Upper Unionville Homes in Markham: how much are the homes worth now that 3 years has past?

Homes in Upper Unionville, Berczy, Markham halfway through constructions

In August 2013, I have written a blog post on the Upper Unionville subdivision which a lot of readers were interested in and asked me quite a few questions. The Upper Unionville project was one of the most centrally located, fastest-selling community in Markham at the time. (If you haven’t read the post back in 2013, click here.) I still remember the number of people lining up for the sales office at the time I worked at one of the builder’s office as a Sales Associates.

Now that 3 years has past, I guess many of you would be wondering how much homes are worth in the subdivision. Here’s the average sales data for the first half of 2016:

Home Type

Price Range in 2013 (including HST)

Market statistics January to June 16, 2016

Number of houses sold

Average sale price

Average % sale to listing price

Average Days on Market

Townhomes, 3- storey, “laneway” style

$400,000 - $500,000

4

$683,250

107%

20

Townhomes, 2- storey

$500,000 - $700,000

6

$854,633

108%

6

Detached, single garage

$700,000 - $850,000

8

$1,230,125

113%

5

Detached, double garage

$880,000-$110,000

16

$1,539,938

113%

13

As you noticed from the above table, homeowners who bought from the builder in 2013 had enjoy quite an appreciation in prices 3 years after their 1st deposit cheques were due. Let’s check out some case studies below.

Case studies

3-Storey “laneway” townhome

An end-unit lane townhome that was purchased from the builder for $411,760 (excluding HST) in fall 2013 was sold for $738,000 in April 2016, a difference of $326,240. The home is 3-bedroom, 3-bathroom, with 1 car garage at the backyard, the interior is just under 2000 sq. ft. The homeowner had done some upgrades since closing in Winter 2015.

2-Storey townhome

A 2-storey townhome that was purchased from the builder for $532,735 (excluding HST) in fall 2013 was sold for $847,000 in May 2016, a difference of $314,265. This home is 3 bedroom, 3 bath with 25 ft width lot.

Detached home, single car garage

A 4-bedroom, 3-bathroom detached home with approximately 34 ft lot was sold in May 2016 for $1,230,000. The homeowner purchased the home for $654,143 (excluding HST) in 2013. The difference in sale price was $575,857.

Detached home, double-car garage

A 4-bedroom, 4-bathroom, detached home with 42 ft lot was sold in May 2016 for $1,600,000. The homeowner purchased the home in late 2013 for $811,823 excluding HST. The difference between the bought and sold price was $788,177. This home is approximately 3000 sq ft featuring 9’ ceiling on the main and second floor, and a circular staircase.

Lucky people… right? Wait…does it mean you will have a higher return investing in pre-construction?

Let’s look at the average resale home prices growth in Markham from September 2013 to May 2016

Home Type

September 2013 Average Price

May 2016 Average Price

% growth

Detached

$811,207

$1,360,581

67.7%

Semi-Detached

$514,948

$820,325

59.3%

Townhouse

$537,973

$744,739

38.4%

So yes, during this time frame and for this particular project, buying pre-construction from the builder is going to give you a better return on investment. However, before you start looking for builder’s release online, it is important to take into considerations the pros and cons of buying a pre-construction from a builder. Click on the following links to read more about the pros and cons of buying pre-construction and resale:

Top 9 reasons to choose a resale home over a pre-construction

Top 9 reasons to buy a brand new home from a builder in Ontario​

What do you think about the latest subdivision projects in your area? Do you feel that they are overpriced? Do you think that these new projects will have great investment potential just like the Upper Unionville community? I would be happy to hear your comments below.

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Janis Tsang

Janis Tsang

Sales Representative
CENTURY 21 Atria Realty Inc., Brokerage*
Contact Me

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