# Markham's Buyer Leverage Grows as Inventory Rises to 4.49 Months Markham's housing market entered 2026 with a distinct shift toward buyer leverage, as the Sales to New Listings Ratio rose to 41% and inventory reached 4.49 months in February. This measured increase in supply relative to demand provides concrete negotiating power for purchasers across both detached and condo segments. Published 2026-09-22. Evidence snapshot 2026-09-22. ## Market summary Markham's housing market entered 2026 with a distinct shift toward buyer leverage, as the Sales to New Listings Ratio rose to 41% and inventory reached 4.49 months in February. This measured increase in supply relative to demand provides concrete negotiating power for purchasers across both detached and condo segments. ## Central finding Markham's market balance shifted toward buyer leverage in early 2026, with a city-wide Sales to New Listings Ratio of 41% and 4.49 months of inventory in February 2026. This contrasts with a 34.5% SNLR recorded in December 2025, indicating a measurable increase in supply relative to demand over that period. Sources: [New Pre Construction Homes in Markham, Ontario (2026) | Condomonk](https://condomonk.ca/markham) [Markham Housing Market Report | Feb 2026 Prices & Forecast](https://meetmatthew.ca/markham-real-estate-market-2026) [Markham Real Estate Market Update: December 2025 Statistics](https://kaizenrealestate.ca/blog/markham-real-estate-market-update-december-2025-statistics) ## How the numbers connect The Sales to New Listings Ratio for detached homes exceeded that for condo apartments by 3 percentage points in February 2026. Calculation: Detached SNLR (Feb 2026) = 40%; Condo SNLR (Feb 2026) = 37%. Spread = 40% - 37% = 3 percentage points. Definitions: SNLR is the ratio of sales volume to new listings for a specific property type and month. Detached SNLR uses February 2026 Markham data. Condo SNLR uses February 2026 Markham data. Limit: This calculation compares two different property types within the same month. It does not establish a temporal trend or a causal relationship between the segments. Sources: [Markham Housing Market Report | Feb 2026 Prices & Forecast](https://meetmatthew.ca/markham-real-estate-market-2026) ## Buyer Leverage Emerges as Inventory Builds in Markham Markham's housing market showed a clear shift toward buyer leverage in early 2026, with the Sales to New Listings Ratio reaching 41% and months of inventory at 4.49 in February. This represents a measurable change from the 34.5% SNLR recorded in December 2025, indicating that new listings have outpaced sales over that period. The increase in inventory provides purchasers with more options and greater negotiating power, particularly in the detached segment where the SNLR stood at 40%. The condo apartment market remained the most buyer-favourable, with a 37% SNLR and 43 days average days on market in February 2026. This segment offers the lowest entry point, with median prices around $555,000, compared to detached homes averaging $1,474,549. The spread between these segments highlights the varying degrees of leverage available to buyers depending on their preferred property type and budget range. Sources: [New Pre Construction Homes in Markham, Ontario (2026) | Condomonk](https://condomonk.ca/markham) [Markham Housing Market Report | Feb 2026 Prices & Forecast](https://meetmatthew.ca/markham-real-estate-market-2026) [Markham Real Estate Market Update: December 2025 Statistics](https://kaizenrealestate.ca/blog/markham-real-estate-market-update-december-2025-statistics) ## Mortgage Renewals and Rate Stability Shape Borrowing Capacity National financing conditions continue to influence borrowing capacity, with the Bank of Canada holding its policy rate steady at 2.25% as of September 2026. The lowest available five-year fixed mortgage rate in Canada is 4.24%, while two-year and three-year fixed rates remain below 4%. These rates affect the number of households able to qualify for mortgages, but no supplied target-scope transaction series establishes whether these national rates have changed Markham-specific demand or prices. The pandemic-era mortgage renewal wave is nearing its end, with most Canadian borrowers having successfully refinanced despite higher payments. National mortgage delinquency rates remain low at 0.24%, suggesting that most borrowers have absorbed the cost increases without falling behind. However, rising five-year Government of Canada bond yields near 3.65% are exerting upward pressure on fixed rates, which could further constrain borrowing capacity in the coming months. Sources: [Royal LePage Blog | Canadian Real Estate News | Canada's housing market poised for a fall rebound after a slow spring - Royal LePage Blog | Canadian Real Estate News](https://blog.royallepage.ca/canadas-housing-market-poised-for-a-fall-rebound-after-a-slow-spring/) [Best mortgage rates Canada | Compare Canada mortgage rates | Ratehub.ca](https://www.ratehub.ca/best-mortgage-rates) [Housing research, finance and mortgage insurance in Canada | CMHC](https://www.cmhc-schl.gc.ca/professionals) ## Rental Supply Growth Adds Alternatives for First-Time Buyers Markham's rental supply increased substantially through 2024–25 as condo completions along Highway 7 added inventory. Landlords targeting family renters with 3-bedroom townhouses are finding more stable tenancy than single-bedroom condo investors facing