Published 2 November 2026 · By Jatin Dua, Broker of Record, RE/MAX Quantum Realty
Markham’s detached median fell 6.5% to $1,420,000 in January to October 2026, and Richmond Hill’s fell 8.9% to $1,485,000, but detached sales rose more than 10% in both. For 2027, CREA and TD expect more sales and near-flat prices, though those forecasts came before the October 2026 rate hike.
This is for buyers, sellers and owners in Markham and Richmond Hill who want real numbers before planning a 2027 move. You will see three years of TRREB MLS data for both cities side by side, what the October 2026 rate hike changes, what forecasters expect, and my own cautious view, clearly labelled.
What are home prices in Markham and Richmond Hill in 2026?
Both cities saw every main home type sell for less in January to October 2026 than in 2025. The typical detached home sold for $1,420,000 in Markham and $1,485,000 in Richmond Hill. Richmond Hill’s detached median has fallen about $289,000 since 2024; Markham’s about $230,000.
| Home type | Markham 2024 | Markham 2025 | Markham 2026 | Richmond Hill 2024 | Richmond Hill 2025 | Richmond Hill 2026 |
|---|---|---|---|---|---|---|
| Detached | $1,650,000 | $1,518,000 | $1,420,000 | $1,774,400 | $1,630,000 | $1,485,000 |
| Semi-detached | $1,280,000 | $1,168,000 | $1,025,000 | $1,250,000 | $1,139,000 | $1,051,000 |
| Freehold townhouse | $1,200,000 | $1,122,600 | $999,990 | $1,250,000 | $1,147,944 | $1,040,000 |
| Condo townhouse | $900,000 | $825,000 | $750,000 | $895,000 | $818,000 | $690,000 |
| Condo apartment | $700,000 | $643,000 | $558,000 | $637,500 | $580,000 | $529,250 |
Source: TRREB MLS data via REALM, median sold price, January–October of each year. 2026 = January–October 2026 vs the same period of 2025 and 2024.
How much have prices fallen?
| Home type | Markham 2026 vs 2025 | Markham 2026 vs 2024 | Richmond Hill 2026 vs 2025 | Richmond Hill 2026 vs 2024 |
|---|---|---|---|---|
| Detached | -6.5% | -13.9% | -8.9% | -16.3% |
| Semi-detached | -12.2% | -19.9% | -7.7% | -15.9% |
| Freehold townhouse | -10.9% | -16.7% | -9.4% | -16.8% |
| Condo townhouse | -9.1% | -16.7% | -15.6% | -22.9% |
| Condo apartment | -13.2% | -20.3% | -8.8% | -17.0% |
Source: TRREB MLS data via REALM, change in median sold price, January–October.
Markham’s condo apartment median fell 13.2% in one year, one of the larger condo drops in York Region. Richmond Hill’s biggest one-year drop was in condo townhouses, down 15.6%. Keep in mind that a city-wide median mixes very different areas. Unionville, Cornell, Bayview Hill and Oak Ridges are not the same market, so check sales on your own street.
How many homes are selling in Markham and Richmond Hill, and how fast?
Sales are recovering in both cities even as prices fall. Across the five main home types, Markham had 2,451 sales in January to October 2026, up 7.1% from 2025. Richmond Hill had 1,693, up 6.3%. Detached sales rose more than 10% in both cities.
