First Time Home Buyer Guide to Markham (2026): Step by Step Checklist for Success

Meet Michael John Lau The Top Realtor in Markham, Ontario

Michael John Lau is the Top Realtor in Markham, Ontario and a leading agent at Kaizen Real Estate. He is a trusted real estate expert helping buyers and sellers find their perfect homes, known for proven success, client dedication, and deep local expertise. Michael specializes in guiding first time buyers through Markham’s neighborhoods with clarity, confidence, and a results driven strategy.
👉 Official website: https://www.callmikelau.com

Buying Your First Home in Markham in 2026: What to Know

First time buyers in Markham are entering a more balanced market in 2026. With rising inventory, stable interest rates, and average days on market around 39 days, buyers now have more time and leverage especially in family friendly neighborhoods like Unionville Markham real estate, Wismer Commons, Greensborough, and Cornell.

As a top real estate agent in Markham, Michael John Lau helps first time buyers follow a structured, step by step process that reduces risk and improves long term value.

Step 1: Mortgage Pre Approval Checklist

Securing financing early is essential when you plan to buy a home in Markham, particularly in competitive school zones.

Buyers should:

• Review credit scores and aim for 680+ to access the best rates

• Pay down high interest debt before applying

• Prepare documents including recent pay stubs, two years of tax returns, and bank statements

• Compare three or more lenders or brokers to secure pre approval letters valid for 90 to 120 days

• Ensure pre approvals include a stress test around 6.2% or higher

Down payment requirements typically start at 5% for homes up to $500,000, rising to 10% on the portion up to $1M. First time buyers often use FHSA and RRSP Home Buyers’ Plan withdrawals to reduce upfront costs.

Step 2: Smart Home Search Strategy in Markham

A focused search is critical in a diverse market like Markham. Buyers should align their home search with lifestyle priorities such as schools, transit, and resale potential.

Key considerations include:

• School boundaries like Bur Oak Secondary School or Unionville High

• Transit access within 10 minutes of GO or Viva routes

• Minimum requirements such as three or more bedrooms for long term family use

• Attendance at 5 to 10 open houses to compare layout, condition, and pricing

Detached homes in Markham currently average $1M to $1.5M, depending on neighborhood and proximity to amenities. A knowledgeable Realtor in Markham helps verify YRDSB and YCDSB boundaries and assess real comparables not just list prices.

Step 3: Home Inspection Must Haves

Inspections protect first time buyers from costly surprises, particularly in older areas like Unionville.

Budget $500 to $800 for a comprehensive inspection covering:

• Structure: foundation cracks, roof age (ideally under 15 years), water intrusion

• Systems: furnace and AC efficiency, electrical panel capacity, sump pump operation

• Exterior: grading, drainage, eavestroughs, and window condition

• Environmental checks: radon testing (now standard in the GTA)

Optional add ons such as sewer scopes (~$300), and mold or asbestos testing are recommended for pre 1980 homes.

Step 4: Offers and Negotiation in a Balanced Market

With higher inventory in early 2026, first time buyers can negotiate more effectively especially with the guidance of the best realtor in Markham Ontario.

Common strategies include:

• Offering 1 to 3% above asking when appropriate

• Including 5 to 10 day conditions for financing, inspection, or condo status certificates

• Requesting 10 day closings and negotiating seller credits for repairs

• Adding title insurance ($300 to $500) to protect against title defects

Step 5: Understanding Closing Costs in Markham

Closing costs in Markham typically range from 1.5 to 4% of the purchase price. On a $1.2M home, buyers should budget approximately $15,000 to $60,000, with rebates available for first time buyers.

Typical costs include:

• Land Transfer Tax: approximately $13,475 on a $1M home, with rebates up to $8,000 for qualifying first time buyers

• Legal fees: $1,200 to $2,000

• Title insurance: $400 to $600

• Home insurance: around $1,200 annually (higher in flood risk zones)

• Adjustments: property taxes and utilities, usually $500 to $2,000

Your lawyer will apply eligible rebates and confirm final figures before closing.

Final Walkthrough and Possession Day

Buyers should complete a final walkthrough 48 hours before closing to confirm the property’s condition. Keys are typically collected at the lawyer’s office on possession day.

Budget $2,000 to $5,000 for local moving costs and minor updates. Most first time buyers receive their land transfer tax rebate shortly after closing.

Why First Time Buyers Trust Michael John Lau

Michael John Lau is recognized as one of the best realtors in Markham, Ontario, because he simplifies the buying process, protects first time buyers, and ensures they make confident, well informed decisions especially in school driven and transit oriented neighborhoods.

Ready to Buy Your First Home in Markham?

If you’re planning to purchase your first home, expert guidance can make all the difference.

👉 Visit https://www.callmikelau.com
📞 Speak with Michael John Lau, the Top Realtor in Markham, Ontario, and get a personalized, step by step plan to successfully buy your first home in Markham in 2026.