Blog > What can a first time buyer afford in Markham?
What can a first time buyer afford in Markham?
In 2026, a budget of $600,000 to $850,000 in Markham mainly buys condo apartments, from one-bedroom-plus-den units to many two-bedroom units, along with some condo or stacked townhouses. The average Markham condo apartment sold for about $638,000 in August 2026, while the average freehold townhouse was about $1,031,000, above this range. The minimum down payment runs from about $35,000 to $60,000 across the range. First-time buyers can get up to $4,000 back on Ontario land transfer tax, save in a First Home Savings Account and use 30-year amortizations on insured mortgages. Compare the full monthly cost, including condo fees, before you choose.
What $600,000 to $850,000 Buys in Markham
| Home type | Fits the budget? | Typical trade-offs |
|---|---|---|
| One-bedroom plus den condo | Yes, often at the lower end | Smaller space, lower fees, easy to rent later |
| Two-bedroom condo | Yes, across much of the range | More space, higher fees, parking may cost extra |
| Stacked or condo townhouse | Some, at the upper end | Ground-level entry, monthly fees, some shared walls |
| Freehold townhouse | Usually not; averaged about $1,031,000 | Stretch purchase or a future move-up goal |
Average prices are from TRREB Market Watch, August 2026.
Michael John Lau, a REALTOR® with the Kaizen Real Estate Team, one of the most active real estate teams in Markham and York Region, helps first-time buyers compare a condo and a townhouse on the full monthly cost, not just the price, so the choice fits both today’s budget and the next five years.
Down Payment and Monthly Cost
In Canada, the minimum down payment is 5% of the first $500,000 and 10% of the portion above that, up to $1.5 million. Here are examples with the minimum down payment, mortgage default insurance added to the loan, a 4.00% rate and a 30-year amortization:
| Price | Minimum down payment | Approx. mortgage payment | Ontario land transfer tax after refund |
|---|---|---|---|
| $600,000 | $35,000 | About $2,794 | About $4,475 |
| $700,000 | $45,000 | About $3,239 | About $6,475 |
| $850,000 | $60,000 | About $3,907 | About $9,475 |
Payments are approximate, include a 4.00% default insurance premium on the loan and use Canadian semi-annual compounding. A small extra premium applies for a 30-year amortization. Add condo fees, property tax, insurance and utilities for the full monthly cost. For more, see how much down payment you need in Markham.
Ready to start your first home search? Call Michael John Lau, REALTOR®, at (416) 700-0286 for a plan that fits your budget and timeline.
Downtown Markham Condos vs. Townhouses in Cornell and Greensborough
| Condo in Downtown Markham | Townhouse in Cornell or Greensborough | |
|---|---|---|
| Price | Within range for most units | Condo and stacked towns may fit; freehold usually above range |
| Monthly fees | Condo fee covers building costs | Lower or no fee for freehold; fee for condo towns |
| Transit | Viva rapidway on Highway 7, Unionville GO nearby | Cornell Terminal; Mount Joy GO near Greensborough |
| Space | One level, balcony | Multiple levels, small yard or terrace |
| Lifestyle | Shops and restaurants nearby, amenities in the building | Parks, community centres and family streets |
For the full cost comparison, see what it really costs each month to own a home in Markham.
First-Time Buyer Programs to Use
- Ontario land transfer tax refund: up to $4,000 back on closing for eligible first-time buyers. Markham has no municipal land transfer tax.
- First Home Savings Account (FHSA): save up to $8,000 a year, $40,000 lifetime, tax-free toward your first home.
- RRSP Home Buyers’ Plan: withdraw up to $60,000 from your RRSP for a first home, to be repaid over time.
- 30-year amortization: available to first-time buyers on insured mortgages, which lowers the monthly payment.
- New-home GST and HST relief: first-time buyers of eligible new homes may qualify for federal and Ontario relief. See how much HST a Markham first-time buyer can save.
Thinking Two Moves Ahead
Your first home does not have to be your forever home. Many Markham buyers start with a condo near transit, build equity for five to seven years, then move up to a townhouse or semi when their family grows. If that is your plan, choose a unit that will be easy to sell or rent later: a practical layout, parking, a well-run building and a location near transit or schools. Avoid paying a premium for features that matter only to you, such as a very unusual floor plan or finishes that are hard to change.
Do Not Overlook Condo Fees
Two condos at the same price can carry very different monthly costs. A higher condo fee may cover heat, water or amenities, while a lower fee may mean an underfunded reserve fund. Have your lawyer review the status certificate before you firm up. See status certificate red flags for what to check.
Your First-Time Buyer Playbook
- Get pre-approved and set a monthly budget, not just a price.
- Open an FHSA early so contribution room builds.
- Choose two or three areas that fit your commute.
- Compare condo fees and status certificates, not only prices.
- Use the market. Markham had about 9 months of inventory in September 2026, so buyers have room to negotiate and include conditions.
Ultimately, the decision is yours. The goal is to make sure you have all the information.
Next Steps
- First-time buyer services: a step-by-step plan from pre-approval to keys.
- Markham condos: compare buildings, fees and recent sales.
- Use the mortgage calculator: test payments across your price range.
Frequently Asked Questions
What can I buy in Markham for under $850,000?
Mostly condo apartments, from one-bedroom-plus-den to many two-bedroom units, and some condo or stacked townhouses. The average Markham freehold townhouse sold for about $1,031,000 in August 2026.
What is the average condo price in Markham?
The average Markham condo apartment sold for about $638,000 in August 2026, based on TRREB data. Prices vary by building, size and location.
How much down payment do I need for a $700,000 home?
The minimum is $45,000: 5% of the first $500,000 and 10% of the remaining $200,000. Down payments under 20% require mortgage default insurance.
How much is the first-time buyer land transfer tax refund in Ontario?
Eligible first-time buyers can get up to $4,000 back on Ontario land transfer tax. Markham does not charge a municipal land transfer tax.
Can first-time buyers get a 30-year mortgage?
Yes. First-time buyers can use a 30-year amortization on insured mortgages, which lowers the monthly payment. A small extra insurance premium applies.
Should I buy a condo or wait for a townhouse?
It depends on your budget and plans. A condo can help you start building equity now, while waiting may make sense if you will soon need more space. Compare the full monthly cost of both.
Work With Michael John Lau in Markham
Michael John Lau helps first-time buyers in Markham find the right starting point, whether that is a condo near transit or a townhouse in a family community. That includes setting a full monthly budget, using every first-time buyer program available and reviewing condo documents with your lawyer. The goal is a confident first purchase that sets you up for the next one.
📞 Contact Michael John Lau, REALTOR®
🌐 www.callmikelau.com
Buying your first home in Markham?
Michael John Lau helps first-time buyers compare options and build a plan that fits their budget.
Michael John Lau, REALTOR® · Markham, Ontario · (416) 700-0286
Disclaimer. Michael John Lau is a licensed REALTOR® serving buyers and sellers in Markham, Ontario and the Greater Toronto Area. Average prices are from TRREB Market Watch, August 2026. Program details reflect federal and Ontario rules as of October 2026. Payment and tax examples are approximate. Market inventory is from Wahi (26 September 2026). This article is general information, not financial advice. Speak to a lender about your mortgage and a lawyer about any agreement.