churn. This growth in rental options provides an alternative for first-time buyers who may be priced out of the resale market, potentially reducing urgency in the purchase decision. The Greater Toronto Area leads provincial student housing growth with 2,734 projected completions in 2026, representing 43% of the provincial total. While this is a regional measure, it contributes to the overall rental supply in the GTA, which includes Markham. The addition of new rental units may indirectly affect the resale market by providing more housing options for those who cannot afford to buy, though this effect is not directly measured in Markham-specific transaction data. Sources: [Markham Housing Market Report | Feb 2026 Prices & Forecast](https://meetmatthew.ca/markham-real-estate-market-2026) [Ontario Student Housing Deliveries Set to Reach Record in 2026 | Urbanation](https://www.urbanation.ca/news/ontario-student-housing-deliveries-set-reach-record-2026) [New Pre Construction Homes in Markham, Ontario (2026) | Condomonk](https://condomonk.ca/markham) ## The strongest counter-case The Ontario MLS HPI composite benchmark price declined only 3.6% year-over-year in August 2026, suggesting that despite increased inventory, price corrections have been modest. Additionally, GTA aggregate prices have been inching upward monthly since the start of 2026, which could indicate underlying demand resilience that prevents deeper declines. Sources: [Ontario Real Estate Association | CREA Statistics](https://stats.crea.ca/board/orea/) [Royal LePage Blog | Canadian Real Estate News | Canada's housing market poised for a fall rebound after a slow spring - Royal LePage Blog | Canadian Real Estate News](https://blog.royallepage.ca/canadas-housing-market-poised-for-a-fall-rebound-after-a-slow-spring/) ## Living here Markham contains 106 schools, 352 parks, 4 dog parks, 1,520 transit stops, 23 childcare facilities, 41 grocery stores, and 496 recreation sites. Named features include Bur Oak Secondary School, McKay Art Centre Park, Cornell Community Dog Park, Elgin Mills Road / Victoria Square Boulevard transit stop, Blooming Lives Montessori, Longo's, and Crosby Memorial Community Centre. Schools: Bur Oak Secondary School shows leading comparative performance with consistent high marks. Bill Hogarth Secondary School demonstrates strong comparative performance though historical data suggests a slight decline. Markville Secondary School maintains an elite comparative position with a very slight decline from its previous high. The Fraser Institute cautions that the choice of a school should not be made solely on the basis of any one source of information. Sources: [Bur Oak Secondary School](https://www.openstreetmap.org/way/220406701) ## The early signal Months of Inventory rising from 4.7 in December 2025 to 4.49 in February 2026, alongside an SNLR of 41%, indicates a sustained build-up of unsold stock that precedes potential price softening. How it reaches the market: An increase in months of inventory signals that new listings are outpacing sales, which reduces competition among buyers and increases the likelihood of price concessions or longer days on market before transactions close. Typical lead time: Months of inventory typically leads price changes by one to two quarters as it reflects the immediate balance of supply and demand before transaction prices fully adjust. Sources: [Markham Housing Market Report | Feb 2026 Prices & Forecast](https://meetmatthew.ca/markham-real-estate-market-2026) [Markham Real Estate Market Update: December 2025 Statistics](https://kaizenrealestate.ca/blog/markham-real-estate-market-update-december-2025-statistics) ## Next 3 months, through December 2026 Prices: flat. Flat to slightly falling prices for all property types in Markham, with wider spreads between list and sale prices. Why: February 2026 SNLR of 41% and 4.49 months of inventory indicate excess supply. The mechanism is reduced competition among buyers, leading to more negotiation room. This is measured at the city level for Markham. Buyers: buy now. Buyers can negotiate prices and terms due to higher inventory and lower SNLR, gaining leverage in a buyer-leaning market. Sellers: wait. Sellers face more competition and may need to wait for seasonal demand shifts or price adjustments to attract buyers. Watch: A drop in SNLR below 35% or a decrease in months of inventory below 4.0 would signal a return to balanced or seller-leaning conditions. Confidence: moderate. Sources: [Markham Housing Market Report | Feb 2026 Prices & Forecast](https://meetmatthew.ca/markham-real-estate-market-2026) [New Pre Construction Homes in Markham, Ontario (2026) | Condomonk](https://condomonk.ca/markham) ## Next 6 months, through March 2027 Prices: flat. Prices may stabilize or see minor fluctuations depending on mortgage rate trends. No measured target-locality price outcome is established by broader financing data. Why: The pandemic-era mortgage renewal wave is nearing its end, with most borrowers having weathered payment increases. However, rising bond yields may push fixed rates higher. This national financing condition affects borrowing capacity but no target-scoped source confirms a change in Markham-specific demand yet. Buyers: either way. Buyers should monitor rate movements; if rates rise, affordability tightens, potentially reducing competition. If rates hold, current leverage remains. Sellers: either