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Closing Costs in Markham: Every Dollar, Explained
The complete guide to every closing cost Markham buyers pay in 2026: an Ontario Land Transfer Tax calculator, legal fees, CMHC insurance, title insurance, and every rebate available to first-time and new-construction buyers, from a Markham REALTOR® who walks buyers through these numbers on every purchase.
Full Breakdown
Closing Costs for a $1,000,000 Markham Home
A typical resale transaction at the $1,000,000 mark. Markham is in York Region, so buyers pay only the provincial Land Transfer Tax. Unlike Toronto, there is no second, municipal LTT, which saves Markham buyers thousands on a comparable purchase.
| Closing Cost Item | Estimated Amount |
|---|---|
| Ontario Land Transfer Tax | ~$16,475 |
| Provincial LTT Rebate, First-Time Buyers | Up to −$4,000 |
| Legal Fees + Disbursements | $1,500 – $2,500 |
| Title Insurance | $300 – $500 |
| Home Inspection | $400 – $600 |
| CMHC Mortgage Default Insurance (if under 20% down) | $0 – $37,000+ |
| Property Tax Adjustment (pre-paid by seller) | $500 – $2,000 |
| Utility Adjustments | $100 – $500 |
| Home Insurance (first year) | $1,500 – $3,000 |
| Moving Costs | $1,000 – $3,000 |
| Status Certificate Review, Condos Only | $100 – $300 |
| Buyer Agent Compensation | $0 in most resale deals (paid from the seller's side) |
| Total Estimated Closing Costs | $20,000 – $61,000+ |
Based on a $1,000,000 resale purchase in Markham, Ontario, 2026. LTT per the Ontario provincial schedule. Estimates only; your real estate lawyer's statement of adjustments gives the exact figures before closing.
Your deposit (typically 5%, so $50,000 on a $1M home) becomes part of your down payment at closing. It is not an extra cost. But it must be available as a certified cheque or wire within 24 hours of an accepted offer, so have it liquid before your search starts.
Your lawyer's fee covers the title search, reviewing the Agreement of Purchase and Sale, reviewing the status certificate if it is a condo, coordinating with your lender, and registering the transfer on closing day. Disbursements are third-party costs paid on your behalf: registration fees, the title insurance premium, courier and search fees. Always get a written estimate before closing.
Ontario Land Transfer Tax Calculator, 2026
Estimates only. Ontario LTT per the provincial schedule; Toronto's municipal LTT mirrors the provincial rates for comparison. Confirm exact amounts with your real estate lawyer before closing.
Quick reference for typical Markham purchases (resale, 20% or more down, so no CMHC): $700,000 → about $12,300 after the first-time buyer rebate · $1,100,000 → about $21,600 after the rebate · $2,000,000 → about $47,200 (rebate rarely applies). Details below.
How LTT Is Calculated
Ontario Land Transfer Tax: The Full Rate Schedule
Ontario's LTT is a marginal tax, like income tax. You pay different rates on different portions of the price, not one rate on the whole amount.
| Purchase Price Portion | LTT Rate |
|---|---|
| First $55,000 | 0.5% |
| $55,001 to $250,000 | 1.0% |
| $250,001 to $400,000 | 1.5% |
| $400,001 to $2,000,000 | 2.0% |
| Over $2,000,000 (one or two units) | 2.5% |
Markham buyers pay only the provincial LTT. City of Toronto buyers pay both the provincial LTT and an identical municipal Land Transfer Tax. On a $1,000,000 purchase that saves a Markham buyer about $16,475 versus Toronto; on $1,500,000 the saving is more than $26,000.
- 0.5% on the first $55,000$275
- 1.0% on $55,001 to $250,000$1,950
- 1.5% on $250,001 to $400,000$2,250
- 2.0% on $400,001 to $1,200,000$16,000
- Total Ontario LTT$20,475
- First-time buyer rebate (maximum)−$4,000
- Net LTT after rebate$16,475
- 0.5% on the first $55,000$275
- 1.0% on $55,001 to $250,000$1,950
- 1.5% on $250,001 to $400,000$2,250
- 2.0% on $400,001 to $800,000$8,000
- Total Ontario LTT$12,475
- First-time buyer rebate (maximum)−$4,000
- Net LTT after rebate$8,475
Save More at Closing
Government Rebates and Programs, Ontario 2026
First-time buyers and all new-construction buyers have real savings available in 2026. Michael reviews which programs apply before any offer is signed.
Enhanced HST Rebate, New Construction
Sign an agreement on a qualifying new home in this window and the full 13% HST is rebated on homes up to $1,000,000. The $130,000 maximum holds to $1,500,000, then tapers to the standard $24,000 at $1,850,000. Open to all eligible buyers, not only first-timers; now law, retroactive to April 1, 2026. Applies to new builds, pre-construction, and qualifying assignments.
Ontario LTT Rebate, First-Time Buyers
A rebate of the provincial Land Transfer Tax up to $4,000 for buyers who have never owned a home anywhere, on a property that will be their principal residence. On an $800,000 purchase it removes about a third of the LTT payable; on purchases under about $368,000 it removes all of it.
