According to Sunny Sharma, president of Century 21 Leading Edge VIP Realty Inc. Brokerage, Markham’s diverse population and thriving technology industry make purchasing a condo there a sure bet to appreciate.
“They have the most bio tech companies there,” said Sharma. “York University is putting a new campus in downtown Markham, and it is tied in on a new bus lane that goes straight through to Vaughan along Hwy 7. They’re looping everything to make sure there’s better connectivity.”
The dedicated bus lane is a straight shot to the new TTC subway station at Vaughan Metropolitan Centre that’s scheduled to open next month. Better transit connectivity – and by extension, employment – says Sharma, is one of the keys to buying an investment property.
“Basic employment will give local residents jobs and create secondary levels of employment, which brings in more restaurants, uber drivers, transportation, and different layers of employment,” he said. “Downtown Markham is being urbanized and intensified.”
Additionally, Sharma says the downtown core is as hot as ever, particularly in the entertainment and financial districts, and in the East Bayfront, a burgeoning neighbourhood that’s comprises a large swath of the waterfront revitalization’s residential component.
“East Bayfront is becoming revitalized with the new Google headquarters,” he said of the once-derelict neighbourhood. “It’s coming to fruition now with large corporate purchases.”
Sharma also advised that there’s nary a reason to be picky when purchasing a downtown condo as an investment property, especially if the purchase is a preconstruction unit.
“Most places, if they’re preconstruction, are looking for 20% down payments, so people usually have this amazing wish list, however, sometimes it doesn’t get fulfilled from the standpoint of getting all these features added to the purchase.”
The best preconstruction units are usually scooped up before the development even goes to market, so Sharma advises buyers to use a broker so that they can access pre-sale units. The better the unit, the better the investment.
“Working with brokers is paramount because brokers are at the forefront of investment opportunities,” he said. “you get access to pre-sale stuff. I see so many people disappointed that they didn’t get a unit, but they’re available if you get in early.”
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Markham is in the midst of a boom. The city’s downtown is home to a slew of residential and commercial development, but most notably it’s become the centre of Canada’s tech industry.