Bungalow, Condo or Townhouse: Choosing Your Downsizing Home in Markham

The short answer

Most people leaving a larger house in Markham settle on one of four property types: a condo apartment, a condo townhouse, a freehold townhouse or a bungalow. Our downsizing guide covers the whole process, from deciding it is time to sequencing your two closings. This post goes deeper on the choice buyers usually find hardest, which ownership type to move into and why the monthly cost of each one goes beyond the purchase price.

The short version is that condo apartments and condo townhouses add a monthly common expense fee in exchange for the building handling exterior maintenance and major repairs, while freehold townhouses and bungalows have no condo fee but keep the owner responsible for everything on the property. A bungalow removes indoor stairs without a condo fee, but it usually costs more than a condo of similar living space. None of the four is right for everyone. The rest of this guide walks through the tradeoffs so you can weigh them against your own situation.

Four ownership types, one decision

Before comparing price and maintenance, it helps to be precise about what each type actually is, since the words get used loosely.

Condo apartment. A unit inside a larger building, governed by a condo corporation under Ontario’s Condominium Act, 1998. Owners hold title to their unit and a share of the common elements, such as hallways, the roof and mechanical systems. They pay a monthly common expense fee toward maintaining them.

Condo townhouse. Also governed by a condo corporation, but built as a townhouse rather than a stacked building, usually with its own entrance at ground level and sometimes a small private yard. The corporation still owns and maintains the common elements, so a condo townhouse carries a monthly fee like a condo apartment does.

Freehold townhouse. Owned outright, the same way a detached house is owned, with no condo corporation. There is no common expense fee, though some freehold townhouse developments have a separate corporation that maintains shared roads, a park or common landscaping for a smaller fee. Confirm whether this applies to any specific property before you buy.

Bungalow. A detached or semi-detached house with the main living space on one level, owned outright with no condo corporation. Older bungalows are more common in Markham Village, Thornhill and parts of Unionville. Supply is limited relative to demand from downsizers, which can put a premium on the lot itself.

Maintenance responsibility by type

The biggest lifestyle difference between these four types is who is responsible for what breaks or needs replacing.

In a condo apartment or condo townhouse, the corporation is responsible for the common elements, which typically includes the roof, exterior walls, windows in many buildings, elevators where they exist and major building systems. According to the Condominium Authority of Ontario, common expense fees fund maintenance of the common elements, contributions to the reserve fund and services such as cleaning and condo management. The owner is generally responsible for what is inside the unit itself.

In a freehold townhouse or a bungalow, the owner is responsible for everything on the property, from the roof to the furnace to the driveway. There is no corporation covering major repairs and no reserve fund. This is the tradeoff for having no monthly fee: a large expense, such as a new roof, is entirely the owner’s to plan and pay for when it comes up.

Condo fees, the reserve fund and what they actually cover

A condo fee is not an arbitrary number. Under the Condominium Act, 1998, a reserve fund is an account a condo corporation maintains solely for major repair and replacement of the common elements and assets. Owners contribute to it through their common expense fees. The Condominium Authority of Ontario compares it to a homeowner’s own savings plan for major repairs, except that everyone in the building contributes together instead of saving separately for their own roof or furnace.

Corporations do not guess at how much to save. After an initial study in the first year following registration, they must complete a new reserve fund study on a regular cycle, alternating between a full study with a site inspection and an update based on records, at least every three years. When a study is completed, the board must propose a plan to fund the reserve adequately within 120 days, which can mean raising contributions if the study calls for it.

Your monthly fee is calculated from your unit’s proportionate share of the corporation’s total budget, a percentage set out in the condo’s declaration. If a corporation has not saved enough for an upcoming repair, it can levy a special assessment, an extra one-time charge on top of the regular common expense fee, to cover the shortfall.

This is why comparing condo fees across buildings by the dollar figure alone is misleading. A higher fee that includes heat, water and a well funded reserve can be a better position than a lower fee at a building facing a special assessment. Our status certificate guide explains exactly what to check before you buy, including the reserve fund balance, the date of the most recent study and any assessments already levied.

