The Canadian Hi-Tech Capital
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The city of Markham is located in southern parts of the Canadian State of Ontario. It is within approximately 30 km northeast from Downtown Toronto. Markham is situated within the Regional Municipality of York. The population of the city is 328,940, according to the 2016 census. This has ranked the city as the largest, fourth largest, and sixteenth largest in York Region, Greater Toronto, and Canada, respectively.
Culture, History, and Business
John Graves Simcoe, Upper Canada’s first Lieutenant-Governor, named the city after his friend, William Markham. Markham first witnessed European settlement when the German artist, William Berczy, led a group to North America. The group comprised of sixty-four German families. They were planning to settle in the United States City of New York. However, when financial and land disputes began, it led Berczy to negotiate for 64,000 acres of Markham Township with Simcoe. From the 1970s, the city quickly moved from being an agricultural town to an industrial municipality. The town got its city status in 2012.
Light businesses and industries began to move towards Markham in the 1980s due to the availability of land and lower taxes. The city maintains the status of Canada’s Hi-Tech Capital with companies such as Toshiba, Honeywell, Apple, IBM, and Motorola set up here. Markham employs over one-fifth of the total workforce with over 1000 life sciences and technology companies. Markham was included in the List of Cities of the Future (2017 and 2018). It is bestowed on cities ranking good in five categories – economic potential, human capital & lifestyle, business friendliness, cost-effectiveness, and connectivity.
Real Estate Appeal
The overall prices of real estate prices in Markham experienced a 9% decline following the institution of a foreign buyer tax and a vacancy tax by the Ontario government. However, following the initial decline, prices have relatively stabilized and have gone up by around 2% in 2016 and 2017. Recent statistics show that the rental yields at the city center are at a rate of 4.52% while outside the city center is 8.03%. The cost of renting a one-bedroom in the city center and outside the city is C$1,861.11 and C$1,568.75, respectively. Similarly, the cost of renting a three-bedroom in the city center and outside the city is C$2,570 and C$2,216.67, respectively. The cost of an apartment in the city center is C$8,035.89 per sq. meter while outside the city center cost C$3,850 per sq. meter.
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