Buying a Home in Markham as a Newcomer to Canada — Your Complete Real Estate Guide

Can Newcomers to Canada Buy a Home in Markham?

Yes. Permanent residents and Canadian citizens can purchase real estate in Canada with the same rights as any other buyer. Foreign nationals who are not permanent residents or citizens face restrictions under Canada's Prohibition on the Purchase of Residential Property by Non-Canadians Act, which has been in effect since 2023. However, international students enrolled in full-time programs at Canadian institutions for at least two years post-purchase may qualify for exemptions. Work permit holders working in Canada may also qualify depending on their permit type and duration. A qualified real estate lawyer can advise on eligibility based on your specific immigration status before you begin your home search.

Getting a Mortgage as a Newcomer to Canada

Canadian banks and mortgage lenders have specific programs for newcomers to Canada who have limited Canadian credit history. The major Canadian banks — RBC, TD, BMO, Scotiabank, and CIBC — all offer New to Canada mortgage programs that allow borrowers with international credit history, a valid work permit or permanent resident status, and a sufficient down payment to qualify for insured mortgages.

CMHC and Canada Guaranty both offer mortgage insurance for newcomers with as little as 5% down payment on homes up to $500,000 and 10% on amounts above that up to $1,500,000. A mortgage broker with experience serving newcomer buyers can navigate lender policies and identify the best available product for your situation. Getting pre-approved with a New to Canada mortgage program before starting your Markham home search is strongly recommended.

Understanding the Canadian Real Estate Transaction

Buyer Representation Is Free. In Canada, buyer's agent commission is paid by the seller in virtually all resale transactions. A licensed REALTOR® like Michael John Lau represents your interests as a buyer at no direct cost to you. This is different from many markets globally where buyers pay their own agent fees. Do not navigate the Markham real estate market without professional representation.

Agreement of Purchase and Sale. All Canadian real estate transactions are governed by a written Agreement of Purchase and Sale — a legally binding contract specifying price, conditions, deposit, and closing date. In Ontario, you must have a real estate lawyer review and assist with this document.

Land Transfer Tax. Ontario charges a land transfer tax on all property transfers, calculated as a percentage of the purchase price. For a $1,000,000 home, the Ontario LTT is approximately $16,475. Markham buyers pay only the provincial LTT — there is no additional municipal LTT as in the City of Toronto.

Home Inspection. Canadian real estate practice includes a home inspection conducted by a licensed inspector before finalizing your purchase. Always include a home inspection condition in your offer on a Markham resale home.

Which Markham Communities Are Best for Newcomers?

The Highway 7 corridor from Warden Avenue west through Downtown Markham and east through First Markham Place has the highest concentration of Chinese, Korean, and pan-Asian food, retail, cultural services, and community organizations. Families arriving from Hong Kong, mainland China, or Taiwan often prioritize proximity to this corridor for everyday comfort.

Cornell, Box Grove, and Greensborough have substantial South Asian and Filipino communities alongside East Asian residents. For newcomers prioritizing school catchments above all else — Wismer Commons for Bur Oak Secondary School, Unionville for Unionville High School, and Angus Glen and Cachet for Pierre Elliott Trudeau Secondary School — are the communities that historically attract the most intensive newcomer school-focused demand.

Michael John Lau — Your Markham REALTOR® for Newcomer Buyers

Michael John Lau, REALTOR® at Kaizen Real Estate in Markham, Ontario, has extensive experience serving newcomer buyers from Hong Kong, mainland China, Taiwan, India, and beyond. The Kaizen Real Estate Team understands the specific priorities, financial considerations, and cultural context that newcomer buyers bring to the Markham real estate market — and delivers the professional guidance, local expertise, and responsive service that makes the transition to Canadian homeownership smooth and confident.