First-Time Home Buyer Guide for Newmarket and Aurora (2027)

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

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Street of semi-detached and detached brick homes in Newmarket, Ontario, in autumn (illustrative)

By Jatin Dua · Broker of Record, RE/MAX Quantum Realty · Updated 2 November 2026 · 9 min read — Newmarket and Aurora side by side: 2026 prices by home type, the cash each home needs, the programs that apply, and the tax and resale differences.

Short answer

A first-time buyer needs about $24,500 down for a median Newmarket condo apartment ($490,000 in January to October 2026) and $57,500 for a median Newmarket semi ($825,000). In Aurora, a median condo townhouse ($675,000) needs $42,500. Neither town has a municipal land transfer tax, Ontario refunds up to $4,000, and the FHSA and Home Buyers’ Plan help with the down payment.

This guide is for first-time buyers deciding between Newmarket and Aurora, or already set on one of them, for a purchase in 2027. It puts both towns side by side: 2026 prices for every home type, the down payment and closing cash each one needs, the programs you can use, and the tax and resale points that make the two towns different for a first home.

What does a first home cost in Newmarket and Aurora in 2027?

Prices fell in both towns in 2026, and Newmarket is cheaper than Aurora for every home type except condo townhouses. These are town-wide median sale prices for January to October 2026, with the change from the same months of 2025.

Home type	Newmarket median 2026	Change vs 2025	Aurora median 2026	Change vs 2025
Condo apartment	$490,000	-12.8%	$583,500	-14.8%
Condo townhouse	$680,000	-6.2%	$675,000	-15.6%
Freehold townhouse	$827,000	-8.1%	$900,000	-8.2%
Semi-detached	$825,000	-7.6%	$922,500	-7.3%
Detached	$1,070,000	-10.1%	$1,370,000	-2.0%

Source: TRREB MLS data via REALM, January–October 2026 vs the same period of 2025, Town of Newmarket and Town of Aurora. Town-wide medians; prices differ by area within each town.

Over two years the drop is larger. Newmarket’s median detached house fell from $1,265,000 in January to October 2024 to $1,070,000 in 2026, and Aurora’s from $1,560,500 to $1,370,000.

How much down payment do I need in Newmarket or Aurora?

Canada’s minimum down payment is 5% of the first $500,000 and 10% of the part between $500,000 and $1.5 million. With less than 20% down, you pay a mortgage insurance premium that is added to the loan; in Ontario the 8% sales tax on the premium is paid in cash on closing. Neither town has a municipal land transfer tax, and first-time buyers get up to $4,000 back on Ontario’s.

Home at the 2026 median	Minimum down	Sales tax on insurance premium, cash	Land transfer tax after refund
Newmarket condo apartment, $490,000	$24,500	$1,490	$2,275
Newmarket semi-detached, $825,000	$57,500	$2,456	$8,975
Newmarket freehold townhouse, $827,000	$57,700	$2,462	$9,015
Newmarket detached, $1,070,000	$82,000	$3,162	$13,875
Aurora condo apartment, $583,500	$33,350	$1,760	$4,145
Aurora condo townhouse, $675,000	$42,500	$2,024	$5,975
Aurora freehold townhouse, $900,000	$65,000	$2,672	$10,475
Aurora detached, $1,370,000	$112,000	$4,026	$19,875

Source: my calculations using federal minimum down payment rules, CMHC’s 4.00% premium for 90.01–95% loan-to-value with 8% Ontario sales tax on it, and Ontario land transfer tax brackets with the $4,000 first-time buyer refund. Medians from TRREB MLS data via REALM, January–October 2026.

The premium itself is large but is added to your mortgage: $18,620 on the median Newmarket condo and $30,772 on the median Newmarket freehold townhouse at 5% down. Putting 10% down cuts the premium rate to 3.10%, and first-time buyers can take a 30-year amortization on an insured mortgage for an extra 0.20%. Also budget for legal fees, title insurance, an inspection and moving costs.

Which first-time buyer programs apply in Newmarket and Aurora?

