Buying a Retail Condo Unit in a Markham Mall: Pacific Mall, First Markham Place and More

Neeraj Moolchandani is a top real estate agent in Markham, Ontario. Published November 12, 2026 · By Neeraj Moolchandani, REALTOR®, Cofounder of the Kaizen Real Estate Team, eXp Realty, Brokerage

Markham has a type of shopping centre most cities do not: malls where each store is owned by a different person. Investors and small business owners ask us how these work. Our Kaizen Real Estate Team is one of the teams Markham investors call before a purchase, and this guide covers the basics. Our post on buying vs leasing a commercial condo covers the wider decision.

How a Condo Mall Works

In a regular plaza, one landlord owns the building and leases every store. In a condo mall, each store is a legal condominium unit. Owners elect a board, pay monthly common expense fees, and can sell or lease their own unit. According to Pacific Mall's public record, owners there decide their own inventory and hours, and the elected board oversees the mall.

Source: Wikipedia entries for Pacific Mall, First Markham Place and Langham Square; mall directory listing for New Kennedy Square

What You Are Really Buying

You buy a unit plus a share of the common elements, such as hallways, washrooms, parking and the roof. You also buy into the condo corporation's finances and rules. Read the declaration, bylaws, rules, budget, reserve fund study and status certificate before you firm up, just as you would for a residential condo. Our guide on evaluating a condo's financial health explains what each document tells you.

Use Rules Can Make or Break a Unit

• Permitted uses: some units can sell food, others cannot. Food uses often need ventilation, grease handling and approvals that only certain units have.
• Exclusive use clauses: some malls limit how many units can sell the same type of product.
• Zoning: check Markham's zoning for the property, and get your lawyer to confirm your exact use is allowed.
• Hours and signage: the rules may require minimum opening hours or limit signs.

How to Judge the Income

We do not publish typical returns for these malls, because results vary widely from unit to unit. Instead, build your own estimate from real numbers:

1. Get the current lease, rent roll for the unit, and how long the tenant has been there.
2. Ask the property manager for vacancy across the mall and recent unit sales.
3. Subtract monthly fees, property tax, insurance and a vacancy allowance from the rent.
4. Divide the yearly net income by the price to get a simple return, then compare it with other options.
5. Visit on a weekday and a weekend to judge foot traffic yourself.

Location inside the mall matters a lot. Units near entrances, escalators and anchor stores usually see more shoppers than units at the end of a quiet corridor.

Financing and Ownership Structure

Retail units are commercial property, so the financing is commercial too. Expect a larger down payment than a home, lender review of the lease and the condo corporation, and possibly a personal guarantee. Commercial purchases are generally subject to HST, so speak with your accountant early. If you plan to buy through a company, read our guide on buying through a holding company first.

Risks to Weigh

• Reputation and enforcement history: in 2018 the U.S. Trade Representative listed Pacific Mall on its notorious markets list over counterfeit goods. Ask how the mall has addressed tenant compliance since.
• Redevelopment plans: plans for the former Market Village site next to Pacific Mall have been delayed for years. Nearby changes can help or hurt traffic.
• Resale: the buyer pool for a small retail unit is smaller than for a home, so plan for a longer sale.
• Special assessments: older malls may need roof, mechanical or parking repairs.

Questions Markham Clients Ask

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