| City and home type | Sales 2024 / 2025 / 2026 | Avg days on market 2024 / 2025 / 2026 | Active listings 2024 / 2025 / 2026 |
|---|---|---|---|
| Markham: detached | 1,047 / 1,006 / 1,113 | 19 / 27 / 29 | 430 / 495 / 458 |
| Markham: semi-detached | 153 / 147 / 151 | 19 / 25 / 28 | 42 / 53 / 42 |
| Markham: freehold townhouse | 431 / 377 / 391 | 22 / 27 / 29 | 171 / 179 / 135 |
| Markham: condo townhouse | 243 / 175 / 214 | 26 / 34 / 37 | 73 / 96 / 87 |
| Markham: condo apartment | 629 / 583 / 582 | 30 / 35 / 39 | 291 / 342 / 326 |
| Richmond Hill: detached | 814 / 757 / 838 | 25 / 30 / 31 | 467 / 569 / 506 |
| Richmond Hill: semi-detached | 96 / 67 / 71 | 18 / 29 / 27 | 41 / 42 / 31 |
| Richmond Hill: freehold townhouse | 316 / 304 / 313 | 20 / 27 / 32 | 130 / 174 / 120 |
| Richmond Hill: condo townhouse | 94 / 91 / 127 | 27 / 34 / 38 | 48 / 69 / 69 |
| Richmond Hill: condo apartment | 444 / 373 / 344 | 32 / 36 / 42 | 193 / 239 / 215 |
Source: TRREB MLS data via REALM, January–October 2024, 2025 and 2026 (sales and average days on market year to date; active listings at period end).
Here is the simple way to read this. Markham sold about 111 detached homes a month on average in 2026, with 458 listed at the end of October: about four months of supply. Richmond Hill sold about 84 a month with 506 listed: about six months. So Markham’s detached market is tighter, and Richmond Hill buyers have more choice.
TRREB’s September 2026 report shows Markham had 245 sales across all home types at an average price of $1,125,353, and Richmond Hill had 172 at $1,189,203. Both sold at 98% of asking on average.
How will the October 2026 rate hike affect the Markham and Richmond Hill housing market?
On 28 October 2026, the Bank of Canada raised its policy rate by 0.25 points to 2.50%, its first increase in more than three years. The Bank said it acted to keep high energy prices, linked to the war in the Middle East, from spreading into other prices. It expects inflation of about 3.5% by the end of 2026 and an average of about 3% in 2027, and it said a further increase could be needed. It also said it expects housing activity to stay relatively weak.
The big banks raised prime from 4.45% to 4.70%, effective 29 October 2026, so variable-rate mortgages and home equity lines of credit tied to prime went up 0.25 points right away. Fixed rates follow Government of Canada bond yields instead, and those had already risen through September and October. In plain terms: the cost of carrying a Markham and Richmond Hill mortgage went up just as prices were coming down.
For a sense of scale: by my own arithmetic, a 0.25-point rise adds roughly $65 to $70 a month to a $500,000 mortgage on a 25-year amortization. With detached medians near $1.4 million to $1.5 million here, most buyers carry much larger loans, so the increase is several times that.
What economists expect for rates in 2027
TD Economics expects one more 0.25-point hike in the first quarter of 2027, to 2.75%. CIBC expects a hold on 9 December 2026, a hike in January and then no change for the rest of 2027. These are forecasts, not promises. The Bank’s next decisions are on 9 December 2026 and 27 January 2027.
Instant Home Valuation
What’s your home
worth today?
Answer six quick questions and get an instant value range built from current Toronto & GTA sale data — property type, size, condition, lot and location all weighted the way a real pricing conversation weighs them. Takes about ninety seconds.
Reading recent GTA sale data…
Building your estimate
Estimated market value
—
$0–$0
Most likely value $0 · roughly $0 per square foot
What moved the number
Starting from the area baseline for your property type, here’s what each answer added or subtracted.
Market context
Recent local averages for comparison.
—
A range is a starting point.
A strategy is what sells.
This model doesn’t know that your neighbour’s identical semi went $80,000 over asking last month, or which two upgrades actually pay back in your area. That conversation is free and takes twenty minutes.
What do forecasters expect for Markham and Richmond Hill in 2027?
No major forecaster publishes a Markham and Richmond Hill-only price forecast that I could verify, so here is what the regional and provincial outlooks say. Use them as a direction, not a number for your home.
- CREA (16 October 2026): national sales up 4.4% in 2027 to 464,235, and a national average price up 1.2% to $689,909. CREA assumed limited Bank of Canada action over the next year.
- TD Economics (29 September 2026): Ontario sales up 7.4% in 2027 and Ontario average prices up only 0.6%, with pent-up demand doing much of the work. TD assumed bond yields would start easing in late 2026.
