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When you’re looking into real estate investing, it’s easy to be drawn to the big cities. Vancouver, Toronto, Montreal: all of them offer real top-line opportunities, but those often come at a premium price. It’s worth the while of any serious Canadian real estate investor to look outside of these top, large areas and explore some of the smaller cities that are all over Canada.
The Markham real estate market is the largest city in the York Region and the fourth largest in the Greater Toronto Area, so it’s no frontier outpost. However, its relatively smaller size means that some real opportunities might be outside of your immediate view. Markham’s economic, cultural and social assets all make it a fascinating investment opportunity that can pay some real dividends.
But first, if you are ready to invest in Markham real estate, click the link below to book a free strategy call to discuss financing options today.
A city with a history
Markham’s history is a city that’s always been a destination for migrants. As far back as the early 1800s, Irish, English, and Scottish families were arriving in droves to settle Upper Canada, especially Markham. Industry in those days, as in most places, was mostly agriculture-based. The city continued to evolve until it was finally incorporated in 1972, and the city’s population has quintupled from 1976 until today – a clear indication of the city’s explosive growth and potential for future development.
Markham Real Estate Demographics
The city’s layout is distinctive in that many of the original 19th-century communities that existed within the modern city limits are still visible in many ways. They’re mostly suburban districts but are still clearly within the city limits.
The city’s population is surging in recent years, oftentimes hitting a rate of growth that’s triple that of Canada’s as a whole. This is primarily driven by inter-provincial migration, but also by a significant flow of immigrants to the area. Many immigrants arrive from South Asia or China, and they make up roughly six percent of the city’s population at this point. This burgeoning population growth shows little to no sign of slowing down, so there are real opportunities here for real estate investors to seize a chance. They can easily set down roots in a housing market that looks to be only an upward trajectory, maximizing their chances of having a profitable investment.
Economic outlook in Markham Real Estate
The city has come a long way from its economic roots in agriculture and is now a full-fledged powerhouse in the area. It draws people from across the province, the country and the world, mostly due to the presence of many companies that have their headquarters in the city. These include Honda, Hyundai, Oracle, Motorola and many other heavy hitters. All of these companies offer a significant draw to people from far and wide who are attracted to quality, well-paying jobs.
In addition to these large assets, the city is also known as the “Hi-Tech Capital” of Canada, with over 1,100 technology and life science companies calling Markham home. Combined, these companies employ roughly 20 percent of the city’s workforce, so they are clearly a keystone to its economic well-being. Businesses like these draw in talented, driven workers so there is an opportunity for a real estate investor to produce or rent quality housing that works for everyone.
Markham hosts a sports scene that includes junior hockey teams, baseball squads, and football teams – all contributing to enjoyable family fun that many city residents enjoy. Due to the city’s expanses of undeveloped land, Markham residents also enjoy access to several golf courses, so leisure activity is all over the place.
On top of this, Markham has come a long way from its agricultural roots, as the city barely hosted any cultural events at all it was incorporated in the 1970s. Since then, the Markham Museum, the Markham Theatre, and several other cultural hubs have sprung up, and the public library system has grown and evolved as well to the point where it’s a true gem of the city’s landscape.
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State of the Markham Real Estate Market
Markham has seen a marked increase in rents over the past several years. In fact, current estimates for rental rates for a single-bedroom unit stand at $2300. There is a large demand for housing in an area that is experiencing real growth, thanks largely to the economic promise brought by a strong group of quality employers. Rental units could be expected to grow in value over the coming years, so now might be a good time for real estate investors seeking rental units to jump into this market.
Homes in Markham are quite pricey across the board, with the average property price coming in somewhere around $1.4 million. These expensive homes represent a market that might still be on the upswing, and real estate investors who are still seeking to get involved in Markham still have the chance to find value.
Markham Real Estate In Short
Overall, investing in Markham is an enticing proposition to the right kind of investor. It’s important to keep in mind that property values are already quite high, so you’ll likely need a decent amount of capital if this where you’d like to acquire a single property or more. Beyond that, you can likely remain reasonably confident that it will hold its value for a significant period. The economy in the area doesn’t really show any signs of slowing down, which will continue to draw people in from all over.
As with all places, you want to be sure that you’re conducting comprehensive research before deciding to invest in real estate. This can oftentimes also involve a visit to the place itself – there’s no replacement for getting to a city and seeing it for yourself so that you can get a feel for its neighbourhood and its cultural assets.
Markham Real Estate Professionals
We have searched high and low for real estate investing professionals in Markham. Below, you can find professionals we have researched and can confirm they specialize in working with Real Estate Investors.
To ensure the maximum success in real estate investing in Markham, or any city, you should always use professionals who understand and work with investors, your income depends on it.
This list may not fully list all the professionals in the area, but the ones we have personally investigated and that we would refer our clients to.
Alternatively, to discuss financing options for Markham real estate investing, click the link below to book a free strategy call today.