Does Markham's office and commercial market affect nearby home values?Yes, but usually indirectly. Markham’s office parks and commercial areas affect nearby homes through jobs, amenities, traffic and future development. Office space across Canada had a 13.6% vacancy rate in Q1 2026, according to Colliers, and some Markham landowners are proposing to turn employment or retail land into housing, such as the Markville Mall plan for about 4,340 homes and a Leslie Street and Commerce Valley proposal for 1,183 units. New homes and amenities can support values over time, while construction, traffic and added supply can weigh on nearby condo prices in the short term.
Most buyers look at the house, the street and the school. Fewer look at the office towers, plazas and malls a few minutes away, even though those places shape traffic, local jobs, shopping and what may be built next door in the years ahead.
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 buyers and sellers look beyond the property line, including nearby commercial plans, so they understand what could affect value over time.
Four ways commercial land affects homes nearby
| Factor | How it can help | How it can hurt |
|---|---|---|
| Jobs | Short commutes attract buyers and renters | Office closures or downsizing can reduce local demand |
| Amenities | Shops, restaurants and services within walking distance | Empty storefronts make an area feel less lively |
| Traffic | Better transit often follows growth | More cars and delivery trucks on nearby streets |
| Redevelopment | New parks, retail and transit-friendly design | Years of construction and more competing condo supply |
Where Markham’s commercial areas are
Much of Markham’s office and business space sits along Highway 7, Highway 404 and Highway 407, including Commerce Valley near Leslie Street, Markham Centre and Downtown Markham, and business parks in the Woodbine and Warden corridors. Large retail areas include CF Markville, Pacific Mall and plazas along Highway 7 and Kennedy Road. Homes in Unionville, Commerce Valley, Cachet, Buttonville and Milliken all sit within a short drive of at least one of these areas.
The office market in 2026
Remote and hybrid work have changed demand for office space across the country. Colliers reported a national office vacancy rate of 13.6% in Q1 2026, with newer, well-located buildings generally doing better than older ones. Markham-specific vacancy figures were not available for this article, so ask for current local data before drawing conclusions about a particular building or business park. What matters for homeowners is less the vacancy rate itself and more what owners of struggling sites decide to do next.
Canada-wide figure from Colliers, Q1 2026. Not specific to Markham.
Wondering what is planned near a home?
Michael John Lau can help you review nearby development applications and recent sales before you buy or list.
Book a consultationSearch Markham homesPrefer to talk? Call the Kaizen Real Estate Team at (647) 370-8885.
When offices and malls become homes
Several Markham sites are moving from commercial to residential plans:
- Markville Mall: a long-term redevelopment plan for about 4,340 new homes alongside retail. See what 4,340 new homes means for central Markham.
- Leslie Street and Commerce Valley: a proposal to convert employment land to residential use, with about 1,183 units. Proposals like this need city approval and can change.
- York University’s Markham Campus: brings students, staff and activity to Markham Centre, supporting rental demand and local businesses.
Conversions can add parks, shops and walkable streets. They also add supply, which matters most for nearby condo owners.
What it means by home type
| Home type | What to watch |
|---|---|
| Condo apartments near commercial hubs | New towers nearby compete for the same buyers and tenants. Markham condo apartments averaged $574,612 in September 2026 (TRREB). |
| Townhomes near business parks | Commute appeal, but also traffic on nearby roads |
| Detached homes in established areas | New amenities can help; height and traffic changes can concern owners |
Commerce Valley, a condo-heavy area beside a major business park, had a Q1 2026 average of $685,911 across all home types in TRREB’s community figures.
Short term vs long term
In the short term, redevelopment often means construction noise, road closures and uncertainty, which can make some buyers cautious. Over the long term, well-planned mixed-use areas with transit, parks and shops have often become places people want to live. Neither outcome is certain. The details of each plan, including height, parks, school capacity and road changes, decide how a project affects the homes around it. For transit-related growth, see transit-oriented communities in Markham.
How to check before you buy or sell
- Look up development applications near the property on the City of Markham’s website.
- Note nearby office parks and malls, and whether any sit empty.
- Drive the area at rush hour.
- For condos, count towers proposed or under construction within a short walk.
- Ask how recent sales near commercial areas compare with quieter streets.
Ultimately, the decision is yours. The goal is to make sure you have all the information about what is around a home, not just the home itself.
A home’s value is shaped by its neighbours, and in Markham that includes the office parks and malls down the road. Call the Kaizen Real Estate Team at (647) 370-8885 or book a consultation.
Frequently asked questions
Do office buildings near a home affect its value?
They can, mostly through jobs, traffic, amenities and what might replace them. The effect depends on the site and the plans for it.
What is the office vacancy rate in 2026?
Colliers reported a Canada-wide office vacancy rate of 13.6% in Q1 2026. Markham-specific figures were not available for this article.
What is happening to Markville Mall?
A long-term redevelopment plan proposes about 4,340 new homes alongside retail on the Markville site.
Are offices in Markham being converted to housing?
Some proposals seek to convert employment land to homes, including a Leslie Street and Commerce Valley proposal for about 1,183 units. These need city approval.
Does new condo construction nearby lower my condo's value?
It can add competition for buyers and tenants in the short term. Over time, new amenities and transit can help an area.
How can I find out what is planned near a home in Markham?
Check development applications on the City of Markham website and ask your REALTOR® to compare nearby sales.
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. National office vacancy is from Colliers (Q1 2026). Markville and Commerce Valley figures are from published development proposals and may change. Prices are from TRREB’s September 2026 Market Watch and Q1 2026 community report. 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.
