Buyer guide · 01 / 04
Getting started
Your goals, budget & buying roadmap.
Build a clear starting point before you begin your search.
Define your next move
Start with the way you want to live.
Discuss your timing, preferred neighbourhoods, budget, and must-have features. Separate what you need from what would simply be nice to have.
- What is prompting your move?
- Which locations fit your daily routines?
- Which features are essential, and where can you be flexible?
Understand your buying budget
Bring financing and purchase costs into the conversation.
The guide places mortgage pre-approval early in the process. Speak with a mortgage professional about your financing position, and ask which purchase and closing costs you should plan for.
- Clarify your financing before focusing on specific homes.
- Budget beyond the advertised purchase price.
- Ask what still needs to be reviewed for a particular property.
Choose your representation
Know who is advising you and how you will work together.
An initial consultation is a chance to discuss communication, priorities, and the Buyer Representation Agreement. Ask questions before signing so you understand the proposed relationship.
- Discuss the service and communication you expect.
- Ask for an explanation of the agreement and its terms.
- Choose your advisor thoughtfully, rather than solely on availability.
See the buying roadmap
Know what comes next.
The guide sets out eight stages. Your own timing and the details of each stage should be discussed with the professionals helping you.
- Consultation and representation → mortgage pre-approval.
- Focused home search → property tours.
- Offer strategy → due diligence and conditions.
- Closing day → support after the move.
Buying in Markham: what to know first
Down payment. In Canada the minimum down payment is 5% of the first $500,000, 10% of the portion between $500,000 and $1.5 million, and 20% on homes priced at $1.5 million or more. With less than 20% down, the mortgage needs default insurance. Federally regulated lenders also check that you could afford payments at the higher of your contract rate plus 2% or 5.25%. These rules change, so confirm them with your lender.
Land transfer tax. For a $1,400,000 home, Ontario land transfer tax works out to about $24,475. First-time buyers can claim a refund of up to $4,000, bringing it to about $20,475. Markham has no municipal land transfer tax. In Toronto, the city's own tax would add about the same amount again at this price.
Representation. Since December 1, 2023, Ontario's Trust in Real Estate Services Act (TRESA) requires a written buyer representation agreement before a brokerage represents you, and you should receive RECO's information guide first. The agreement sets the area, the length of the term and how the brokerage is paid. All of it can be discussed before you sign. Kenneth works with buyers in English and Cantonese.
Before your next conversation
A short checklist to help you prepare. Your ticks stay on this page until you leave or refresh.
Common questions
How much do I need for a down payment on a Markham home?
It depends on the price. On a $1,200,000 home the minimum is $95,000: 5% of the first $500,000 ($25,000) plus 10% of the remaining $700,000 ($70,000). Homes priced at $1.5 million or more need 20% down. Your lender confirms the final figure.
Is there a municipal land transfer tax in Markham?
No. Buyers in Markham pay only Ontario's land transfer tax. Toronto is the only Ontario city with its own land transfer tax on top of the provincial one.
Do I have to sign a buyer representation agreement in Ontario?
Yes, if you want a brokerage to represent you. Since December 1, 2023, the agreement must be in writing. You can discuss the term, the area it covers and how the brokerage is paid before you sign.
How long does it take to buy a home in Markham?
Many buyers take one to three months from their first showings to an accepted offer, and closing usually follows 30 to 90 days later. Your timing, budget and the market all change this.
Ready to start looking?
Get new Markham and GTA listings by email, or book a short call to talk through your budget, timing and the areas you are considering.
Adapted from the RE/MAX Realtron Buyer Guide, August 2026, printed pages 6, 10, 14. This overview is for planning; confirm property-specific, financing, and legal questions with the appropriate professionals.