How can buyers spot a good-value condo building in Markham beyond the listing price?An underrated building is often an older or less flashy one with a healthy reserve fund, reasonable fees, a well-run board and features buyers value, such as parking, a locker and visitor parking. Compare the fee per square foot and what it includes, read the status certificate (up to $100 and delivered within 10 days in Ontario), and check the reserve fund study, which must be updated at least every three years. In September 2026, Markham condo apartments had a median price of $535,000, according to TRREB, so compare any unit with recent sales in the same building.
Two condos with the same price can be very different purchases. One may have a strong reserve fund and stable fees; the other may be heading toward a special assessment. The listing price rarely tells you which is which.
Michael John Lau, a REALTOR® with the Kaizen Real Estate Team, one of the most active real estate teams in Markham and York Region, helps condo buyers compare buildings, not just units, so they find value that lasts.
What makes a building underrated
- Healthy finances: a reserve fund that matches its study and no planned special assessments
- Reasonable fees for what they include
- Good management: clean common areas, prompt repairs, clear communication
- Practical features: parking, a locker, visitor parking and good storage
- Location value: close to Viva, GO, shopping or parks
- Older but well kept: often larger layouts than newer towers
Read the status certificate
In Ontario, a status certificate costs up to $100 including tax and must be delivered within 10 days, according to the Condominium Authority of Ontario. Your lawyer should review it. Key items:
| Section | What to look for |
|---|---|
| Reserve fund balance and study | Whether contributions follow the study’s plan |
| Planned fee increases | Large jumps in the budget |
| Special assessments | Any approved or expected |
| Legal actions | Lawsuits involving the corporation |
| Rules and by-laws | Pets, rentals, renovations, short-term rentals |
| Unit details | Parking and locker ownership and numbers |
A reserve fund study must be updated at least every three years after the first one.
Compare fees the right way
Divide the monthly fee by the unit’s square footage, then compare buildings on what the fee includes: heat, hydro, water, internet, insurance and amenities. A slightly higher fee that includes utilities can cost less overall. Also ask how fees have changed over the last few years. Lenders count condo fees when they qualify you, so fees affect how much you can borrow.
Comparing Markham condo buildings?
Michael John Lau can compare recent sales, fees and listings across the buildings on your list.
Book a buyer consultationSearch Markham homesPrefer to talk? Call the Kaizen Real Estate Team at (647) 370-8885.
Parking, lockers and visitor parking
- Parking: confirm it is owned or exclusive use, and its location.
- Locker: confirm it is included and its number.
- Visitor parking: limited visitor parking can matter for family and guests.
- EV charging: ask about the building’s policy. See EV charging in Markham condos.
Resale demand
A building that sells and rents easily protects your options. Ask your REALTOR® how many units sold in the building over the past year, how long they took, and how many are listed now. Many listings at once can be a warning sign or an opportunity, depending on the reason. Compare recent sales in the same building with the median for Markham condo apartments, $535,000 in September 2026.
Red flags to watch for
- Fees that rose sharply in recent years without a clear reason
- A reserve fund well below the study’s recommended balance
- An approved or expected special assessment
- Water stains in the garage or hallways
- Lawsuits involving the corporation or the builder
- Many units listed at once, or a high share of rentals if you want a quieter building
None of these automatically rules out a building, but each deserves a clear answer before you firm up. A building that has already completed a major repair, such as garage waterproofing or window replacement, may be better value than one still facing it.
Walk the building
- Visit the lobby, hallways, garage and amenity rooms.
- Check elevators, garbage rooms and signs of water damage in the garage.
- Read the notices on the bulletin board.
- Ask the concierge or management about upcoming projects.
- Visit at night or on a weekend for noise and parking.
Ultimately, the decision is yours. The goal is to make sure you have all the information before you buy.
The best condo value is often in the building with the healthiest finances, not the newest lobby. Call the Kaizen Real Estate Team at (647) 370-8885 or book a consultation.
Frequently asked questions
How much does a status certificate cost in Ontario?
Up to $100 including tax, and it must be delivered within 10 days, according to the Condominium Authority of Ontario.
How often must a condo reserve fund study be updated?
At least every three years after the first study.
What is the median condo price in Markham?
TRREB reported a median of $535,000 for Markham condo apartments in September 2026.
Are high condo fees always bad?
Not always. Compare what the fees include, such as heat, hydro and water, and whether the reserve fund is healthy.
Do condo fees affect my mortgage?
Yes. Lenders include condo fees when calculating how much you can borrow.
What makes a condo building underrated?
Healthy finances, reasonable fees, good management and practical features, often in an older, less flashy building.
Michael John Lau and Neeraj Moolchandani are licensed REALTORS® with the Kaizen Real Estate Team, eXp Realty, Brokerage, 9763 Markham Rd, Markham, ON L6E 1A4. Licence #4784577. Call (647) 370-8885. Status certificate and reserve fund rules are from the Condominium Authority of Ontario (July 24, 2026) and its 2025 Buyer’s Guide. Prices are from TRREB’s September 2026 Market Watch. This article is general information only and is not financial, legal or tax advice. Not intended to solicit buyers or sellers currently under contract with another brokerage.