First-Time Home Buyers' Tax Credit
A federal non-refundable credit of 15% on up to $10,000 of eligible purchase costs, worth up to $1,500. Claimed on your federal return for the year you buy.
First Home Savings Account
Contribute up to $8,000 a year and $40,000 lifetime toward a first home. Contributions are tax-deductible like an RRSP and qualifying withdrawals are tax-free like a TFSA. Best opened years before you plan to buy.
RRSP Home Buyers' Plan
Withdraw up to $60,000 per person ($120,000 per couple) tax-free from an RRSP for a qualifying first home, repaid over 15 years.
New Home HST Rebates, Outside the 2026 Window
Ontario's standard new housing rebate returns 75% of the 8% provincial portion of HST, to a maximum of $24,000, with no price cap. The federal rebate returns 36% of the 5% federal portion, to a maximum of $6,300, on homes up to $350,000 and phases out to zero at $450,000. Michael calculates every applicable rebate before a new-construction offer is finalized.
Program details are general information, not tax or legal advice, and eligibility depends on your situation. Confirm with your lawyer, accountant, or the CRA before relying on any rebate.
Budget by Price Point
Closing Cost Estimates by Purchase Price
Quick reference for Markham purchases. All figures assume a resale transaction with 20% or more down, so no CMHC insurance.
- Ontario LTT$10,475
- Less first-time buyer rebate−$4,000
- Legal fees + disbursements~$2,000
- Title insurance~$350
- Home inspection~$500
- Home insurance + moving~$3,000
- Est. total after rebate~$12,325
- Ontario LTT$18,475
- Less first-time buyer rebate (if eligible)−$4,000
- Legal fees + disbursements~$2,200
- Title insurance~$400
- Home inspection~$500
- Home insurance + moving~$4,000
- Est. total after rebate~$21,575
- Ontario LTT$36,475
- First-time buyer rebateRarely applies
- Legal fees + disbursements~$3,500
- Title insurance~$600
- Home inspection~$600
- Home insurance + moving~$6,000
- Est. total~$47,175
Estimates only. Excludes CMHC insurance (assumes 20% or more down), adjustments, utility costs, and condo-specific fees. Your real estate lawyer's statement of adjustments gives exact amounts.
Closing Cost Questions
Answered directly by Michael John Lau, REALTOR®. Still have one? Call (416) 700-0286.
On closing day, when your lawyer registers the title transfer. A few days before, your lawyer provides a statement of adjustments, a final line-by-line list of every amount payable. You wire the required funds, net of your mortgage proceeds and deposit, to the lawyer's trust account before closing. Confirm the exact amount with your lawyer a week before closing; never leave it to the last minute.
No. Markham is in York Region, which has no municipal Land Transfer Tax. Only the City of Toronto adds a second, municipal LTT on top of the provincial one. Markham buyers pay only the Ontario LTT, saving about $16,475 on a $1,000,000 purchase and more than $26,000 on $1,500,000 compared with a Toronto home.
Yes. Closing costs are separate from, and in addition to, your down payment. Your deposit (typically 5%, paid on acceptance) becomes part of the down payment, but closing costs are on top. On a $1,000,000 purchase with 20% down, that means having $200,000 plus roughly $20,000 to $30,000 available at closing. Budget for both well in advance.
A one-time premium paid at closing that protects you and your lender against title defects, fraud, survey errors, liens, and encroachments discovered later. It is not legally mandatory but is universally recommended and required by most lenders. On a $1,000,000 home it costs about $300 to $500, against protection that can be worth the entire value of the property.
Property taxes are often paid by the seller in advance. When you take possession mid-year, the seller has already paid tax for the period after your closing date, so your statement of adjustments reimburses them for that portion. It is typically $500 to $2,000 depending on the closing date and the home's assessed value. If the seller is behind instead, the adjustment runs the other way.
All the standard costs plus a status certificate review by your lawyer ($100 to $300) covering the corporation's finances, rules, reserve fund, and any pending litigation. Budget for any special assessment the certificate reveals. New-construction condos add development charges, education levies, and Tarion enrolment fees, so review the disclosure statement before signing.
CMHC mortgage default insurance applies when your down payment is under 20%. The premium is 4.00% of the mortgage at 5% to 9.99% down, 3.10% at 10% to 14.99%, and 2.80% at 15% to 19.99%, and it is added to your mortgage balance rather than paid in cash. On a $1,000,000 purchase with the minimum $75,000 down (7.5%), the premium is 4.00% of $925,000, or $37,000, added to the mortgage. Model it in the mortgage calculator.
Know Your Numbers Before You Buy
Want a Closing Cost Estimate for Your Situation?
Every buyer's closing costs are different. Michael will model your exact numbers, including which programs you qualify for, before you make any offer. Book a free consultation and go into your purchase fully informed.
Call (416) 700-0286Email info@callmikelau.com
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Michael will be in touch personally within 24 hours. For anything urgent, call (416) 700-0286.
Figures on this page are general 2026 information for Markham, Ontario and are not legal, tax, or financial advice. Tax rates, rebates, and lending rules change; confirm your situation with your real estate lawyer, accountant, and lender before closing.