Closing Costs in Markham — Every Dollar, Explained
The complete guide to every closing cost Markham buyers pay in 2026. Ontario Land Transfer Tax calculator, legal fees, CMHC insurance, title insurance, and all available first-time buyer rebates — by a CPA who does this every day.
Closing Costs for a $1,000,000 Markham Home
The following breakdown represents a typical resale transaction in Markham at the $1,000,000 price point. Markham is in York Region — which means you pay only the provincial Land Transfer Tax. Unlike Toronto, there is no additional municipal Land Transfer Tax. This saves Markham buyers thousands compared to a comparable Toronto purchase.
| Closing Cost Item | Estimated Amount |
|---|---|
| Ontario Land Transfer Tax (LTT) | ~$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 <20% down) | $0 – $40,000+ |
| 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 Commission | $0 (paid by seller in most resale) |
| Total Estimated Closing Costs | $20,000 – $61,000+ |
* Based on a $1,000,000 resale purchase in Markham, Ontario, 2026. LTT per Ontario provincial schedule. Amounts are estimates — consult your real estate lawyer for exact figures before closing.
Your deposit (typically 5% of purchase price = $50,000 on a $1M home) is not a closing cost — it becomes part of your down payment at closing. However, it must be available as a certified cheque or wire within 24 hours of offer acceptance. Ensure it is liquid before you begin your search.
Ontario Land Transfer Tax Calculator — 2026
Estimates only. Ontario LTT per provincial schedule. Toronto Municipal LTT mirrors provincial rates. Consult your real estate lawyer for exact closing amounts.
Your real estate lawyer's fees include: title search, title registration, reviewing the agreement of purchase and sale, reviewing condo status certificate (if applicable), coordinating with the lender, and registering the transfer on closing day.
Disbursements are third-party costs paid on your behalf: government registration fees, title insurance premiums, courier fees, and search certificates. Always get a written estimate from your lawyer before closing.
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 purchase 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 | 2.5% |
Markham buyers pay only the provincial LTT — unlike City of Toronto buyers who pay both the provincial LTT and an identical Municipal Land Transfer Tax. On a $1,000,000 purchase, this saves Markham buyers approximately $16,475 versus Toronto. On a $1.5M purchase, the saving exceeds $26,000.
Worked Example: $1,200,000 Markham Purchase
Worked Example: $800,000 Condo Purchase
Government Rebates and Programs — Ontario 2026
First-time buyers and all new construction buyers in 2026 have access to significant savings that reduce closing costs. Michael advises every buyer on which programs apply before any offer is signed.
Buyers who sign a purchase agreement on a new home valued up to $1,000,000 between April 1, 2026 and March 31, 2027 qualify for a full 13% HST rebate — up to $130,000. The most significant new home tax incentive Ontario has ever introduced. Applies to new builds, pre-construction, and qualifying assignments.
First-time home buyers in Ontario receive a full rebate on the provincial Land Transfer Tax up to $4,000. On an $800,000 purchase, this can eliminate most of the LTT payable. You must qualify as a first-time buyer (never previously owned a home) and the property must be your principal residence.
A federal non-refundable tax credit of 15% on up to $10,000 of eligible home purchase expenses, worth up to $1,500 in tax savings. Claimed on your federal tax return for the year you purchase. Applies to all first-time buyers of qualifying homes in Canada.
Contribute up to $8,000/year and $40,000 lifetime toward a first home. Contributions are tax-deductible like an RRSP, and qualifying withdrawals are completely tax-free like a TFSA. The optimal savings vehicle for first-time buyers — ideally opened years before you plan to purchase.
Withdraw up to $60,000 per person ($120,000 per couple) tax-free from your RRSP for a qualifying first home purchase. The amount must be repaid to your RRSP over 15 years. Ideal for buyers with accumulated RRSP savings before purchasing their first home.
Beyond the 2026 temporary full rebate, Ontario offers a standard new home HST rebate on a sliding scale for homes under $450,000 (36% of the 8% provincial portion, max $24,000). Michael calculates all applicable HST rebates before any new construction offer is finalized.
Closing Cost Estimates by Purchase Price
How much should you budget for closing costs on different purchase prices in Markham? Here's a quick reference guide. All amounts assume resale transaction, no CMHC required (20%+ down).
* Estimates only. Does not include CMHC insurance (assumes 20%+ down). Adjustments, utility costs, and condo-specific fees not included. Consult your real estate lawyer for exact amounts before closing.
Closing Cost Questions Answered
Common questions about closing costs when buying in Markham — answered directly and honestly by Michael John Lau, REALTOR® CPA, CMA.
Still have questions? Call Michael at (416) 700-0286.
When are closing costs due?
Does Markham have a municipal Land Transfer Tax like Toronto?
Do I pay closing costs on top of my down payment?
What is title insurance and do I need it?
What is a property tax adjustment and why do I pay it?
What closing costs apply to a condo purchase in Markham?
How much is CMHC insurance and when do I pay it?
Want a Closing Cost Estimate for Your Specific Situation?
Every buyer's closing costs are different. Michael will model your exact closing costs — including which programs you qualify for — before you make any offer. Book your free consultation and go into your purchase fully informed.