way. Sellers should price competitively given ongoing inventory levels. Waiting may not yield significant gains if inventory remains elevated. Watch: A sustained increase in five-year fixed mortgage rates above 4.5% could dampen demand further, while a drop below 4.0% might stimulate buying activity. Confidence: low. Sources: [Royal LePage Blog | Canadian Real Estate News | Canada's housing market poised for a fall rebound after a slow spring - Royal LePage Blog | Canadian Real Estate News](https://blog.royallepage.ca/canadas-housing-market-poised-for-a-fall-rebound-after-a-slow-spring/) [Best mortgage rates Canada | Compare Canada mortgage rates | Ratehub.ca](https://www.ratehub.ca/best-mortgage-rates) ## Next 12 months, through September 2027 Prices: falling. Prices may remain flat or see slight declines as rental alternatives become more available. This scenario is not a measured target-locality result. Why: Ontario student housing deliveries are set to reach a record in 2026, with the GTA leading completions. This adds rental supply, which may indirectly affect the resale market by providing alternatives for first-time buyers. However, this is a regional measure and does not directly measure Markham's resale inventory. Buyers: wait. Increased rental supply may provide more options for those who cannot afford to buy, potentially reducing urgency in the purchase decision. Sellers: wait. Sellers may find it harder to sell if rental options become more attractive to potential buyers, requiring more competitive pricing. Watch: A significant increase in Markham-specific new construction completions or a sharp rise in rental vacancy rates could accelerate price declines. Confidence: low. Sources: [Ontario Student Housing Deliveries Set to Reach Record in 2026 | Urbanation](https://www.urbanation.ca/news/ontario-student-housing-deliveries-set-reach-record-2026) [Markham Housing Market Report | Feb 2026 Prices & Forecast](https://meetmatthew.ca/markham-real-estate-market-2026) Assumptions: Mortgage rates remain near current levels with five-year fixed rates around 4.24% and variable rates tied to the 2.25% policy rate; No major new zoning changes or development charge freezes alter the local supply pipeline in the next 12 months; Population growth in the Toronto CMA continues at a pace consistent with recent years, maintaining baseline demand pressure. What would reverse this: A significant drop in interest rates or a surge in immigration-driven demand could rapidly absorb the current 4.49 months of inventory, reversing the buyer-leaning balance back to seller leverage within six months. Sources: [Markham Housing Market Report | Feb 2026 Prices & Forecast](https://meetmatthew.ca/markham-real-estate-market-2026) [New Pre Construction Homes in Markham, Ontario (2026) | Condomonk](https://condomonk.ca/markham) [Royal LePage Blog | Canadian Real Estate News | Canada's housing market poised for a fall rebound after a slow spring - Royal LePage Blog | Canadian Real Estate News](https://blog.royallepage.ca/canadas-housing-market-poised-for-a-fall-rebound-after-a-slow-spring/) [Best mortgage rates Canada | Compare Canada mortgage rates | Ratehub.ca](https://www.ratehub.ca/best-mortgage-rates) [Ontario Student Housing Deliveries Set to Reach Record in 2026 | Urbanation](https://www.urbanation.ca/news/ontario-student-housing-deliveries-set-reach-record-2026) ## Sources - [New Pre Construction Homes in Markham, Ontario (2026) | Condomonk](https://condomonk.ca/markham): Source reference date 20 September 2026 (observation period not stated). Scope: city, Markham, ON. - [Markham Housing Market Report | Feb 2026 Prices & Forecast](https://meetmatthew.ca/markham-real-estate-market-2026): Observation reference period: 28 February 2026. Scope: city, Markham, ON. - [Markham Real Estate Market Update: December 2025 Statistics](https://kaizenrealestate.ca/blog/markham-real-estate-market-update-december-2025-statistics): Observation reference period: 31 December 2025. Scope: city, Markham, ON. - [Ontario Real Estate Association | CREA Statistics](https://stats.crea.ca/board/orea/): First captured 18 September 2026; publication date unavailable. Scope: Province, ON. - [Royal LePage Blog | Canadian Real Estate News | Canada's housing market poised for a fall rebound after a slow spring - Royal LePage Blog | Canadian Real Estate News](https://blog.royallepage.ca/canadas-housing-market-poised-for-a-fall-rebound-after-a-slow-spring/): First captured 20 September 2026; publication date unavailable. Scope: Region, ON. - [Best mortgage rates Canada | Compare Canada mortgage rates | Ratehub.ca](https://www.ratehub.ca/best-mortgage-rates): First captured 20 September 2026; publication date unavailable. Scope: National, CA. - [Housing research, finance and mortgage insurance in Canada | CMHC](https://www.cmhc-schl.gc.ca/professionals): First captured 21 September 2026; publication date unavailable. Scope: National, CA. - [Ontario Student Housing Deliveries Set to Reach Record in 2026 | Urbanation](https://www.urbanation.ca/news/ontario-student-housing-deliveries-set-reach-record-2026): First captured 17 September 2026; publication date unavailable. Scope: Region, ON. - [Bur Oak Secondary School](https://www.openstreetmap.org/way/220406701): date unavailable. Scope: city. Prepared by Aurynge with AI-assisted research and writing. See /methodology for the evidence and publication policy.