- CMHC (July 2026 baseline): about 71,500 MLS sales in the Toronto census metropolitan area in 2027 with an average price near $1,050,000.
- Bank of Canada (28 October 2026): housing activity expected to remain relatively weak.
In York Region as a whole, TRREB recorded 893 sales in September 2026 at an average price of $1,136,650, with 5,168 active listings. The region is following the wider GTA pattern: more listings than buyers in most segments and slowly rising sales.
The key point is timing. The CREA, TD and CMHC numbers were all published before the October hike. If rates rise again in December or January, the 2027 rebound in sales they describe could arrive later or be smaller.
What else could affect Markham and Richmond Hill real estate in 2027?
- The $1.5 million insured mortgage cap. This matters more here than almost anywhere in the GTA. Richmond Hill’s detached median is $1,485,000 and Markham’s is $1,420,000, both just under the cap. Homes priced at $1.5 million or more need at least 20% down. Below it, the minimum is 5% of the first $500,000 and 10% of the rest, which is $123,500 at the Richmond Hill median.
- The Yonge North Subway Extension. This roughly 8-kilometre extension of Line 1 from Finch Station will add five stations: Steeles, Clark, Royal Orchard, Bridge and High Tech, serving Vaughan, Markham and Richmond Hill. Metrolinx says it will open after the Ontario Line is complete and has not given a date, so do not pay a premium based on a promised opening year.
- Enhanced HST relief on new homes of up to $130,000 for eligible buyers, not only first-time buyers, on agreements signed after 31 March 2026 and before 1 April 2027.
Is 2027 a good time to buy in Markham or Richmond Hill?
For buyers with stable income, prices are well below 2024 and there is more to choose from, especially in Richmond Hill. Freehold townhouses in both cities now have a median near $1 million, down about 17% in two years. That puts a freehold home within reach of buyers who were looking only at condos in 2024.
But rates are rising. Get a pre-approval with a rate hold and test your payment at a rate one point higher. If you are close to the $1.5 million line, ask your lender how your down payment changes on either side of it before you make an offer. My guides on choosing a realtor in Markham and choosing a realtor in Richmond Hill cover what to ask.
My cautious view, and only my view: rising sales with falling prices usually means a market is finding its level. I would not count on a big rebound in 2027 with rates going up, and I would not count on another 9% drop either. For detached buyers in Markham, the best homes still move. In Richmond Hill, buyers have more time and more room to negotiate.
Is 2027 a good time to sell in Markham or Richmond Hill?
If you price against 2026 sales, yes, you can sell. More buyers are active than in 2025. The risk is pricing at the 2024 level, when Richmond Hill’s detached median was $1,774,400. Many of those buyers now need 20% down at that price, which shrinks your pool. Pricing just under $1.5 million, where it fits your home, can widen it.
For current estimates, see how much your Markham house is worth and how much your Richmond Hill house is worth.
Richmond Hill detached homes had about six months of supply at the end of October 2026, and condo apartments in both cities took about 40 days to sell. If you are buying before you sell, do not firm up your purchase until you know what your current home will sell for. Carrying two mortgages at rising rates is expensive.
What to do next
- Find the median for your city and home type in the tables above, then compare it with recent sales near you.
- Get a mortgage pre-approval with a rate hold before the Bank of Canada decisions on 9 December 2026 and 27 January 2027.
- If you are buying near $1.5 million, work out your down payment on both sides of the insured mortgage cap.
- If you are looking at new construction, check whether you can sign before 1 April 2027 for the enhanced HST relief.
- If you are selling, price against 2026 sales and current listings, not 2024 numbers.
Need help with this? Talk to me.
I’m Jatin Dua, Broker of Record at RE/MAX Quantum Realty, and I’m the best agent to do this kind of work for you in Toronto and across the GTA. Over $100 million in GTA sales and 100+ families helped sell. Feel free to contact me any time: call or text 833-330-1925 or email [email protected].
Frequently asked questions
What is happening in the Markham housing market?
