Downsizing in Markham

Overview of downsizing in Markham

Markham is one of nine municipalities in York Region. It is made up of several distinct areas, and what a move to less house feels like depends on which one you choose. Unionville has a historic main street and a pond park at its centre. Other parts of the city are newer and built around major roads and rapid transit. Walk a few areas on different days before you decide, and note how far errands, appointments and family are from each.

This page describes the city, not individual buildings. Messages from this site go to agents on the operating team at eXp Realty. For the bigger picture, start with our step-by-step downsizing guide and the York and Durham regional overview.

Condos, townhouses and bungalows for downsizers in Markham

Smaller homes in Markham include condominium apartments, stacked and freehold townhouses and some bungalows. Each ownership type carries different monthly costs and rules. Condominium owners pay fees to a condominium corporation, and the status certificate shows the budget, reserve fund and any special assessments. Our guide to buying a condo in Ontario explains what to request, and condo, townhouse or house compares the three.

Fees, building age and unit sizes vary too widely to generalize, so ask for them in writing for any building you consider. If you are weighing a land lease or life lease, read life lease and land lease homes first.

Getting around Markham without a car

York Region Transit runs local buses and the Viva rapid transit routes across Markham, Richmond Hill and Vaughan. Use the trip planner at yrt.ca for current routes and schedules, since they change. GO Transit's Stouffville line serves Unionville, Centennial, Markham and Mount Joy stations. Check the GO Transit schedules for train times, because service is heaviest at rush hour. Our guide to getting around Ontario after 65 covers fares, accessible transit and what to do if you stop driving.

Hospitals near Markham

Markham Stouffville Hospital, at 381 Church Street, is operated by Oak Valley Health. Oak Valley Health lists emergency care, cancer treatment and community health programs among its services. Mackenzie Health runs Mackenzie Richmond Hill Hospital at 10 Trench Street and Cortellucci Vaughan Hospital at 3200 Major Mackenzie Drive West in the neighbouring cities. Home and community care, and long-term care placement, are coordinated through Ontario Health atHome at 1-833-515-1234.

Parks, pools and everyday life in Markham

Toogood Pond Park in Unionville is owned and operated by the City of Markham and was formed by a dam on Bruce Creek, a tributary of the Rouge River. The Markham Pan Am Centre at 16 Main Street Unionville is a community and aquatics centre that opened in November 2014. Check the City's recreation listings for current programs and fees before relying on either.

Flood maps and storm insurance in Markham

Markham is covered by the Toronto and Region Conservation Authority (TRCA). Use its flood plain map viewer and regulated area search to see whether an address lies in a mapped area. A property can be outside a flood plain and still have sewer backup risk, which insurers price separately. Read our flood and storm insurance guide before you make an offer.

Property tax and land transfer tax in Markham

The City of Markham lists a Low-Income Seniors Property Tax Assistance Program and a Seniors and Low-Income Tax Deferral Program on its tax relief page. As the City describes them, the first forgives late payment charges on arrears for owners 65 and over who receive the Guaranteed Income Supplement, and the second lets qualifying owners defer yearly tax increases. Deadlines and rules change each year, so confirm with the City's Tax Department. Separately, the provincial Ontario Senior Homeowners' Property Tax Grant and the Ontario Energy and Property Tax Credit are claimed through your income tax return. See our costs and money overview.

If you sell, you pay no land transfer tax. The buyer does, and Markham has no municipal land transfer tax. The land transfer tax guide shows the provincial rates, and the net proceeds calculator estimates what you keep.

Selling the larger home first or buying first

Most people downsizing in Markham sell a larger home to buy a smaller one, and the order matters. Selling first gives certainty about your budget but may mean a temporary rental or a long closing. Buying first avoids a gap but can mean carrying two homes for a time. Our guide to buying first or selling first sets out the trade-offs, and capital gains and selling your principal residence explains why the gain on a home that was always your principal residence is generally not taxed, as long as the sale is reported on your return. This is general information, not tax or legal advice. Ask a lawyer or accountant licensed in Ontario about your own situation.

Questions to ask before you buy a smaller home in Markham

• What is the monthly condominium fee, what does it cover and when was the reserve fund study last done?
• Is the building or street within a TRCA regulated area, and what does the insurer say about sewer backup and overland flood cover?
• How far is the nearest GO station or Viva stop, and is the walk step-free?
• Which hospital and family health team will serve you, and are you accepted as a patient?
• Are there rules on renovations, pets, rentals or guests?
• Is there an elevator, and does the unit have a main-floor bedroom and bathroom?
• Do you qualify for any City or provincial tax relief, and by what date must you apply?

When you are ready to talk to someone, contact us to an agent on the eXp Realty team. Our guide to estimating net proceeds is a good first read before that conversation.