Real Estate

Why Markham RE is so expensive?

  • Last Updated:
  • Sep 20th, 2020 10:21 pm
Tags:
Newbie
Apr 19, 2020
7 posts
Would you say Markham is the most desirable city in York Region? Or even Ontario...
Deal Addict
Mar 27, 2004
4544 posts
2180 upvotes
Toronto
Sweatsuit wrote: Would you say Markham is the most desirable city in York Region? Or even Ontario...
For certain demographic and ethnicity yes.

Markham is like 60% chinese. They have the money. There are so many chinese restaurants/shops/services in Markham . It only makes sense.
Full-time Realtor
Deal Fanatic
User avatar
Oct 16, 2008
7693 posts
2480 upvotes
Maple
Onlyuo wrote: that's a question everyon knows, but why?
Supplies and demands. More demands in this area.
Jr. Member
User avatar
Jun 3, 2019
156 posts
123 upvotes
GTA
Onlyuo wrote: that's a question everyon knows, but why?
You could say that just about anywhere in the GTA. But for a macroeconomics review of why housing in GTA is expensive and how the government (mainly federal and provincial) policies are the main reason for this. Public transit, highway infrastructure, and schools only determines where buyers will pay a premium for living there. The reason why housing has gotten so expensive is because of immigration (federal) and land use (provincial) planning.

Last year we allowed over 300k+ net new immigrants into this country, which is a good thing because the world's birth rates are declining and that is the only way to sustain a country's population and social programs. Look at Japan's aging population which is also shrinking in total numbers. Over 60% of the new immigrants came to the GTA which means 200K+, because we are the most populous city and also very diverse. Last year all home builders (condos, semis, detached, multi) built 30k+ new units. Those 200k+ new people need to live somewhere, either with family, renting, or buying. Then there are the younger generation that are leaving the family nest, domestic and international investors look to add to our red hot market. All the newly built units and re-sale units are not enough to meet demand. Simple supply and demand.

The provincial government's policy in regards to green space with the Oak Ridges Moraine and the Niagara Escarpment has essentially confined residential and commercial land use of GTA to a 'Manhattan effect'. This has created less outward land development and more upward development (like condos and other multi-residential units). This is Ontario's 'Places to Grow' planning.

And finally with interest rates so low it is no wonder why our housing will see a boom at least till 2040, when immigration will re-visit their policies about letting more or less people in. There will be ups and downs for sure as government tries to cool the market but whatever they do it will bounce back and then some.
Realtor® & Mortgage Agent
Deal Fanatic
Dec 11, 2003
7972 posts
380 upvotes
Onlyuo wrote: Some people dont want to live with students in a condo when yorku markham campus were built. they may move away

Would richmond hill prices higher than markham in a few years? with the subway build and more house coming into completion?

IN terms of convenience , richmond hill would be better with subway (few years from now, planned), go train station, viva.
I doubt the Yonge subway extension will be done in two decades. if you plan to have a baby she may not even see the subway before she graduates from university.

The North South traffic already sucks for Richmond Hill. Having a subway will not benefit lots of people, those who lives North will probably just keep using Go train if they need to commute downtown.
October 2015 for sale, PM for details!
PS3 EA Sports Active 2 $20
195-65-15 Winter tire with alloy wheel $500
Newbie
Feb 24, 2017
75 posts
40 upvotes
Vaughan is where it's at!

Subway , go train, and now a new hospital. 400,407, and 427 access.
[OP]
Jr. Member
Jul 16, 2020
130 posts
23 upvotes
aspiretobegreat wrote: Vaughan is where it's at!

