First-Time Home Buyer Guide for Markham (2027)

Published 2 November 2026 · By Jatin Dua, Broker of Record, RE/MAX Quantum Realty

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Street of newer brick townhouses and detached homes in Markham in late autumn (illustrative)

By Jatin Dua · Broker of Record, RE/MAX Quantum Realty · Updated 2 November 2026 · 10 min read — Markham prices by home type, the cash you need to close, the programs that apply, and the condo townhouse and two-unit house questions to ask.

Short answer

A first-time buyer in Markham needs about $30,800 down for a median condo apartment ($558,000), $50,000 for a condo townhouse ($750,000) and $74,999 for a freehold townhouse ($999,990). Markham has no municipal land transfer tax, Ontario refunds up to $4,000, and the FHSA and Home Buyers’ Plan can fund the down payment.

This guide is for first-time buyers who want to own in Markham in 2027, whether you grew up there, rent there now, or are moving out from Toronto for schools and space. It covers 2026 prices by home type, the cash you need to close, the programs that apply, and the Markham details first-timers often miss, from two-unit house registration to property tax.

What does a first home cost in Markham in 2027?

Markham prices fell across every home type in 2026. These are city-wide median sold prices for January to October, the latest data as of November 2026.

Home type	Median 2024	Median 2025	Median 2026	Change vs 2025	Avg days on market 2026
Condo apartment	$700,000	$643,000	$558,000	-13.2%	39
Condo townhouse	$900,000	$825,000	$750,000	-9.1%	37
Freehold townhouse	$1,200,000	$1,122,600	$999,990	-10.9%	29
Semi-detached	$1,280,000	$1,168,000	$1,025,000	-12.2%	28
Detached	$1,650,000	$1,518,000	$1,420,000	-6.5%	29

Source: TRREB MLS data via REALM, January–October of 2024, 2025 and 2026, City of Markham. City-wide medians; Unionville, Cornell, Markham Village and other areas each differ.

The headline for first-time buyers: the median freehold townhouse slipped just under $1 million, down from $1.2 million in 2024. Condo apartments fell the most in percentage terms, from $700,000 to $558,000 over two years.

How much cash do I need to buy in Markham?

Canada’s minimum down payment is 5% on the first $500,000 and 10% on the part between $500,000 and $1.5 million. With under 20% down, you pay a mortgage insurance premium, which is added to the loan. In Ontario, the 8% sales tax on that premium cannot be added to the loan, so it is due in cash at closing.

Home at the 2026 median	Minimum down payment	Insurance premium (4.00%)	Sales tax on premium, cash
Condo apartment, $558,000	$30,800	$21,088	$1,687
Condo townhouse, $750,000	$50,000	$28,000	$2,240
Freehold townhouse, $999,990	$74,999	$37,000	$2,960
Semi-detached, $1,025,000	$77,500	$37,900	$3,032
Detached, $1,420,000	$117,000	$52,120	$4,170

Source: my calculations using federal minimum down payment rules and CMHC premium rates (4.00% of the loan at 90.01–95% loan-to-value). Medians from TRREB MLS data via REALM, January–October 2026.

Putting more down cuts the premium sharply. At 10% down, the rate falls to 3.10% of the loan; at 15% down, 2.80%. First-time buyers can also choose a 30-year amortization on an insured mortgage, which lowers the payment but adds 0.20% to the premium. My guide to CMHC mortgage insurance costs shows the full table.

Which first-time buyer programs apply in Markham?

The City of Markham does not run its own down payment program. These federal and provincial programs do apply:

First Home Savings Account (FHSA): $8,000 a year and $40,000 over your lifetime, with up to $8,000 of unused room carried into the next year.
RRSP Home Buyers’ Plan: up to $60,000 from your RRSP, repaid over 15 years. If your first withdrawal is between 2026 and 2028, repayments begin in the fifth year after.
Ontario land transfer tax refund: up to $4,000.
First-Time Home Buyers’ GST Rebate: for a new home, full GST relief up to $1 million (worth up to $50,000), phasing out to nothing at $1.5 million, for agreements signed on or after 20 March 2025 and before 2031.

For a newly built home, PwC’s summary of Ontario’s enhanced relief describes a refund of the 8% Ontario and 5% federal parts of the HST, up to $130,000, on a new primary residence, for agreements signed after 31 March 2026 and before 1 April 2027. It is open to all eligible buyers, not only first-timers. The CRA now takes claims for the Ontario part (Notice 346, updated August 2026), and Ontario pays the federal part through its New Home Affordability Payment; get your lawyer to confirm your agreement qualifies.

