Markham Real Estate Outlook for 2020
Posted By: Rachel Kavanagh
February 13, 2020
Markham Real Estate Outlook for 2020 – Looking to buy or sell a home in Markham in 2020?
There is good reason to do either.
RE/MAX is predicting a seller’s market for the Greater Toronto Area in 2020. But that doesn’t mean you should hold off buying.
Read on to find out more in this edition of the Benczik Team Realty Blog.
Markham is A Great Place to Live
Being a well-established, self-sustaining city in the GTA, Markham can boast many fundamentals in its favour which continue to make this a great place to own a home.
Markham residents enjoy a community spirit that fosters great neighbourhoods, top-rated schools and a whole host of amenities.
For those looking to invest in Markham real estate, this translates to a robust underpinning that favours long-term growth.
Markham Real Estate Continues to be a Strong Market
Thanks to these strong foundations, the Markham real estate market grew nicely in 2019.
This reflects the overall growth of the Toronto housing market, which sat firmly in the seller’s territory in 2019 with a growth of 6.52% over the previous year.
And it’s all poised well to continue that trend of solid growth in 2020.
Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada, says, “Thanks to the region’s resilient economy, staggering population growth and relentless development, the 2020 market looks very optimistic.”
As of December 2019, the average sale price of a detached home in Markham was $1,338,963. The overall average sale price was $949,217, an increase of nearly 3% over 2018. In January 2020, the average sale price for a detached home was $1,199,087 a decrease of 10.4%. However, when compared to January 2019 the average sale price was virtually the same at $1,202,057.
Markham homes for sale are spending less time on the market as well, with an average of 25 days on the market in 2019 compared to 30 days on the market in 2018.
Thinking of Selling Your Markham Home?
Unlike the dips in the Markham real estate market seen in 2017, Markham homes are now seeing solid growth patterns.
If you own a home in Markham and you’re thinking about selling, you may be tempted by the higher prices now seen in the market.
We always advise to have a conversation with a realtor, to get a better understanding of your goals and objectives.
At Benczik Team Realty in Markham, we can give you an honest and transparent assessment of what your home is worth and what you could expect when selling your home in Markham.
If you’re ready to sell, the conditions are favourable for a seller’s market in Markham in 2020.
Looking to Buy a Home in Markham?
Markham remains an attractive real estate market and a fine place to live and own a home.
While it’s true that home prices have been on the increase since their market lows of a year or two ago, and you may not get the same ‘value’ that you would have in, say, late 2017 or early 2018, Markham is still an excellent community in which to purchase a home.
If you’re looking to buy a home in the GTA and in York Region specifically, it’s hard to beat Markham.
It’s important to do the research to get the right home for your money in the Markham real estate market.
Benczik Team Realty can help. We’ll meet with you to go over your goals, as well as your budget and other factors. Then we’ll get to work on finding your dream home in Markham.
Contact us today to get started.
Markham Real Estate Outlook for 2020 written by Benczik Team Realty