Seller Series, Part 1: Pricing Your Markham Condo Right — Selling Your Markham Condo
Thinking about selling your Markham condo? Whether you're moving up to a house, relocating, or selling an investment unit, the list price you choose shapes almost everything that follows: how many buyers book showings, how quickly offers arrive, and how much negotiating room you keep. This is Part 1 of our 6-part Seller Series, and we're starting where every successful sale starts: getting the price right.
How a Comparative Market Analysis Works
A comparative market analysis (CMA) is the tool agents use to estimate where your condo fits in today's market. It isn't an appraisal and it isn't a guarantee. It's an evidence-based price range built from what buyers have actually paid for similar homes recently, plus what you'd be competing against right now. A good CMA for a Markham condo looks at:
Recent sales in your own building. Usually the strongest evidence, because the location, amenities and condo corporation are the same.
Recent sales in comparable nearby buildings. For example, other towers in Downtown Markham or along Highway 7 with similar age, amenities and fee levels.
Active listings. These are your competition. Buyers will compare your unit to them on the same evening.
Expired and terminated listings. These often show where buyers said "no."
Unit-specific adjustments. Floor level and view, exposure, layout and usable space, bedrooms and bathrooms, parking and locker, upgrades and overall condition.
The adjustments matter. Two units with the same square footage can sell very differently if one has a split-bedroom layout, a parking spot and an open view, and the other faces a neighbouring wall with no parking.
Why Your Own Building Matters Most
Condo buyers often shop building by building. Their agents can pull past sales in your building, they'll see every other unit for sale in it, and they'll ask about condo fees and what those fees cover. If a nearly identical unit a few floors down sold recently, buyers will treat it as a benchmark, so a price that ignores it is hard to defend.
When your building has few recent sales, the analysis leans more on nearby comparable buildings, adjusting for differences like building age, amenities and maintenance fees.
What First-Time Buyers and Downsizers Compare
First-time buyers and people moving from a house are two of the biggest buyer groups for Markham condos, and they weigh value differently:
First-time buyers tend to watch the total monthly cost closely (mortgage, condo fees and property taxes together) and value transit access, parking and a functional layout within their budget.
Buyers moving from a house often prioritize storage and a locker, a den or second bedroom that can work as an office or guest room, a usable balcony, and convenient parking and elevator access.
If your unit offers these features, your pricing should reflect them. If it's missing some, the price needs to account for that against competing listings.
Why Overpricing Backfires
It's tempting to list high "to leave room for negotiation." In practice, overpricing usually works against sellers:
Fewer showings. Buyers search by price range. An overpriced unit either falls outside the right buyers' searches or sits beside better-value listings and gets skipped.
A stale listing. Interest is usually strongest in the first days on the market. A listing that lingers invites questions about what's wrong with it.
Helping your competition. An overpriced unit can make similar listings in your building look like the better deal.
Chasing the market down. A series of price reductions can end in a lower final price than a well-chosen starting point.
Appraisal gaps. If a buyer's lender values the unit below the agreed price, the buyer may have to cover the difference, which can complicate the deal.
Some sellers price at or slightly below market to attract more interest. That can work in the right conditions, but it isn't right for every unit or every market. We'll cover offer strategies in Part 5.
Timing Your Sale
Nobody can predict the market perfectly, but you can control how prepared you are. A few things to weigh:
Seasonality. Spring and early fall are traditionally busier, though quieter months can mean less competition.
Interest rates. Rate changes affect what buyers can afford and how confident they feel, so it's worth watching Bank of Canada announcements.
Supply in your building. If several similar units are listed at once, sharper pricing or waiting may make sense.
Your own plans. If you're buying a house, coordinate closing dates. Selling first and buying first each carry different risks.
Fresh data. Conditions shift, so a CMA from a few months ago may be out of date. Ask for an updated one right before you list.
Your Pricing Checklist
Gather your unit details: floor plan and square footage source, parking, locker, and upgrades with dates and receipts.
Ask for a CMA based on recent sales in your building and nearby comparable buildings.
Review the active and expired listings that compete with your unit.
Know your monthly costs (condo fees and property taxes), since buyers will ask.
Agree on a pricing strategy and when you'll review it if showings are slow.
Make sure every listing detail is accurate. RECO, Ontario's real estate regulator, recommends backing key facts like square footage and renovations with documents.
The list price is ultimately your decision as the seller. This article is general information only. Please confirm legal and tax details with your lawyer or tax advisor before making decisions about your sale.
Curious What Your Markham Condo Is Worth?
We'd be happy to prepare a free, no-obligation home evaluation using recent sales in your building and nearby buildings, and walk you through a pricing strategy that fits your timeline. Sally is also a CPA, which helps when you're weighing the bigger financial picture.
Brant Liu: 647-867-0586 | brantliu1018@gmail.com
Sally Jiang, CPA: 647-968-3216 | SallyJiang628@hotmail.com
Coming up in Part 2: Preparing and Staging Your Condo, including decluttering, small repairs and paint, making a smaller space feel larger, and showing off your balcony and storage.
Brant Liu & Sally Jiang, Sales Representatives, T-One Group Realty Inc., Brokerage. This article is for general information and is not intended to solicit buyers or sellers already under contract.
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