Subway , go train, and now a new hospital. 400,407, and 427 access.
Ya I thought Vaughan and the surrounding cities is going to bloom.
Jr. Member
Dec 12, 2011
121 posts
94 upvotes
Toronto
The youtuber condowong made a good point that out of all the places in the GTA, the only city that is connected to downtown Toronto by subway is Vaughan. I grew up in Vaughan (family still lives there) and some classmates in Toronto used to make fun of the fact that there were cows in fields all around the Wonderland area. Its crazy to personally see the changes in past 30 years.
Member
Mar 2, 2017
323 posts
360 upvotes
Markham
clydelee2020 wrote: The youtuber condowong made a good point that out of all the places in the GTA, the only city that is connected to downtown Toronto by subway is Vaughan. I grew up in Vaughan (family still lives there) and some classmates in Toronto used to make fun of the fact that there were cows in fields all around the Wonderland area. Its crazy to personally see the changes in past 30 years.

I don't think subway is at all relevant to suburban cities/towns. I will argue it's much better to live next to a Go Train station than a subway line.

That said, in terms of Go Train connectivity Oakville/Pickering (east end) make the best Go Train suburbs for commuting as they only have half the capacity of the Barrie/Stouffville lines (due to the lake). Their go train is faster in covering the same distance as the ones coming from the north.
Realtor, Investor, CPA
Deal Fanatic
User avatar
Oct 16, 2008
7693 posts
2480 upvotes
Maple
aspiretobegreat wrote: Vaughan is where it's at!

Subway , go train, and now a new hospital. 400,407, and 427 access.
I second this. In Vaughan, housing prices are not crazy high like RH, but more living spaces than Markham. Vaughan also offers more multi cultures.
Jr. Member
Dec 12, 2011
121 posts
94 upvotes
Toronto
Sweatsuit wrote: Would you say Markham is the most desirable city in York Region? Or even Ontario...
Depends. All my friends that live in Markham also work up north. My friends that work in downtown Toronto wouldnt want to live up there because depending on where you live in Markham, it's still a mini mission to get downtown (compared to those living in Toronto). A lot of the people that bought in Markham also had no choice but to buy very close to their parents because their parents helped them with the down payments, and also they are depending on their parents to help with the kids.
Jr. Member
Dec 12, 2011
121 posts
94 upvotes
Toronto
teoconca wrote: Markham is for poor Asian that can't afford RH.
I wouldn't make that generalization. My uncle has a house in Jennings gate (major mack and woodbine) that is over 5M that has a full tennis court, poolhouse in his backyard. Neighbours were salty when they started building 3000 sq ft houses around his neighbourhood because at the time it brought down the value of the houses in the estates.
Deal Fanatic
User avatar
Oct 16, 2008
7693 posts
2480 upvotes
Maple
clydelee2020 wrote: I wouldn't make that generalization. My uncle has a house in Jennings gate (major mack and woodbine) that is over 5M that has a full tennis court, poolhouse in his backyard. Neighbours were salty when they started building 3000 sq ft houses around his neighbourhood because at the time it brought down the value of the houses in the estates.
I had worked with so many Chinese co-workers in MH and downtown, they admitted they could not afford high prices in RH, so they settled in MH.

It is not true for all Asians. I am Asian, but in Vaughan.
Newbie
Feb 24, 2017
75 posts
40 upvotes
RichmondCA wrote: I don't think subway is at all relevant to suburban cities/towns. I will argue it's much better to live next to a Go Train station than a subway line.

That said, in terms of Go Train connectivity Oakville/Pickering (east end) make the best Go Train suburbs for commuting as they only have half the capacity of the Barrie/Stouffville lines (due to the lake). Their go train is faster in covering the same distance as the ones coming from the north.
Having access to both go train and subway adds a lot of flexibility. If the go train is down, you can take subway and vice versa. You can also connect to the subway and go train via downsview park station, not just union station
Newbie
Oct 7, 2019
20 posts
4 upvotes
I also second this. I used to live in Markham, then downtown To when I was in university, back to Markham, then Downsview, then now in Vaughan near Vaughan Mills mall. I like Vaughan the most. The whole area around 14th & McCowan where I used to live 99% people either Chinese or Indian. When I worked in Stouffville it was fine but it was brutal driving from Markham to 427 & Dundas when I switched work. 407 would help but that's like $400 a month 10 years ago.

Top