October Real Estate Market Update: What We're Seeing in Markham, Stouffville and the GTA

As we head further into fall, the local real estate market continues to show signs of a more balanced environment. In our October Market Watch video, Rachel Kavanagh shares the latest market numbers and what we're seeing across Markham, Stouffville and the GTA condo market.

Markham Detached Homes

In Markham, the number of detached home sales declined 21% month over month. Toronto also experienced a second consecutive month of declining sales, pointing to a slower pace of activity across the broader market.

While detached home prices in Markham were slightly higher month over month, the median price declined 7%. This suggests that a small number of larger sales may have influenced the overall price numbers.

Inventory has also increased, reaching 5.3 months of inventory. With more homes available relative to the current pace of sales, conditions are becoming more balanced for detached homes.

Stouffville Detached Homes

Stouffville also saw a slower pace of activity, with detached home sales down 5% month over month.

Prices remained relatively flat, while inventory reached 5.3 months.

With similar inventory levels in both communities, the current conditions in Markham and Stouffville are best described as a balanced market for detached homes.

GTA Condo Market

The condo market continues to face some challenges.

In the 905, condo sales were down 12.4% year over year, while prices declined 12%.

In the 416, condo sales were down 5.5% year over year, with prices declining 6.1%.

These numbers highlight a different market environment for condos compared with detached homes in Markham and Stouffville.

What Does This Mean for Buyers and Sellers?

The current market is giving buyers more choice, particularly as inventory levels increase. For sellers, pricing and positioning remain important as buyers have more options to consider.

Every property and situation is different, however, so broader market statistics should always be considered alongside the specific location, property type and individual circumstances.

If you're considering buying or selling this fall, our team can help you understand how the current market conditions apply to your specific situation.

October in Our Community

October is also a busy month in the Markham community. We're hosting a Rightsizing & Downsizing Information Session at Amica Unionville on October 29 from 2:00 to 4:00 PM, featuring information from Mortgage Broker Paula Roberts, Lawyer Keith Nichols, Downsizing Specialist Shirley Coughlin, Stager Crystal Mountain and our team.

We're also looking forward to the Centre for Dreams 35th Anniversary Gala on October 23, as well as the annual Halloween trick-or-treat event on Main Street Markham on October 31.

We hope you have a wonderful Thanksgiving weekend with family and friends.

Watch our October Market Watch video for Rachel's full market update and our latest observations on the local real estate market.