Not sure whether to fill the FHSA or the RRSP first? My guide to the FHSA vs the Home Buyers’ Plan works through it.

How much is land transfer tax in Markham for a first-time buyer?

Markham buyers pay Ontario’s land transfer tax only; there is no Markham municipal tax like Toronto’s. First-time buyers get up to $4,000 back, so the tax on the first $368,000 is covered.

Condo apartment at $558,000: tax $7,635, about $3,635 after the refund.
Freehold townhouse at $999,990: tax $16,475, about $12,475 after the refund.
Detached house at $1,420,000: tax $24,875, about $20,875 after the refund.

The refund requires you to be 18 or older, a Canadian citizen or permanent resident, never to have owned a home anywhere in the world, and to move in within nine months. If your spouse owned a home while you were married, neither of you qualifies. You can apply up to 18 months after closing if your lawyer does not claim it at registration.

Free tool — what can you actually afford?

Is a condo townhouse a good first home in Markham?

For many first-time buyers in Markham it is the middle ground. Condo townhouse sales rose 22.3% in January to October 2026 against the same months of 2025, the biggest jump of any home type in the city, while the median fell to $750,000 from $900,000 in 2024. You get stairs, a door at ground level and often a small yard, for about $250,000 less than the median freehold townhouse.

The trade-off is the monthly condo fee and the rules that come with a condo corporation. Before you buy, have your lawyer review the status certificate, check what the fee covers, and look at how the reserve fund compares with upcoming work such as roofs and windows. My comparison of freehold vs condo townhouses sets out the pros and cons in detail.

What should I know about two-unit houses in Markham?

If you are looking at a house with a basement apartment to help with the mortgage, Markham has clear rules:

Every two-unit house must be registered with the City, and both units are inspected for building and fire safety.
The City lists a fee of $260 for the first fire inspection and $246 to register.
For a second suite built before 1 July 1993, the owner files a two-unit house declaration form with Markham Fire.
The City warns that occupying an unregistered two-unit house can lead to court action and fines against the owner.

Ask the seller for the registration before you firm up, and ask your lender in writing whether, and how, it will count the rent.

Watch out

Do not count rent from an unregistered unit in your budget. If the unit has to be brought up to code, the work and the permits can cost far more than a few months of rent, and an existing tenant normally stays on under Ontario’s Residential Tenancies Act after you buy. Get the registration, the lease and the rent history before you firm up.

What are property taxes in Markham?

Markham’s 2026 residential tax rate is 0.722889% of your MPAC assessed value, covering the City, York Region and education portions. The City says its average residential assessment is $822,671, which pays $5,947 a year. That works out to about $723 for every $100,000 of assessment. Your assessment, not your purchase price, sets the bill, so ask for the seller’s latest tax bill. My Markham property tax guide covers due dates and payment plans.

What closing costs should I plan for on a Markham purchase?

Beyond the down payment, first-time buyers in Markham should set aside cash for:

Ontario land transfer tax after your refund, as worked out above.
Sales tax on the mortgage insurance premium, which cannot be added to the loan.
Legal fees, disbursements and title insurance.
A home inspection, or a status certificate review for a condo.
Adjustments for property tax, condo fees or utilities the seller has prepaid.
Moving costs and early repairs or furniture.

Ask your lawyer for a written estimate of the closing funds well before your closing date. My buyer closing costs guide explains each item.

How do Markham commuters get to downtown Toronto?

The GO Stouffville line runs to Union Station with stops at Mount Joy, Markham, Centennial and Unionville stations in Markham, and at Milliken on the Toronto boundary. For a first-time buyer who works downtown, a home within reach of one of these stations can cut commuting time and costs. Compare travel times at the hours you would actually commute before you buy.

Is 2027 a good time to buy a first home in Markham?

Buyers have more room than they did in 2024. The detached median fell from $1,650,000 in January to October 2024 to $1,420,000 in 2026, and the average time on market rose from 19 days to 29. Detached sales still rose 10.6% in 2026, so buyers are returning at lower prices. Meanwhile, the Bank of Canada raised its policy rate to 2.50% on 28 October 2026 and said more increases could be needed, so payments could rise even as prices soften.