Neither town runs its own down payment program. Buyers in both use the federal and Ontario programs:

First Home Savings Account (FHSA): $8,000 of room a year and $40,000 in total, with up to $8,000 of unused room carried forward a year.
RRSP Home Buyers’ Plan: up to $60,000 from your RRSP, repaid over 15 years. For a first withdrawal between 2026 and 2028, repayments start in the fifth year after.
Ontario land transfer tax refund: up to $4,000, so no tax on the first $368,000. You must be 18 or older, a citizen or permanent resident, never have owned a home anywhere in the world, and move in within nine months.
First-Time Home Buyers’ GST Rebate: on a new home, full GST relief up to $1 million (worth up to $50,000), phasing out at $1.5 million.
Ontario’s new-home HST relief: according to CRA Notice 346 (August 2026), a new home bought from a builder under an agreement signed from 1 April 2026 to 31 March 2027 can get the 8% Ontario part of the HST back, up to $80,000, and Ontario’s New Home Affordability Payment covers up to $50,000 of the federal part. That is up to $130,000; confirm eligibility with your lawyer.

Free tool — what can you actually afford?

Is Newmarket or Aurora cheaper for a first-time buyer?

Newmarket is cheaper to get into. Its median condo apartment, at $490,000, is $93,500 below Aurora’s, and its median detached house is $300,000 lower. The minimum down payment on a median Newmarket detached house is $82,000, against $112,000 in Aurora.

The one exception is condo townhouses, where the two towns are nearly level at about $675,000 to $680,000. Aurora’s condo townhouse median fell 15.6% in 2026 while sales rose 18.6%, so it is one of the better-value entry points in Aurora right now.

Price is not the only factor. Aurora’s detached market held up better, falling only 2.0% this year, which suggests steadier demand. My full comparison of Newmarket vs Aurora covers more of the differences between the two towns, and my guide to the northern York Region housing market shows the wider trend.

What is the best-value first home in Newmarket?

In 2026 it was the semi-detached house. Newmarket’s median semi sold for $825,000, slightly below the median freehold townhouse at $827,000, and both took 27 days to sell on average. For roughly the same money, a semi has only one shared wall, while most townhouses other than end units have two. Semis also sold in decent numbers: 91 in January to October, up 5.8% on 2025.

TRREB divides Newmarket into communities such as Central Newmarket, Gorham-College Manor, Huron Heights-Leslie Valley, Bristol-London, Armitage and Woodland Hill. Prices vary between them, so compare recent sales on the streets you like. My guide to the best neighbourhoods in Newmarket is a good starting point.

Watch out

Condo apartment markets in both towns are small. Newmarket recorded only 51 condo apartment sales in January to October 2026, and they took 54 days to sell on average; Aurora had 48 sales at 45 days. A small market can mean a slower resale if you need to move in three to five years. If you buy a condo here, choose a building with a healthy reserve fund and a layout that appeals widely, and have your lawyer review the status certificate before you firm up.

What are property taxes in Newmarket and Aurora?

Both towns share York Region’s 0.392412% and the 0.153% education rate, but the town portions differ, so Newmarket’s total residential rate is higher.

2026 residential rate	Newmarket	Aurora
Town	0.373633%	0.328541%
York Region	0.392412%	0.392412%
Education	0.153000%	0.153000%
Total	0.919045%	0.873953%
Tax on a $600,000 assessment	$5,514	$5,244

Source: Town of Newmarket 2026 Schedule of Tax Rates (residential, RT) and Town of Aurora 2026 Property Tax Rates (residential, RT); tax amounts are my calculations.

Your bill is based on your MPAC assessment, not your purchase price. A lower-priced home often carries a lower assessment, so compare actual tax bills rather than rates alone. Ask the seller for the latest tax bill before you firm up.

What should first-time buyers check before buying in Newmarket or Aurora?

For a condo or condo townhouse: the status certificate, what the monthly fee covers, and whether the reserve fund can handle roofs, windows and other big work coming up.
For a resale house: a home inspection condition in your offer, and the age of the roof, furnace and windows, since replacing them early can wipe out a first-time buyer’s savings cushion.
For a house with a basement unit: confirm with the Town that the unit is legal, ask your lender in writing how much of the rent it will count, and remember that an existing tenant normally stays on under Ontario’s Residential Tenancies Act after you buy.
For a new home: the date you sign decides which tax relief applies, so have a lawyer review the builder’s agreement and its closing adjustments before you sign.

A pre-approval with a rate hold lets you make an offer with confidence when the right home appears, and shows sellers you are ready.

Is 2027 a good time to buy in Newmarket or Aurora?

Buyers have room in both towns. TRREB’s October 2026 Market Watch showed 4.1 months of inventory in Newmarket and 5.0 in Aurora, and buyers paid 97% and 98% of the asking price on average. Detached sales rose in both towns this year, by 10.3% in Newmarket and 9.1% in Aurora, as buyers returned at lower prices.

