Baby Boomers in Markham: Your Real Estate Options for the Next Chapter

Neeraj Moolchandani is a REALTOR® in Markham, Ontario, and cofounder of the Kaizen Real Estate Team at eXp Realty, one of the teams Markham families trust with the biggest decisions of their lives.
By Neeraj Moolchandani, REALTOR® · Cofounder, Kaizen Real Estate Team · eXp Realty, Brokerage

Sources: Statistics Canada 2021 Census, City of Markham; TRREB Market Watch, September 2026; HomeEquity Bank; Wyndham Gardens operator listing.

Why Markham Boomers Face a Unique Choice

Markham grew quickly in the 1980s and 1990s, and many families who bought then are still in those homes. In the 2021 census, about 62,000 Markham residents were 65 or older, close to one in five people in the city. Many own detached homes outright, in established areas like Unionville, Markham Village, Thornlea and Milliken Mills.

That gives you something valuable: choice. You can stay, move, or use your home to help the next generation. The right path is the one that fits the life you want for the next 20 years.

Your home has done its job for your family. Now it can help with the next chapter.

Your Five Paths, Compared

Many families combine paths. A common one in Markham: sell the family home, rightsize to a condo, and gift part of the proceeds to help a child buy their first home.

Which Path Fits You?

Answer five quick questions. It is not a test, just a way to start the conversation.

What Your Equity Can Do

Here is how Markham home types performed in September 2026. The gap between what you own and what you might buy next is the equity you could free up.

Source: TRREB Market Watch, September 2026, City of Markham. Gaps are before selling and buying costs.

Three ways boomers often use that equity:

• Retirement cash flow. Invested proceeds can add income and reduce stress about the years ahead.
• A living inheritance. Helping children now, when they need it most, instead of later through your estate.
• Peace of mind. A cushion for health needs, travel or a future move to supported living.

A gain on your principal residence is usually tax free, so the sale itself generally does not add to your taxable income. Income you earn on the proceeds does, which can matter for Old Age Security. Speak with your accountant before you invest the money. To see your own numbers, try the calculator in our Markham downsizing guide.

Want to know what your home could free up? Call or text Neeraj at (647) 370 8885

Helping Your Children Buy a Home

Many Markham boomers want to help their children buy nearby. There are a few common ways to do it:

1. A cash gift. Canada has no gift tax, so a gift to an adult child is generally not taxed. Lenders usually ask for a signed gift letter.
2. A loan. Some parents lend instead of give, often registered as a second mortgage, so the money is better protected if the child's relationship ends. A lawyer should draft it.
3. Helping them save. Your child can contribute up to $8,000 a year to a First Home Savings Account, up to $40,000 in total, and deduct it from their income. You can give them money to contribute.
4. Borrowing against your home. A line of credit or reverse mortgage can fund a gift without selling. It costs interest, so compare it with rightsizing.

Living Together: Multigenerational Homes

Multigenerational living is common in Markham. Grandparents help with children, and children help as parents age. To make it work well:

• Choose the right layout. Look for a main floor bedroom, a separate entrance or a finished lower level with its own kitchen.
• Use the tax credit. The federal Multigenerational Home Renovation Tax Credit applies to up to $50,000 of costs to build a self contained suite for a relative 65 or older, or one eligible for the disability tax credit.
• Check what the lot allows. Ontario allows up to three units on most urban residential lots. Confirm City of Markham zoning and permits first.
• Put it in writing. Agree on who owns what, who pays what, and what happens if someone moves out. A lawyer can help.

Staying Put and Aging in Place

If you love your home, these programs can help you stay comfortably:

• Home Accessibility Tax Credit. Covers up to $20,000 a year of eligible work, such as ramps or handrails, for people 65 or older.
• Ontario Senior Homeowners' Property Tax Grant. Up to $500 a year for lower income homeowners 64 or older.
• City of Markham seniors tax programs. Low income seniors who receive the Guaranteed Income Supplement may qualify for property tax help or a deferral.
• Reverse mortgage. The CHIP Reverse Mortgage requires you and your spouse to be 55 or older and lets you borrow up to 55 percent of your home's value, with no payments until you sell, move or pass away.

Plan for the future too. A home that works at 65 may not work at 80, and moving is easier when it is your choice and on your timeline.

Paperwork That Protects Your Family

Whatever path you choose, a little planning now can save your family months of stress and real money later.

• Update your will and name an executor who can manage a home sale.
• Set up both powers of attorney: a Continuing Power of Attorney for Property and a Power of Attorney for Personal Care.
• Check your title. Joint tenancy and tenants in common work very differently when one owner dies.
• Keep one folder with your deed, tax bills, insurance, mortgage papers and key contacts.
• Talk with your family about your wishes for the home.

Ontario charges Estate Administration Tax of 1.5 percent on estate value above $50,000, and selling a home through an estate takes time. Our Markham estate sale guide explains how it works.

How Neeraj Helps Markham Boomers

We start with your goals, not a listing. Then our approach follows three steps: preparation, exposure and negotiation.

We also connect you with trusted lawyers, lenders, movers and downsizing help, so you have one person keeping the plan on track. Learn more about selling with Neeraj.

Baby Boomers in Markham: Questions, Answered