Markham's benchmark home price fell 6.89% over the past year, to $1,037,300 in October 2026, according to TRREB. If you're simply renewing with your current lender, that drop may not affect you at all. If you plan to refinance, switch lenders or pull equity out, it matters, because your new lender will lend against today's appraised value, not last year's.
Here's how I'd think about it if you own in Markham right now.
What the October numbers say about Markham
TRREB's Market Watch for October 2026 (released November 4) shows:
- MLS® HPI composite benchmark, Markham: $1,037,300, down 6.89% year over year.
- Markham sales in October: 260, at an average price of $1,117,006.
- Across TRREB's whole market area: sales were down 7.9% and the composite benchmark was down 4.3% from October 2025.
So Markham fell further than the board as a whole. It isn't alone in York Region: Richmond Hill's benchmark was down 7.32% and Vaughan's down 5.46%.
One note before the math. The benchmark tracks a "typical" home across all property types. Your house, townhouse or condo could have moved more or less than that. The benchmark tells you the direction; only an appraisal tells you your number.
What a 6.9% drop does to your equity
Working backward from the 6.89% decline, Markham's benchmark a year ago was roughly $1.11 million. That's about $76,800 less value on a benchmark home in twelve months.
Here's what that looks like for an owner with a $650,000 mortgage balance:
| October 2025 (est.) | October 2026 | |
|---|---|---|
| Benchmark value | about $1,114,100 | $1,037,300 |
| Mortgage balance | $650,000 | $650,000 |
| Equity | about $464,100 | $387,300 |
| Loan-to-value | about 58.3% | about 62.7% |
Calculation basis: TRREB MLS® HPI composite benchmark for Markham, October 2026, with the October 2025 value estimated from the reported 6.89% annual decline. Balance held constant for simplicity; in reality your regular payments lower it. Illustrative only, OAC.
For most Markham owners who bought years ago, that's still a lot of equity. The people who feel this drop are the ones whose plans were sitting close to the edge: a refinance sized to last year's value, a debt consolidation that only just worked on paper, or a recent purchase with a smaller down payment.
Renewing vs. refinancing: why the difference matters right now
Straight renewal with your current lender: same balance, same lender, new term. In my experience, lenders usually don't order a new appraisal for a plain renewal, so a softer market often doesn't change much. What changes is the rate, and after the Bank of Canada's October hike, that's worth comparing carefully. See how we approach it on our mortgage renewal page.
Switching lenders at renewal: the new lender will want to know what the home is worth today. If your loan-to-value is comfortable, a lower appraisal rarely changes the outcome. If you're near a lender's limit, it can change which lenders and rates are open to you.
Refinancing to take equity out: this is where the drop bites. The amount you can borrow is a percentage of the appraised value, so every dollar of lost value reduces what you can access. A plan that worked on last year's numbers may come up short today. Our refinance page explains how we size it.
What it means if you're buying in Markham
Lower prices cut the mortgage you need. As an illustration only: on a benchmark-priced home with 20% down, the mortgage is about $61,400 smaller than it would have been a year ago. At an assumed 4.50% fixed rate on a 25-year amortization (semi-annual compounding), that's about $340 a month less in payment, before any rate change. TRREB's own commentary made a similar point: lower selling prices have offset some of the higher borrowing costs.
Assumed rate used only to show the effect of price; it is not an MMB rate offer. Rates are on approved credit (OAC) and subject to change. Illustrative only.
Who this affects
- Markham owners planning to refinance for renovations, debt consolidation or a down payment for a child or an investment property.
- Owners renewing in the next 12 months who might switch lenders.
- Recent buyers with smaller down payments who may have less equity than they think.
- Buyers watching Markham prices and their pre-approval amount.
What to do now
- Estimate your loan-to-value with today's number. Divide your current balance by a realistic value, not last year's.
- If you're refinancing, get the value tested first. It's better to know the appraisal range before you commit to a renovation contract or pay off debts on the assumption the money is there.
- If you're renewing, compare before you sign. Your lender's renewal letter is an offer, not the only option.
- If the numbers are tight, look at alternatives like a HELOC or second mortgage before breaking your current mortgage, since a penalty can wipe out the benefit.
If you own in Markham and want to know where you stand, talk to our Markham mortgage team. Send me your balance, renewal date and what you're trying to do, and I'll tell you honestly whether the numbers still work.
Information current as of November 11, 2026; rates and rules change.
Sources
- TRREB Market Watch, October 2026 (Markham, Richmond Hill and Vaughan sales, average price and MLS® HPI benchmarks; board-wide totals)
- TRREB news release, November 4, 2026