My take

My cautious view: Markham suits first-time buyers who plan to stay five years or more and value schools and transit. With freehold townhouses now near $1 million and condo townhouses near $750,000, I would set your budget first, then choose the home type, not the other way round. Keep your FHSA and RRSP savings growing while you search, stress-test the payment at a higher rate, and treat any basement rent as extra until the unit’s registration is confirmed.

What to do next

Open an FHSA if you qualify, and check your RRSP room for the Home Buyers’ Plan.
Use the affordability tool on this page to find your price range at today’s rates and at a higher one.
Get a pre-approval with a rate hold before you start booking showings.
Compare condo townhouses with freehold townhouses in the areas you like; my guide to the best neighbourhoods in Markham is a good start.
Choose a real estate lawyer who will claim your land transfer tax refund and review any status certificate.

Need help with this? Talk to me.

I’m Jatin Dua, Broker of Record at RE/MAX Quantum Realty, and I’m the best agent to do this kind of work for you in Toronto and across the GTA. Over $100 million in GTA sales and 100+ families helped sell. Feel free to contact me any time: call or text 833-330-1925 or email [email protected].

Book a free call Call 833-330-1925

Frequently asked questions

How much do I need for a down payment in Markham?

At Markham’s January to October 2026 medians, the minimum down payment is $30,800 for a $558,000 condo apartment, $50,000 for a $750,000 condo townhouse, $74,999 for a $999,990 freehold townhouse and $117,000 for a $1,420,000 detached house. Canada’s rule is 5% of the first $500,000 and 10% of the rest up to $1.5 million. Budget extra cash for closing costs.

Are there first-time home buyer programs in Markham?

Markham has no city-run down payment program. First-time buyers in Markham use the federal and Ontario programs: the First Home Savings Account of up to $40,000, the RRSP Home Buyers’ Plan of up to $60,000, the Ontario land transfer tax refund of up to $4,000, and the GST rebate of up to $50,000 on a new home. These were all available as of November 2026.

Is there a land transfer tax in Markham?

Yes, but only Ontario’s. Markham has no municipal land transfer tax, unlike the City of Toronto. First-time buyers in Markham get up to $4,000 back from Ontario, which covers the tax on the first $368,000. On a freehold townhouse at the 2026 median of $999,990, the Ontario tax is $16,475, or about $12,475 after the refund.

What is the average price of a townhouse in Markham in 2026?

The median freehold townhouse in Markham sold for $999,990 from January to October 2026, down 10.9% from $1,122,600 a year earlier, according to TRREB MLS data via REALM. The median condo townhouse sold for $750,000. Both are city-wide figures, and prices vary between areas such as Unionville, Cornell and Markham Village. Freehold townhouses took 29 days to sell on average.

What is the property tax rate in Markham for 2026?

Markham’s 2026 residential property tax rate is 0.722889% of the MPAC assessed value, covering the City, York Region and education portions. The City says its average residential assessment of $822,671 pays $5,947 a year. That is about $723 for every $100,000 of assessment. The 2027 rate will be set during 2027, so check the seller’s latest bill when you budget.

Do basement apartments need to be registered in Markham?

Yes. The City of Markham requires every two-unit house to be registered, and both units are inspected for building and fire safety. The City lists a $260 fee for the first fire inspection and $246 to register. Occupying an unregistered two-unit house can lead to court action and fines against the owner, so a buyer should ask for the registration before firming up an offer.

How much income do I need to buy a condo in Markham?

It depends on your debts, the mortgage rate and the condo fee, so there is no single number. As a starting point, the median Markham condo apartment sold for $558,000 in January to October 2026, needing $30,800 down at the minimum. Lenders qualify you at the higher of 5.25% or your rate plus two points. Use an affordability calculator and get a pre-approval for a firm figure.

Is Markham a good place for first-time home buyers?

Markham can be a good fit for first-time buyers who plan to stay several years and value schools and GO transit. Prices are high but have fallen: the median freehold townhouse dropped from $1,200,000 in January to October 2024 to $999,990 in 2026, and condo townhouses from $900,000 to $750,000. Buyers who start with a condo or condo townhouse often find the entry point more manageable.

Is it a good time to buy in Markham in 2027?

Prices are lower and buyers have more time than in 2024: Markham’s detached median fell to $1,420,000 in January to October 2026, and homes took 29 days to sell on average instead of 19. But the Bank of Canada raised its rate to 2.50% in October 2026 and said more hikes could follow. No one can promise prices have bottomed, so buy what you can carry at a higher rate.