Markham is one of the fastest growing regions in the GTA. Markham's strategic location, booming economy and the city's plan to continue development are all factors that are attracting home buyers looking to acquire property for investment purposes and for those looking for a better quality of life. Read on to find more about Markham and the recent Markham real estate trends.
The city of Markham is located north of Toronto, and the city is close to several highways such as the 407. The face of Markham has changed drastically over the past 40 years, the city transformed itself from a farmland area to a very modern urban center. The city has attracted many high-tech companies, with IBM being the city's largest employer. Today, Markham is known as a high-tech capital and urban planning projects have strived to express this in the downtown area. Markham downtown will comprise of an open air shopping, a downtown market, cafes, international restaurants, and a 72 acre green space. There is something here for everyone. Markham is definitely following the growing trend of suburban centers taking on a more urban design. Markham wants its population to make the most of their time, here you can work and play and in turn this will give you a more balanced way of life.
With its tactical urban srategy the city is now placed as the 16th largest city in Canada with over 300,000 inhabitants, and with it's strategic plan 'Building Markham's Future Together' the city will only continue to prosper as the plan's priorities are: Growth, transportation and transit, leisure, diversity, municipal services and environment. Markham is made up of four main communities: Thornhill, Unionville, Milliken Mills, and Markham itself. There are also several smaller communities such as: Cornell, Gormley, Markham Village, and Buttonville. Typically, new home buyers will opt for Cornell and Grand Cornell. In this area you will find very charming old fashioned homes with a lot of safe play area. Moreover, Markham continues to be an attractive location due to the great value of homes it offers.
Comparing last year's real estate data with that of this year, about 100 more homes were sold this year than last for a total of 3367 sales. However, new available listings are considerably behind by more than 400 listings. This is the reason why the price of homes has increased. The average selling price in Markham in August 2014 was $724, 448. Looking at this same period last year we see that this is an upward trend of an 11.5% gain.
Many are wondering for how much longer will prices continue to rise before they stabilize or decline. The fall 2014 period could see an increase in the number of active listings considering that they have been considerably lower than that of last. If this occurs there will be less upward pressure on home prices. Therefore, if you are thinking about selling this would be a good time since as a seller you currently have more leverage power. Presently, Markham's real estate market has more buyers meaning that you can sell your home quickly and possibly for a higher price than you are thinking about listing it at. If you are thinking about making a move make sure to work with an agent who is experienced with the Markham Real Estate.