Upper Canada Mall’s $411M Sale Leaves 5,100-Home Vision In Place

Upper Canada Mall’s $411M Sale Leaves 5,100-Home Vision In Place
News| October 14, 2026| Joel Bowey
Canada + Apartment Buildings

Upper Canada Mall is changing hands, but Newmarket says the long-term plan to turn its sprawling parking lots and surrounding land into a mixed-use neighbourhood remains in place.

Primaris is acquiring the 990K-SF shopping centre at 17600 Yonge St. from Oxford Properties for $411M, with the transaction expected to close by Oct. 31. The deal includes 76 acres at the prominent Yonge Street and Davis Drive intersection.

That land has been central to a much bigger vision for the property.

A master plan advanced by Oxford and incorporated into Newmarket’s planning framework in 2021 contemplates more than 5,100 homes around the existing mall, along with new streets, parks, public spaces and commercial uses. The buildout could accommodate another 8,600 residents over 30 to 40 years.

Newmarket chief planner Paul Freeman told NewmarketToday that the ownership change does not alter the municipality’s long-term vision for the site.

Primaris, meanwhile, is signalling that the mall comes first. CEO Alex Avery has described the 76-acre property as offering opportunities beyond the shopping centre, while the company has also identified excess land as a potential source of future value.

The mall itself is expected to remain the centrepiece of any redevelopment, gradually surrounded by a denser, transit-oriented neighbourhood.

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