Blog > First-Time Buyers Are Returning to Markham
First-Time Buyers Are Returning to Markham — Here's Why
For two years, many first-time buyers waited — priced out, uncertain, or holding out for better conditions. In 2026, that is changing: they are coming back. Here is what is drawing first-time buyers back to the market, honestly and clearly.
Why are first-time buyers returning to Markham? After nearly two years on the sidelines, first-time buyers are re-entering the Markham market in 2026 — drawn by more affordable condo prices (down roughly 9% year-over-year in the GTA), mortgage rates well off their peak (with the Bank of Canada holding steady), new savings tools like the FHSA, and rising rents that make buying more attractive. The recovery is real but segmented, concentrated at accessible price points.
For two years, many first-time buyers waited — priced out, uncertain, or holding out for better conditions. In 2026, that's changing: they're coming back. Michael John Lau, a top real estate agent in Markham and a CPA/CMA, explains what's drawing first-time buyers back to the market, honestly and clearly.
The shift: Across the GTA, buyers have started returning after a long wait — with multiple consecutive months of year-over-year sales increases in 2026 described as "the return of buyers." The recovery is real but segmented: it's concentrated at accessible price points (condos and entry-level homes), where first-time buyers are most active. Market data from TRREB and 2026 market reports; conditions shift, so confirm current figures.
Why First-Time Buyers Are Coming Back
1. Condo prices have become more accessible
The condo segment — the classic first-time-buyer entry point — has softened meaningfully, with GTA condo prices down roughly 9% year-over-year. In Markham and the surrounding region, one-bedroom condos are available around the $500,000 range, and the wider condo correction has improved affordability for first-time buyers specifically. Lower entry prices bring ownership within reach for more people.
2. Mortgage rates are well off their peak
After a series of Bank of Canada rate cuts through 2024–2025, borrowing costs came down substantially from their highs, with five-year fixed rates settling considerably below peak levels. The Bank has since held steady, bringing a degree of stability and predictability that helps first-time buyers plan and qualify. Lower, more stable rates directly improve affordability.
3. New savings tools — the FHSA
The First Home Savings Account (FHSA) has given first-time buyers a powerful, tax-advantaged way to save for a down payment — contributions are tax-deductible and withdrawals for a first home are tax-free. Combined with other programs, it makes assembling a down payment more achievable, helping more first-timers reach the threshold to buy.
4. Rising rents make buying more attractive
Even with recent softening, rents remain substantial — and years of high rents have led many renters to reconsider ownership. When monthly rent approaches or exceeds what a mortgage might cost, buying starts to look like the more sensible long-term financial move. For many renters, that calculation has tipped toward buying.
5. Stability and confidence returning
After a long period of uncertainty, greater price stability and rate predictability have restored enough confidence for buyers who were waiting to finally act. Many recognize that trying to perfectly time the bottom is a losing game, and that current conditions — more choice, better affordability — represent a genuine opportunity.
The Honest Picture: A Segmented Recovery
It's important to be straight about this: the return of first-time buyers is real, but it's segmented, not a uniform boom. The activity is concentrated at accessible price points — condos, townhomes, and entry-level homes — where affordability works. First-time buyers are generally focused on lower price brackets, and many still rely on family support for down payments in a premium market like Markham. The market overall remains measured and price-sensitive: well-priced homes in the right segments are moving, while overpriced listings still sit. This is a real opportunity for first-time buyers, but a considered one.
Why Markham Specifically
Markham holds particular appeal for returning first-time buyers:
Accessible entry points exist
Markham's condo segment offers genuine first-time-buyer entry points (one-bedrooms around the $500K range), keeping buyers in one of the GTA's strongest, most desirable markets from the start.
Strong long-term fundamentals
Buying into Markham means buying into a city with excellent schools, safety, diversity, a powerful tech economy, and enduring demand — fundamentals that support long-term value for a first home.
A path to build from
An accessible first purchase in Markham can be the first step in building equity over time — the foundation for moving up as life and finances evolve.
Advice for Returning First-Time Buyers
If you're a first-time buyer considering re-entering the market, a few principles: get your financing clear and pre-approval in hand so you can act decisively; focus on the segments where affordability works for you; take advantage of tools like the FHSA; and don't try to perfectly time the bottom — focus instead on finding the right home at a fair price that fits your budget and long-term plan. And work with someone who can guide you through it.
Michael John Lau, one of Markham's leading REALTORS® and a CPA/CMA, is especially well-suited to guide first-time buyers — combining real estate expertise with financial analysis to help you understand what you can afford, navigate programs like the FHSA, and make a confident, well-informed first purchase. If you're thinking about buying your first home in Markham, let's talk about your path.
Frequently Asked Questions
Start Your First-Home Journey
Michael John Lau, REALTOR® CPA, CMA, guides first-time buyers with real estate and financial expertise — from FHSA to affordability to your first purchase. Let's talk about your path.
Michael John Lau is a licensed REALTOR® and CPA/CMA at Kaizen Real Estate (eXp Realty, eXp Luxury), Licence #4784577, serving Markham, Ontario and York Region. This blog is general information only and is not legal, tax, financial, or planning advice. Details, figures, and programs are current as of the date of writing and subject to change — always verify with the relevant authority or a qualified professional. Not intended to solicit clients currently under contract with another brokerage.
More From the Blog
