The Greater Toronto Area (GTA) real estate market is shifting, with a major increase in home listings across Markham and Richmond Hill. While this gives buyers more choices, ongoing tariff uncertainty is making some hesitant to make a move. Here’s what’s happening in the market and what it means for you.

Housing Supply Surges in Markham & Richmond Hill

In early 2025, new listings in the GTA real estate market surged by 48.6% year-over-year. Markham and Richmond Hill are seeing some of the biggest increases, with:
✔ 634 new listings in Markham in just 28 days.
✔ 507 new listings in Richmond Hill in the same period.

This influx of homes means buyers now have more negotiating power compared to past years when bidding wars were common.

Tariff Uncertainty Creates Buyer Hesitation

Even though mortgage rates are declining, many buyers are waiting on the sidelines due to concerns about the economy.
✔ Possible U.S. trade tariffs on Canadian goods have raised fears of job losses and an economic slowdown.
✔ Consumer confidence is lower, making buyers more cautious about making a big financial commitment.

What This Means for Sellers in Markham & Richmond Hill

With more homes on the market, sellers need to be strategic to attract buyers. Here’s how successful sellers are adapting:
✔ Competitive Pricing: Overpriced homes are sitting unsold, while well-priced homes are moving faster.
✔ Home Staging & Upgrades: Buyers are looking for move-in-ready properties, making staging and minor upgrades more important.
✔ Flexible Negotiations: Buyers are now able to include financing and inspection conditions, unlike the competitive market of previous years.

What’s Next for the Markham & Richmond Hill Housing Market?

✔ Home prices remain stable, with a 1.5% year-over-year increase despite rising inventory.
✔ Experts predict more sales in 2025, driven by improving mortgage affordability.
✔ Balanced market conditions make this a great time for buyers to negotiate better deals and for sellers to focus on strategic pricing.

Bottom Line: Should You Buy or Sell Now?

If you’re a buyer, now is the time to take advantage of increased housing supply and better pricing.
If you’re a seller, focus on pricing your home competitively and ensuring it stands out in a crowded market.

 

Need Expert Advice on Buying or Selling in Markham or Richmond Hill?

Contact Kaizen Real Estate, your local GTA real estate expert, for the latest market insights and guidance on making the right move in 2025.