Accessibility and stairs, in general terms

Stairs come up often in downsizing conversations. The four types handle them differently.

A bungalow has no interior stairs between the main living areas, though it may still have steps at the entrance or stairs to a basement. A condo apartment with an elevator removes stairs entirely between the unit and the building’s common areas. A condo townhouse or freehold townhouse typically has stairs inside the unit, similar to a smaller version of a house, unless it is specifically built or renovated as a single level unit.

Which of these matters most depends on a specific person’s mobility needs now and in the years ahead, which is worth discussing with family and, where relevant, a healthcare provider rather than deciding on general assumptions. A building’s elevator, parking arrangement and distance from the unit to visitor parking are also worth walking through in person before you commit, since these details vary widely even among buildings that look similar on paper.

What each type costs in Markham

TRREB’s Market Watch report gives median resale prices by property type for the City of Markham as a whole. The table below uses the August 2026 figures.

Property type	Sales	Average price	Median price
Detached	137	$1,611,773	$1,488,000
Freehold townhouse	39	$1,031,119	$995,000
Condo townhouse	28	$812,567	$750,000
Condo apartment	57	$638,332	$563,800

Source: TRREB Market Watch, August 2026, City of Markham. TRREB does not report bungalows as their own category, so the detached figure above includes two-storey detached homes along with bungalows. A specific bungalow’s price depends heavily on its lot and location. These are citywide medians, not neighbourhood figures. They will not match every listing you see.

The pattern across the table is what matters more than any single number. Moving from a detached house into a freehold townhouse, a condo townhouse or a condo apartment generally reduces the purchase price in that order, while a bungalow, captured within the detached figure, often sits closer to or above the detached median because of limited supply relative to demand from downsizers. Whatever type you are considering, our land transfer tax guide shows how to work out the tax on that purchase price.

Comparing the four side by side

Factor	Condo apartment	Condo townhouse	Freehold townhouse	Bungalow
Monthly common expense fee	Yes	Yes	No, in most developments	No
Exterior maintenance	Corporation’s responsibility	Corporation’s responsibility	Owner’s responsibility	Owner’s responsibility
Reserve fund for major repairs	Yes, funded through fees	Yes, funded through fees	No	No
Typical interior stairs	None if the unit is on one floor	Usually yes, within the unit	Usually yes, within the unit	None between main living areas
Elevator access available	Often, in mid-rise and high-rise buildings	Rarely	No	Not applicable
Relative price level, Markham, August 2026	Lowest median of the four	Second lowest	Third	Included in detached figure, often highest

This table simplifies real differences between individual buildings and streets, so treat it as a starting point for questions, not a final answer for any specific property.

Questions worth asking before you decide

• How much exterior and structural maintenance do you want to keep doing yourself, now and in the years ahead.
• Does the monthly condo fee, once you know what it includes, leave you better or worse off than budgeting separately for a freehold home’s repairs.
• Do stairs matter to you now, in five years or both.
• How important is proximity to transit, shops and restaurants, which condo buildings in Downtown Markham and parts of Unionville tend to offer more directly than freehold streets.
• If you are considering a condo unit, has a recent status certificate been reviewed by your lawyer. What does the reserve fund study say about the building’s funding.

What to do next

1. Revisit our complete guide to downsizing in Markham for the full process, including sell first versus buy first and the tax questions that come up for most downsizers.
2. Compare the total monthly cost of each type you are considering against the purchase price, using the condo fee where one applies and a realistic maintenance budget where one does not.
3. If you are looking at a resale condo unit, ask for the status certificate early and read our status certificate guide so you know what to look for.
4. Walk through a few buildings or streets in person, since elevator access, parking and stairs vary even among similar looking properties.
5. Talk with your family about which tradeoffs matter most for your own mobility and lifestyle, while keeping the final decision with the person who owns the home.

Nothing in this guide is legal, tax or financial advice for your specific situation. If you would like to talk through which ownership type fits your own downsizing move in Markham, contact us and we can go through the options together.