Prices are down and sales are up. Markham’s detached median was $1,420,000 in January to October 2026, down 6.5% from 2025, while detached sales rose 10.6%, based on TRREB MLS data via REALM. Condo apartments fell 13.2% to $558,000. Detached homes had about four months of supply at the end of October 2026.
Will Markham house prices go down in 2027?
No verified forecast covers Markham alone, and regional outlooks point to roughly flat prices in 2027. TD expects Ontario average prices up about 0.6% and CREA expects national prices up 1.2%. Both came before the October 2026 rate hike, so Markham prices could stay flat or soften further if rates keep rising.
What is the average house price in Richmond Hill in 2026?
The median detached home in Richmond Hill sold for $1,485,000 in January to October 2026, down 8.9% from $1,630,000 in 2025, based on TRREB MLS data via REALM. Across all home types, TRREB reported a September 2026 average of $1,189,203. Freehold townhouses had a median of $1,040,000.
Is Richmond Hill a buyer’s market in 2026?
Largely, yes. Richmond Hill had about six months of detached supply at the end of October 2026 and about six months for condo apartments, based on TRREB MLS data via REALM. Detached sales rose 10.7% in 2026, so buyers are active, but they have time to compare and negotiate.
How much is a condo in Markham in 2026?
The median Markham condo apartment sold for $558,000 in January to October 2026, down 13.2% from $643,000 in 2025, based on TRREB MLS data via REALM. Condo apartments took 39 days to sell on average. Markham condo townhouses had a median of $750,000, down 9.1%.
When will the Yonge North Subway Extension open?
No opening date has been announced as of November 2026. Metrolinx says the extension will open after the Ontario Line is complete. It will add five stations from Finch to Richmond Hill: Steeles, Clark, Royal Orchard, Bridge and High Tech.
How long does it take to sell a house in Markham or Richmond Hill?
A detached house took 29 days on average to sell in Markham and 31 days in Richmond Hill in January to October 2026, based on TRREB MLS data via REALM. That compares with 19 and 25 days in 2024. Condo apartments took 39 days in Markham and 42 in Richmond Hill.
How much down payment do I need for a house in Richmond Hill?
For the 2026 median Richmond Hill detached price of $1,485,000, the minimum down payment is $123,500: 5% of the first $500,000 plus 10% of the remaining $985,000. At $1.5 million or more, you need at least 20% down, or $300,000 at exactly $1.5 million, because the mortgage cannot be insured.
Is Markham or Richmond Hill cheaper in 2026?
Markham is slightly cheaper for detached homes and Richmond Hill is cheaper for condos. In January to October 2026, Markham’s detached median was $1,420,000 versus $1,485,000 in Richmond Hill, while condo apartments were $558,000 in Markham versus $529,250 in Richmond Hill, based on TRREB MLS data via REALM.
Sources
- TRREB Market Watch, September 2026
- Bank of Canada raises the policy rate by 25 basis points to 2½% (28 October 2026)
- CREA quarterly resale housing market forecast (16 October 2026)
- TD Economics, Provincial Resale Market Outlook (September 2026)
- CMHC, Summer Update: 2026 Housing Market Outlook
- Mortgage Professional Canada: economists and brokers react to the October 2026 rate hike
- Metrolinx: Yonge North Subway Extension
- PwC Tax Insights: Enhanced HST relief on the sale of new homes in Ontario
Related reading
- GTA Housing Market Forecast 2027: City-by-City Numbers
- Mississauga Housing Market 2027: Prices, Sales and What to Expect
- Brampton Housing Market 2027: Prices, Sales and What to Expect
- Vaughan Housing Market 2027: Prices, Sales and What to Expect
About the author — Jatin Dua, Toronto and GTA real estate broker
I am Jatin Dua, Broker of Record and co-founder of RE/MAX Quantum Realty Inc., Brokerage, Unit 101, 799 The Queensway, Toronto. I work with buyers and sellers across Toronto and the GTA and have helped more than 100 families sell. Four-plus years of active GTA transactions and over $100 million in sales volume.
Reach me at [email protected] or 833-330-1925, or book a call.