The Silicon Valley of the North
Markham is within the Greater Toronto Area of Southern Ontario. It is a regional municipality in York and it was originally classified as the Township of Markham. Markham’s mottos is: “Leading While Remembering”.
The current population of Markham is estimated to be around 340,000, and it is constantly growing. At a 15.3 percent increase from 2006, it is growing approximately 3 times faster than Canada's average.
Markham is also known as "The Silicon Valley of the North," and it is acknowledged as the High-Tech Capital of Canada. This is due to its concentration of high-tech and life science companies, over 1,100 of which are Fortune 500 businesses. This is home to numerous companies that are committed to research and development, pharmaceuticals, communication, manufacturing and distribution, electronics, computer software robotics, and healthcare. It is home to many Canadian industry leaders.
Markham has been described as a growth centre in the Greater Toronto Area. The projection indicates that Markham’s population will grow by 35% by the year 2032, especially considering the area's real estate industry boom. Numerous new high-rise condos are being built and sold at a rapid pace.
Markham is planning for the future by governing the delivery of their vision every day. As it continues to progress with unyielding momentum, there's no doubt about Markham's terrific energy. Many have already discovered that it's an alluring city in which to live, and it should not be overlooked by any means. By investing and purchasing a newly constructed condo in Markham, it will undoubtedly be a decision that you will never regret.
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Accessibility / Getting Around
York Region Transit connects you to where you want to go. YRT's local transit service links all nine of York Region's municipalities together.
VIVAYork - Viva was the first rapid transit service of its kind in the GTA. It offers frequent, flexible and comfortable rides. Viva connects Markham, Richmond Hill, Vaughan, Aurora, and Newmarket while also linking the York Region with Toronto and its subway system.
Viva is so frequent that it doesn't need a schedule. Stops are called "viva-stations" and have a ticket vending machine and a ticket validator (fares are on a proof-of-payment system to speed up boarding times), as well as a real-time "smart" display that lets you know when the next vehicle will arrive. Frequency is the hallmark of Viva rapid transit.
Viva eases the strain on the region's congested roads. Viva is similar to YRT, but it is used as an express bus service with the ability to change traffic signals to help reduce delays. The YRT is also planning to build a transit terminal somewhere near Cornell soon.
GO Transit is Canada’s first, and the Province of Ontario’s only, inter-regional public transportation service.
Metrolinx is the final piece in a three-part approach by the provincial government to prepare the GTHA for growth and sustained prosperity. Metrolinx has developed a Regional Transportation Plan for the Greater Toronto Area.
By providing such alternative rapid-transit options it implements new opportunities to live, work and play in the same community. In turn, this supports less reliance on the automobile as the primary mode of transportation.
Markham is creating civic pride through excellence in community planning and development. Taking a stroll down the village's Main Street is like taking a journey back through time. Cafes, restaurants, quaint shops and galleries create a quiet, peaceful community ambiance.
The municipal government undoubtedly takes pride of the city’s changing surroundings. Bridges allow easy mobility for cyclists, runners, joggers and walkers alike. They are used to enjoy all the sites the city has to offer. There are over 22 kilometres of scenic pathways running throughout its region. Markham’s green space also includes valleys, woodlots and ravines.
List of New Condos in Markham
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New Condos in GTA:
- Toronto New Condos
- North York New Condos
- Etobicoke New Condos
- Mississauga New Condos
- Scarborough New Condos
- Markham New Condos
- Vaughan New Condos
- Oakville New Condos
- Richmond Hill New Condos
- Thornhill New Condos
- Brampton New Condos
- Pickering New Condos
- Ajax New Condos
- Waterloo New Condos
- Kitchener New Condos
- Oshawa New Condos
- Whitby New Condos
- Whitchurch -Stouffville New Condos
Questions & Answers
What is Interim Occupancy?
It is the period between when a new condo unit buyer can occupy their unit, and when the condo is registered and title transferred to the buyer; buyers pay occupancy fees during the interim period condo.
Can I use my RRSP for my downpayment?
One great source of funding for the down payment on your condo is your Registered Retirement Savings Plan (RRSP). The Canadian government's Home Buyers' Plan (HBP) allows you to borrow up to $25,000 from your RRSP tax-free for a down payment. However, this is only an option for first-time homebuyers, and since the HBP is considered a loan, it must be repaid to your RRSP within 15 years.
Is there a limit on how much condo fees can be increased?
There is no maximum amount. Each year, your condominium corporation should set out a budget for current operating expenses and the reserve fund. If you or other owners are concerned about increases to condo fees, discuss this with your board of directors at the condominium’s annual general meeting or at any other owners’ meeting.
Learn More About The GTA Real Estate Market
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