If you’ve been searching for a detached home in Markham recently, you’ve probably felt it: homes that look right are moving faster, some are drawing multiple offers, and prices aren’t quite where they were a year ago. It feels like the market is waking up, but you’re not sure if this is the beginning of something bigger or just a seasonal blip.
I’ve been tracking Markham detached sales data going back to January 2015 – that’s 135 months of transactions from TRREB – and the picture is actually a lot more nuanced than the headlines suggest. Here’s what the numbers are showing right now.
Eleven Years of Markham Detached Prices
To understand where we are, you need to know where we’ve been. In early 2015, the median detached home in Markham sold for $888,000. By March 2017, after a sharp two-year run fuelled by investor demand and near-zero inventory, that number had hit $1.57M – a nearly 80% increase in just over two years.
Provincial policy changes brought that sprint to an abrupt halt. Prices corrected through 2017 and 2018, bottoming around $1.1M before stabilising. Then came the pandemic era. From mid-2020 to early 2022, Markham detached prices surged again – this time to an all-time high of $1.93M in February 2022. Rising interest rates reversed that almost immediately.
Today’s median sits at $1,438,888 – about 25% below the 2022 peak and broadly flat for the last 12 to 18 months. That’s not a crash. It’s a stabilisation after an extraordinary run.
The Spring Market Has Switched On
March 2026 data shows clear signs of spring activation – and it’s showing up in metrics that matter to buyers.
The average sale-to-list price ratio (SP/LP) sits at 98.1%. That means most homes are still selling near or slightly below their asking price – which gives buyers real negotiating room on the right property. But that number ticked up in March, and about 1 in 4 homes is now triggering a bidding situation when priced well.
Homes are sitting on market for a median of 20 days, down from 22 in February. New listings are 15% below last March, and active inventory is 18% lower year-over-year. Less supply meeting rising spring demand is exactly the recipe for competition.
Is this 2017 or 2022 again? No. At the 2017 peak, 82% of homes sold above asking and the average SP/LP hit 117%. In 2022 it reached 119%. Today’s 98% is nowhere near those extremes. We’re in a real spring market – not a frenzy.
How to Read This Market If You’re Searching Right Now
A balanced-to-active market like this one rewards preparation. Here’s how to think about it:
1. Well-priced homes move fast, everything else sits. The 20-day median hides a wide range. A freshly listed, properly priced home in a good school catchment can have offers in 5 days. A home with condition issues or overpriced by 5% might sit for 45. Know which situation you’re walking into before offer night.
2. The SP/LP ratio is your negotiating guide. At 98.1% overall, you still have room to negotiate on homes that aren’t performing. Don’t assume you need to overbid everything. Save that energy for the properties that genuinely deserve it.
3. Supply is not coming back in a hurry. With new listings down 15% year-over-year, don’t wait for a flood of new options. The homes available right now are roughly what the spring market has to offer. If something fits, act on it.
4. Financing needs to be settled before you look, not after. With homes moving in 10 to 20 days for well-priced properties, there is no time to start the mortgage conversation after you find the right home. Pre-approval and deposit funds need to be ready.
Two Types of Markham Spring Markets
The 11-year dataset shows two historical patterns. In some years – 2016, 2019, 2021 – the spring pickup sustained through May and June, building momentum over several months. In other years – 2017 and 2022 – the surge peaked sharply in March/April and cooled quickly when external factors (policy changes, rate hikes) stepped in.
The current environment – elevated rates, economic uncertainty, cautious consumer sentiment – suggests a moderate spring is the more likely scenario. Real competition for well-priced homes, but not a runaway bidding war environment. The opportunity for buyers right now is to move with preparation and clarity, not panic.
Thinking about buying or selling in Markham?
I put together a full market report covering all 135 months of TRREB data – price history, inventory, days on market, and more – tailored to your specific search area and budget. Reach out and I’ll send it over.
Data source: TRREB (Toronto Regional Real Estate Board), Markham Detached Sales, January 2015 – March 2026. For informational purposes only; not financial or legal advice.
