The Short Answer
On a $575,000 Markham condo, close to TRREBās September 2026 average of $574,612, a buyer with 20% down at a 4.00% rate over 25 years pays about $2,420 a month for the mortgage. Add the condo fee (often several hundred dollars), property tax at Markhamās 2026 rate of 0.722889% of the MPAC assessed value, unit insurance, hydro and any parking or locker fees. In this example, the total lands at roughly $3,300 to $3,600 a month. With the minimum down payment, the mortgage rises to about $2,680 on a 30-year insured mortgage.
Want a full monthly budget for a condo you are considering? Call the Kaizen Real Estate Team at (647) 370-8885.
A Monthly Budget for a $575,000 Markham Condo
Monthly cost | 20% down, 25 years | Minimum down, 30 years (insured) |
|---|---|---|
Down payment | $115,000 | $32,500 |
Mortgage payment at 4.00% | About $2,420 | About $2,680 |
Condo fee (example) | $650 | $650 |
Property tax (example assessment of $400,000) | About $241 | About $241 |
Hydro and unit insurance (estimate) | Varies | Varies |
Estimated total | About $3,300 to $3,600 | About $3,550 to $3,850 |
Mortgage payments are approximate and use Canadian semi-annual compounding. The insured example adds a 4.00% mortgage default insurance premium to the loan. The condo fee, assessment and utility lines are examples to replace with real numbers for the unit you are considering.
Michael John Lau, a REALTORĀ® with the Kaizen Real Estate Team, one of the most active real estate teams in Markham and York Region, asks for the condo fee breakdown, the tax bill and recent utility costs early, so buyers can test a full monthly budget before they firm up.
Questions About Your Situation?
Every Markham street, building and family situation is a little different. Call the Kaizen Real Estate Team at (647) 370-8885 and speak to a REALTORĀ® who works this market daily.
Condo Fees: What They Cover and How They Change
The monthly condo fee pays for shared costs: building insurance, staff and management, cleaning, amenities, common-area utilities and contributions to the reserve fund for future repairs. What is included varies widely. Some buildings include heat, water and even hydro, while others meter each unit separately.
Fees usually rise over time. Wahiās 2026 GTA condo fee report noted typical annual increases in the range of 2% to 5%.
Example fee today | After 5 years at 3% | After 5 years at 5% |
|---|---|---|
$650 a month | About $754 | About $830 |
A healthy reserve fund lowers the risk of a special assessment. Your lawyer reviews the status certificate before you firm up.
Neeraj Moolchandani on Reading a Condo Fee
Neeraj Moolchandani, REALTORĀ® at Kaizen Real Estate, compares what each buildingās fee actually covers before comparing the dollar amounts. A $700 fee that includes heat, water and hydro can cost less overall than a $550 fee that includes none of them.
He also looks at how the fee has changed over the last few years and what the reserve fund study plans next, because a fee that has been held artificially low may be due for a larger increase.
Property Tax on a Markham Condo
Markhamās 2026 total residential tax rate is 0.722889% of your homeās MPAC assessed value, lower than Vaughan (0.749217%), Richmond Hill (0.760104%) and Toronto (0.767311%). Ontario assessments are still based on 2016 values, so a condo that sells for $575,000 may be assessed for much less.
The best way to know the real number is to ask for the sellerās most recent tax bill. New condos may also receive a supplementary tax bill after the unit is first assessed, so budget for it if you are buying in a newly registered building.
Insurance, Hydro and Other Costs
- Condo unit insurance: covers your contents, improvements and liability. The corporation insures the building. Ask the insurer about loss assessment coverage too.
- Hydro: many Markham condos are individually metered. Ask for recent bills.
- Parking and locker: sometimes included, sometimes an extra monthly fee.
- Internet and phone: some buildings include bulk internet in the fee.
Comparing Condo Buildings?
The Kaizen Real Estate Team helps buyers compare fees, reserve funds and full monthly costs across buildings.
Why Two Similar Condos Can Cost Very Different Amounts
Two one-bedroom units at the same price can carry very different monthly costs. The biggest differences usually come from the building, not the suite.
- Amenities: a pool, concierge and large gym add to the fee. A smaller building with fewer amenities usually costs less to run.
- Building age: newer buildings often start with lower fees that rise as warranties end and repairs begin. Older buildings may have higher fees but more predictable plans.
- Unit size: fees are usually set by the unitās share of the building, so a larger suite pays more.
- Inclusions: heat, water, hydro, parking and internet can be in or out of the fee.
- Reserve fund health: an underfunded reserve can lead to fee jumps or special assessments.
Comparing buildings on full monthly cost, rather than price alone, often changes which unit looks like the better value.
Costs Before You Get the Keys
Item | On a $575,000 condo |
|---|---|
Ontario land transfer tax | $7,975 |
First-time buyer refund | Up to $4,000 |
Municipal land transfer tax | None in Markham |
Legal fees, title insurance, adjustments | Varies |
Status certificate | Fee set by the corporation |
For a closer look at this price range, see Markham condos under $600K.
How a Condo Compares With a Freehold Townhouse
A condo usually costs less each month than a freehold home, even after the fee. In September 2026, Markham freehold townhouses averaged $977,959, according to TRREB. With 20% down at 4.00% over 25 years, the mortgage alone on a home at that price is about $4,110 a month, before property tax, utilities and a repair reserve. The trade-off is space, a yard and ownership of the land.
For a side-by-side view of home types, see which Markham property type is holding value best.
Budgeting Tips for Condo Buyers
- Build your budget on the full monthly cost, not the mortgage alone.
- Plan for the condo fee to rise each year.
- Keep a cushion for renewal. Your rate at renewal may be different from todayās.
- Compare two or three buildings, because fees and inclusions vary widely.
- Keep saving after you move, including an emergency fund.
Ultimately, the decision is yours. The goal is to make sure you have all the information before you buy.
Next Steps
- Markham condos: buildings and communities across Markham.
- Mortgage calculator: test your payment at different prices and rates.
- First-time home buyers: programs and steps for your first purchase.
Work With Michael John Lau in Markham
Michael John Lau helps Markham buyers and sellers turn market numbers into a clear plan for their own situation. That means looking past city-wide averages to recent sales on your street, explaining the reasoning behind every recommendation, and making sure you have the information you need to decide with confidence.
š Contact Michael John Lau, REALTORĀ®
š www.callmikelau.com
š” www.livinginmarkham.ca
š¢ www.kaizenrealestate.ca