Markham home values kept sliding at the start of the year, with the city's benchmark price down more than nine per cent from January 2025, according to figures released Wednesday by the Toronto Regional Real Estate Board.

The MLS Home Price Index composite benchmark for Markham was $1,092,600 in January, down 9.24 per cent year over year. That is a steeper annual drop than in December, when the benchmark was $1,108,200 and down 8.08 per cent. The benchmark tracks the price of a typical home and is less affected by changes in the mix of homes sold than the average price.

January by the numbers

TRREB's figures show 163 homes changed hands in Markham in January, compared with 171 in December. The average selling price was $1,100,945, down from $1,187,221 the month before, while the median price was $1,095,000. Homes sold for 97 per cent of their listing price on average and spent an average of 40 days on the market.

  • Detached: 64 sales at an average of $1,470,451; benchmark $1,499,500, down 9.20 per cent from a year earlier

  • Semi-detached: 9 sales at an average of $1,080,278

  • Townhouse benchmark: $774,300, down 12.17 per cent, the largest decline of any home type in the city

  • Condo apartment benchmark: $490,500, down 4.93 per cent, the smallest decline

Markham's composite drop was slightly larger than York Region's as a whole, where the benchmark fell 9.04 per cent to $1,121,000, and the GTA-wide figure, which was down eight per cent.

A slow month across the GTA

Across the TRREB area, 3,082 homes sold in January, 19.3 per cent fewer than a year earlier. New listings fell 13.3 per cent to 10,774, and the average price was $973,289, down 6.5 per cent.

The board released its 2026 Market Outlook on the same day. It forecasts between 60,000 and 70,000 GTA sales this year and an average price between $1 million and $1.03 million. TRREB expects prices to stay lower than a year earlier through the first half of 2026 before levelling off, if buyers regain confidence. Ipsos polling for the report found 22 per cent of GTA residents intend to buy a home this year, five points lower than in 2025.

With the cost of borrowing flattening out, affordability gains in 2026 will largely be seen on the pricing front, as buyers continue to benefit from negotiating power.

— Jason Mercer, chief information officer, TRREB

For Markham buyers, that means a market with room to negotiate, particularly for townhouses, where values have fallen furthest over the past year. For sellers, January's numbers point to continued pressure on prices heading into the spring market.