Rates are moving against buyers. The Bank of Canada raised its policy rate to 2.50% on 28 October 2026 and said a further increase could be needed; prime rose to 4.70%. The next decision is on 9 December 2026.

My take

My cautious view: for most first-time buyers, Newmarket gives more house for the money, and a semi at about $825,000 is the standout value. Aurora suits buyers who can stretch and want its steadier detached market, or who find a condo townhouse near the $675,000 median. Either way I would get a pre-approval with a rate hold, test the payment at a rate at least one point higher, and plan to stay five years or more.

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 mortgage pre-approval, then compare the same home type in both towns.
If you look at condos, read my list of the top condos to buy in Newmarket and Aurora.
Choose a real estate lawyer who will claim your land transfer tax refund at closing and review any status certificate or builder agreement.

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 Newmarket?

At Newmarket’s January to October 2026 medians, the minimum down payment is $24,500 for a $490,000 condo apartment, $57,500 for an $825,000 semi-detached house, $57,700 for an $827,000 freehold townhouse and $82,000 for a $1,070,000 detached house. Canada’s rule is 5% of the first $500,000 and 10% of the rest up to $1.5 million. Closing costs come on top.

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

At Aurora’s January to October 2026 medians, the minimum down payment is $33,350 for a $583,500 condo apartment, $42,500 for a $675,000 condo townhouse, $65,000 for a $900,000 freehold townhouse and $112,000 for a $1,370,000 detached house. Canada’s rule is 5% of the first $500,000 and 10% of the rest up to $1.5 million. Closing costs are extra.

Are there first-time home buyer programs in Newmarket and Aurora?

Neither Newmarket nor Aurora runs its own down payment program, as of November 2026. First-time buyers in both towns use the First Home Savings Account (up to $40,000), the RRSP Home Buyers’ Plan (up to $60,000) and Ontario’s land transfer tax refund (up to $4,000). On a new home, the federal GST rebate and Ontario’s HST relief can also apply.

Is there a land transfer tax in Newmarket or Aurora?

Only Ontario’s. Neither Newmarket nor Aurora charges a municipal land transfer tax, unlike Toronto. First-time buyers get up to $4,000 back, covering the tax on the first $368,000. On Newmarket’s 2026 median semi at $825,000, the Ontario tax is $12,975, or $8,975 after the refund. On Aurora’s median freehold townhouse at $900,000, it is $10,475 after the refund.

Is Newmarket cheaper than Aurora?

Yes, for most home types. In January to October 2026 Newmarket’s median detached house sold for $1,070,000 against $1,370,000 in Aurora, and its median condo apartment for $490,000 against $583,500. Condo townhouses were the exception, at $680,000 in Newmarket and $675,000 in Aurora. Figures are TRREB MLS data via REALM and are town-wide medians.

What is the property tax rate in Newmarket for 2026?

Newmarket’s 2026 residential property tax rate is 0.919045% of the MPAC assessed value: 0.373633% for the Town, 0.392412% for York Region and 0.153% for education. That is about $919 a year for every $100,000 of assessment, or $5,514 on a $600,000 assessment. The 2027 rate will be set during 2027, so check the seller’s latest bill.

What is the property tax rate in Aurora for 2026?

Aurora’s 2026 residential property tax rate is 0.873953% of the MPAC assessed value: 0.328541% for the Town, 0.392412% for York Region and 0.153% for education. That is about $874 a year for every $100,000 of assessment, or $5,244 on a $600,000 assessment. Aurora’s rate is lower than Newmarket’s, but its homes generally cost more.

What is the cheapest house in Newmarket for a first-time buyer?

In 2026 the semi-detached house was the lowest-priced house type in Newmarket. The median semi sold for $825,000 in January to October 2026, just below the $827,000 median freehold townhouse, and needed $57,500 down at the minimum. Condo townhouses cost less, at a $680,000 median, but come with monthly condo fees. Figures are TRREB MLS data via REALM.

Should I buy in Newmarket or Aurora in 2027?

Pick the town that fits your budget and plans rather than a forecast. In October 2026 Newmarket had 4.1 months of inventory and Aurora 5.0, so buyers have room to negotiate in both. Newmarket gives more house for the money; Aurora’s detached prices fell less in 2026. With the Bank of Canada at 2.50% and more hikes possible, test your payment at a higher rate.