Markham Real Estate: What May 2026 Is Really Telling Us
May was a busier month in Markham. More homes changed hands, and the market felt, at least on the surface, like it was finding its footing. But spend a little time with the numbers and a more nuanced picture emerges — one that's worth understanding whether you're thinking about buying, selling, or simply keeping an eye on the neighbourhood you call home.
The Market Is Tighter — But Not For the Reason You Might Think
Three hundred and three homes sold in Markham in May, at an average price of $1,199,667. Inventory sits at 4.5 months, which is tighter than the broader GTA. Homes are selling in about 27 days, and sellers are getting 99% of their asking price on average. On the surface, that sounds encouraging.
But here's the thing: this market didn't tighten because buyers rushed in. It tightened because sellers stepped back. Many homeowners looked at where prices are today, decided it wasn't their moment, and stayed put. A market that balances because of absent sellers is a very different thing from one driven by competing buyers — and it can shift again the moment those sellers change their minds.
What the Numbers Are Actually Saying About Price
This is where it's worth slowing down, because the average sale price and the real price story aren't quite the same thing.
The MLS Home Price Index — the HPI — is the more honest measure. Unlike the average sale price, which moves up and down based on whatever happened to sell in a given month (a run of high-end detached homes can make the whole market look stronger than it is), the HPI tracks a benchmark "typical" home over time. It filters out that noise and gives you a cleaner read on whether prices are actually moving. And in Markham right now, they are — downward. The HPI Composite is off 9.3% year over year, sitting at a benchmark of $1,066,100. That's a steeper slide than the GTA-wide decline of 6.7%, and it shows up across every property type.
The Condo Story Deserves Its Own Moment
If there's one segment that tells the sharpest story in Markham right now, it's condos. The apartment benchmark has dropped more than 12% year over year, landing at $531,800. For anyone who has spent the last few years feeling priced out of the market, that's a number worth sitting with. Condos in Markham are genuinely more affordable than they've been in years.
That said, "cheaper" isn't the same as "bottomed out." The investor appetite that once drove this segment has largely evaporated, rents are at a four-year low, and the pre-construction pipeline has gone quiet. Buyers are showing up for condos because the value is real — not because the market has turned a corner.
Markham Within the Region
It's also worth zooming out for a moment. Within York Region, Markham is actually holding up better than some of its neighbours. Richmond Hill's composite is down more than 12% year over year, and its detached benchmark has slid nearly 13%. By comparison, Markham looks relatively stable — though "more stable" in this context still means prices are lower across the board than they were a year ago. Detached homes are benchmarked at $1,460,200, down about 9%, and townhouses sit at $1,045,500, off around 8%.
What This Means If You're Buying
If you've been waiting for a sign that it's okay to move, this market is quietly making a case for itself. Prices are meaningfully lower than they were a year ago. You have negotiating room. And with the Bank of Canada holding rates at 2.25% and the new federal GST rebate putting up to $50,000 back in the pockets of first-time buyers on new construction, the conditions for a well-prepared buyer are better than the headlines might suggest.
The practical advice hasn't changed much: get a real pre-approval so you can move when the right home appears, and pay attention to PDOM — the total days a home has been on market, including any relistings — not just the "new listing" date. A home that's been quietly sitting has a story, and often, a more motivated seller.
What This Means If You're Selling
The homes that are selling in Markham right now are the ones priced honestly. With 4.5 months of inventory and a buyer who has done their homework, there isn't much room for wishful thinking on price. The good news is that well-presented, correctly priced homes are moving — 27 days on average, and at 99% of asking. That's a functional market. It just requires meeting buyers where they actually are, not where the market was a year or two ago.
Proper presentation still matters enormously. When buyers have options, the homes with professional photography, honest listing copy, and thoughtful staging are the ones that stand out.
The Bottom Line
May 2026 was a solid month for Markham real estate — more activity, a tighter market, and real movement on both sides of the transaction. But the price story is still being written, and the HPI is telling you it hasn't bottomed out yet. The opportunity is real, for buyers and sellers alike. It just requires going in with clear eyes and a plan that reflects today's market, not yesterday's.
Whether you're buying, selling, or just trying to make sense of it all, we're here to help you read the map for your specific street, your specific home type, and your specific goals — because when it comes to your next move, we'd like to think we're one of your better ones. The Procenko Group.