Buying your first home is exciting, and it can also feel overwhelming. This guide walks you through every step in plain language, from working out your budget to getting your keys, so you know what to expect and can make each decision with confidence.
Start with what you're comfortable paying each month, not the most a lender will approve. Add up your savings for the down payment and closing costs, and look at your monthly costs today: rent, car, childcare and debt payments.
Read more: Income needed to buy a house in Markham · Credit score needed
Open a First Home Savings Account (FHSA) early, and check whether you can use the RRSP Home Buyers' Plan. Some programs have timing rules, so it pays to plan this before you start looking.
A pre-approval tells you how much you can borrow and usually holds an interest rate for 90 to 120 days. Lenders will look at your income, debts, credit and down payment, and you'll need to qualify at a higher "stress test" rate than the one you'll actually pay.
Read more: Mortgage pre-approval in Markham · Fixed vs variable
Condos, townhomes, semis and detached homes each come with different costs, responsibilities and resale patterns. See the comparison below.
Think about your commute, schools if you have or plan to have children, transit, and where you'd like to be in five to ten years. Two streets in the same area can feel very different, so visit at different times of day.
In Ontario, you sign a written Buyer Representation Agreement before your agent can work for you. It sets out what your agent will do, for how long, and how they are paid. In most Markham purchases, the buyer agent's commission is paid out of the seller's proceeds. Your agreement explains exactly what happens if it isn't, and a good agent walks you through every line before you sign.
Read more: Buyer representation agreements in Ontario
Set up listing alerts, view homes in person, and keep a short list of what you liked and didn't. For condos, look at the building too: amenities, maintenance and the condo fees.
Your offer includes the price, a deposit (commonly about 5%, due within 24 hours of acceptance), any conditions, and the closing date. If other buyers are interested, there may be an offer date. Your agent helps you decide on price and terms using recent sales, not emotion.
Read more: How to write a strong offer
Typical conditions include financing, a home inspection and, for condos, a review of the status certificate by your lawyer. Once they're satisfied, the purchase is firm. Some buyers do the inspection before an offer date so they can make a clean offer with confidence.
Read more: Home inspection guide
Before closing, you'll arrange home insurance, meet your lawyer to sign documents and provide the rest of your down payment and closing costs. On closing day, your lawyer registers the purchase and releases the keys.
Read more: Closing day in Ontario
Markham has every type of home. The right one depends on your budget, how much upkeep you want, and how long you plan to stay.
| Type | Good fit if you... | Keep in mind |
|---|---|---|
| Condo apartment | Want the lowest entry price, little maintenance, and amenities like a gym or concierge | Monthly condo fees, building rules, and many similar units competing at resale |
| Stacked or condo townhome | Want more space than a condo without full home maintenance | Condo fees still apply; check stairs, parking and the status certificate |
| Freehold townhome | Want to own the land and avoid condo fees | You handle all maintenance; some have a small private road fee (POTL) |
| Semi-detached | Want a yard and more room, at a lower price than detached | One shared wall |
| Detached | Want the most space and long-term flexibility | Highest price and most upkeep; usually needs a larger down payment |
Read more: Condo vs townhome for single buyers · What $1 million buys across Markham
These areas are popular with first-time buyers for different reasons. The best choice depends on what matters most to you.
Newer condos near Highway 7 and the 407, Unionville GO, restaurants and the York University Markham campus.
Freehold and rear-lane townhomes, walkable streets, Markham Stouffville Hospital and Highway 407 nearby.
Townhomes and detached homes near Mount Joy GO, with parks and trails close by.
Established homes, Milliken GO, and easy access to Toronto at generally lower prices.
Main Street Unionville and established streets. Higher prices, but condos and townhomes can be a way in.
Read more: Most affordable neighbourhoods in Markham · All Markham neighbourhoods
The minimum depends on the purchase price. With less than 20% down, you'll need mortgage default insurance.
| Purchase price | Minimum down payment | Example |
|---|---|---|
| Up to $500,000 | 5% | $450,000 condo: $22,500 |
| $500,000 to $1,499,999 | 5% of the first $500,000, plus 10% of the rest | $899,000 townhome: $64,900 |
| $1,500,000 and up | 20% | $1,600,000 home: $320,000 |
Mortgage insurance: with less than 20% down, an insurance premium of about 2.8% to 4% of your mortgage is added to your loan. In Ontario, 8% provincial sales tax on that premium must be paid in cash at closing. First-time buyers can choose a 30-year amortization on an insured mortgage to lower monthly payments.
Read more: Average down payment in Markham · Help from parents
A good rule of thumb is to set aside about 1.5% to 4% of the purchase price for closing costs, depending on the price and the programs you qualify for.
| Cost | What to expect |
|---|---|
| Ontario land transfer tax | Based on the price. First-time buyers can get up to $4,000 back. On an $899,000 home, that's $14,455 before the refund and $10,455 after. Markham has no municipal land transfer tax. |
| Legal fees and disbursements | Commonly $1,500 to $3,500, including title search and registration |
| Title insurance | A one-time cost, usually a few hundred dollars, often arranged through your lawyer |
| Home inspection | Typically $400 to $600, more for larger homes |
| PST on mortgage insurance | 8% of the insurance premium, paid at closing if you put less than 20% down |
| Adjustments | Paying the seller back for property tax or condo fees they've prepaid |
| Moving and setup | Movers, utility connections, and basics for the new home |
From pre-approval to getting your keys, most first-time buyers take about two to four months. Searching is the part that varies most.
Read more: Biggest first-time buyer mistakes
It depends on the price, your down payment, interest rates and your other debts. As a general guide, lenders want your housing costs to stay within about 39% of your gross income, and all debts within about 44%. A mortgage professional can give you an exact number at pre-approval.
A condo usually costs less to buy and maintain, but has monthly fees and more competing units at resale. A freehold townhome usually costs more up front but has no condo fees and you own the land. Compare the total monthly cost and how long you plan to stay.
In Markham, deposits are commonly around 5% of the price, delivered within 24 hours of acceptance. The deposit counts toward your down payment. The exact amount is part of your offer and can be negotiated.
A package from the condo corporation covering the building's finances, reserve fund, rules, lawsuits and upcoming fee changes. Your lawyer should review it before your purchase becomes firm.
It can be, if you've done your homework first: a solid pre-approval, an inspection before the offer date, and, for condos, a reviewed status certificate. Without those, a firm offer puts your deposit at risk if something goes wrong.
Yes. Co-buying is common in Markham. Get a written co-ownership agreement covering who pays what and what happens if one person wants to sell. Note that one co-buyer's history can affect everyone's eligibility for some programs.
Read more: Co-buying in Markham
Book a free, no-pressure consultation. We'll talk through your budget, the programs you qualify for and the neighbourhoods that fit, so you have a clear plan before you make an offer on anything.