Is a freehold townhouse or a condo the better buy in Markham?It depends on your budget, your plans and how much upkeep you want to handle. In August 2026, the average Markham condo apartment sold for about $638,000 and the average freehold townhouse for about $1,031,000, based on TRREB data. A condo has the lower entry price but adds monthly fees that tend to rise over time, often 2% to 5% a year. A freehold townhouse costs more up front, has no condo fee in most cases, and includes land, but you pay for every repair yourself. Compare the full monthly cost and a realistic repair budget, not only the price.
Young families in Markham often face the same choice: a condo they can afford now, or a stretch into a freehold townhouse in a community such as Cornell or Greensborough. The purchase price is only the start of the comparison.
Michael John Lau, a REALTOR® with the Kaizen Real Estate Team, one of the most active real estate teams in Markham and York Region, walks first-time buyers through the full monthly cost of each option side by side, including fees, upkeep and tax, before they decide which to shop for.
The price gap
| Markham, August 2026 | Average price | Minimum down payment |
|---|---|---|
| Condo apartment | About $638,000 | About $38,800 |
| Freehold townhouse | About $1,031,000 | About $78,100 |
Prices from TRREB Market Watch, August 2026. Down payments under 20% require mortgage default insurance, which adds a premium to the mortgage.
A monthly cost example
Here is a simple example with 20% down, a 4.00% rate and a 25-year amortization. The condo fee and upkeep figures are examples only.
| Monthly cost | Condo at $638,000 | Freehold town at $1,031,000 |
|---|---|---|
| Mortgage payment | About $2,685 | About $4,339 |
| Condo fee (example) | $700 | None in most cases |
| Repair and upkeep reserve (example) | Lower, mostly inside the unit | About $860 if you set aside 1% of value a year |
| Property tax | Based on MPAC assessed value | Based on MPAC assessed value |
Mortgage payments are approximate and use Canadian semi-annual compounding. Setting aside 1% to 2% of a home’s value each year for maintenance is a common planning guideline, not a rule.
Markham’s 2026 total residential tax rate is 0.722889% of assessed value. The City says the average home, assessed at $822,671, pays about $5,947 a year. Your bill depends on your property’s MPAC assessment, not its sale price. For buying costs, plan for land transfer tax: about $9,235 on a $638,000 home and more on a townhouse, before any first-time buyer refund of up to $4,000.
Comparing a condo and a townhouse?
Michael John Lau can build a side-by-side monthly cost comparison for the homes you are considering.
Book a buyer consultationSearch Markham homesPrefer to talk? Call the Kaizen Real Estate Team at (647) 370-8885.
Condo fees and reserve funds
A condo fee pays for shared costs such as insurance, staff, amenities and contributions to the reserve fund that pays for major repairs. Fees in newer buildings often start lower and rise as the building ages. Wahi’s 2026 GTA condo fee report noted that fees typically rise within a 2% to 5% range each year.
| Example fee today | After 5 years | After 10 years |
|---|---|---|
| $700 a month, rising 3% a year | About $811 | About $941 |
| $700 a month, rising 5% a year | About $893 | About $1,140 |
Before you buy, your lawyer reviews the status certificate, which shows the reserve fund, the budget and any planned increases or special assessments. A healthy reserve fund lowers the risk of a surprise bill.
Freehold upkeep: what you pay for yourself
With a freehold townhouse, there is no board to plan repairs for you. You pay for the roof, windows, furnace, air conditioner, driveway and exterior when they wear out. Some townhouses in master-planned communities share a private laneway or other common elements and pay a smaller monthly fee for them, so ask before you buy.
The advantage is control. You decide when and how to repair, and you own the land your home sits on. Over the long term, land is what most of a home’s value growth comes from, which is one reason freehold homes have historically been in steady demand in Markham.
Lifestyle: how each option fits a young family
| High-rise condo | Freehold townhouse | |
|---|---|---|
| Space | Usually one level, smaller | Two or three levels, often a basement |
| Outdoor space | Balcony | Backyard or terrace |
| Parking | Assigned spot, sometimes extra cost | Garage and driveway |
| Amenities | Gym, concierge, party room | Community parks and centres nearby |
| Rules | Condo rules on pets, renovations and rentals | Fewer rules, subject to City by-laws |
| Location | Often near transit along Highway 7 | Often in planned communities such as Cornell |
To compare communities, see the Cornell neighbourhood guide and the Markham neighbourhood guide for families.
Resale and flexibility down the road
Think about the day you sell. A condo’s resale value is tied closely to its building: fees, reserve fund health, management and how many similar units are listed at the same time. A freehold townhouse competes with other homes on the street and in the community, and buyers often value the yard, basement and parking.
Flexibility matters too. Some condo buildings limit rentals or short-term stays, while a freehold townhouse may allow a basement suite if zoning, the building code and servicing allow it. If renting the home out later is part of your plan, check the condo’s rules or the lot’s permissions before you buy.
How to decide
- Set a monthly budget that includes fees, upkeep and tax, not only the mortgage.
- Think five years ahead. If children or a home office are coming, a condo you outgrow quickly adds moving costs.
- Read the status certificate for any condo you consider.
- Get an inspection on any freehold home to plan for upcoming repairs.
Ultimately, the decision is yours. The goal is to make sure you have all the information. For tax questions about your own situation, speak to an accountant.
The right home is the one whose full monthly cost you can carry comfortably for years. Call the Kaizen Real Estate Team at (647) 370-8885 or book a consultation.
Frequently asked questions
Is a townhouse or condo cheaper in Markham?
A condo is cheaper to buy. In August 2026, the average Markham condo apartment sold for about $638,000 and the average freehold townhouse for about $1,031,000, based on TRREB data. Condos add monthly fees, so compare the full monthly cost.
How much do condo fees go up each year?
It varies by building. Wahi’s 2026 GTA condo fee report noted that fees typically rise within a 2% to 5% range each year. The status certificate shows a building’s budget and reserve fund.
Do freehold townhouses have monthly fees?
Most do not. Some townhouses that share a private laneway or other common elements pay a smaller monthly fee, so ask before you buy.
How much should I budget for maintenance on a freehold townhouse?
A common guideline is to set aside 1% to 2% of the home’s value each year. A home inspection helps you plan for upcoming repairs such as the roof or furnace.
How are property taxes calculated in Markham?
Property tax is based on your property’s MPAC assessed value multiplied by the tax rate. Markham’s 2026 total residential rate is 0.722889%, and the City says the average home pays about $5,947 a year.
Which holds value better, a condo or a freehold townhouse?
Freehold homes include land, which has historically driven much of a home’s value growth. Condo values depend more on the building and on how many similar units are for sale nearby.
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. Prices are from TRREB Market Watch, August 2026. Tax figures are from the City of Markham 2026 Final Tax Brochure. Fee trends are from Wahi’s 2026 GTA condo fee report (July 27, 2026). Payment, fee and land transfer tax examples are approximate. 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.
