Your First Home in Markham — Guided Every Step of the Way
Michael John Lau, REALTOR® CPA, CMA at eXp Realty, specializes in helping first-time buyers navigate mortgage pre-approval, government programs (FHSA, HBP, LTT rebates), and a stress-free purchase. Full representation at no cost to you in most resale transactions.
First-Time Buyer Pathways — Find Your Starting Point
Every first-time buyer's journey is unique. Michael tailors his approach to your budget, timeline, and goals. Here are the most common pathways for first-time buyers in Markham.
Condos offer the most accessible entry point into Markham's market. Lower purchase price, lower maintenance, and strong rental demand make them ideal for building equity before moving up.
Townhomes offer a middle ground: more square footage than condos, lower maintenance than detached homes. Ideal for couples or small families wanting room to grow without stretching the budget.
With strategic budgeting and program optimization, some first-time buyers enter directly into detached homes. Michael's CPA background helps model the full cost of ownership to ensure long-term affordability.
Government Programs for First-Time Buyers in Ontario — 2026
First-time buyers receive a full rebate on the provincial Land Transfer Tax up to $4,000. On a $700K purchase, this eliminates most or all of the LTT payable.
A federal non-refundable tax credit of 15% on up to $10,000 of eligible home purchase costs, worth up to $1,500 in tax savings. Claimed on your federal income tax return.
Contribute up to $8,000/year and $40,000 lifetime toward a first home down payment. Contributions are tax-deductible; withdrawals for a qualifying home purchase are tax-free.
Withdraw up to $60,000 tax-free from your RRSP toward a qualifying first home purchase ($120,000 combined for couples). Repay over 15 years.
Buyers who sign on a new home valued up to $1,000,000 between April 1, 2026 and March 31, 2027 are eligible for the full 13% HST rebate (up to $130,000). Limited-time incentive.
Stack Programs to Reduce Your Upfront Costs
Many first-time buyers don't realize they can combine multiple programs. For example: use your FHSA for the down payment, claim the FHBTC on your tax return, receive the LTT rebate at closing, and if buying new construction, access the HST rebate. Michael maps which programs apply to your situation before you make an offer — so you never leave money on the table.
On a $700,000 first home purchase in Markham, a first-time buyer could save: $4,000 (LTT rebate) + $1,500 (FHBTC) + tax-free growth (FHSA) + up to $60,000 (HBP withdrawal). That's over $5,500 in direct savings plus significant down payment support — all before considering the 2026 HST rebate on new construction.
Michael's CPA, CMA designation means he doesn't just tell you about programs — he models how each one impacts your cash flow, tax situation, and long-term wealth building. Every consultation includes a personalized program optimization strategy.
How First-Time Buyers Purchase in Markham — The 8-Step Process
Buying your first home doesn't have to be overwhelming. Michael breaks the process into clear, manageable steps with education and support at every stage. No jargon. No pressure. Just clarity.
Get a written mortgage pre-approval before searching. Michael explains the mortgage stress test (qualify at contracted rate + 2% or 5.25%) and connects you with trusted lenders who specialize in first-time buyers.
Discover which government programs you qualify for: LTT rebate, FHBTC, FHSA, HBP, and the 2026 HST rebate on new construction. Michael maps your eligibility before you start viewing homes.
Clarify priorities: budget ceiling, property type, commute, school catchments (future planning), and lifestyle. Michael provides a first-time buyer neighbourhood guide highlighting entry-point communities with growth potential.
The BRA formally establishes Michael as your exclusive agent. This creates his legal fiduciary duty to you — he must act solely in your best interest, maintain confidentiality, and disclose all material facts.
Access every MLS listing in Markham and the GTA. Custom automated search alerts matched to your criteria. Michael personally previews shortlisted properties. First-time buyer focused tours highlight resale value and hidden costs.
Before any offer, Michael prepares a Comparative Market Analysis (CMA) showing what comparable homes sold for — adjusted for condition and timing. His CPA, CMA background ensures you never overpay. Offers include protective conditions standard for first-time buyers.
During the condition period: complete a home inspection with a qualified OAHI inspector, have your lawyer review title/documentation, and obtain formal mortgage approval. Michael attends inspections and translates findings into plain language.
On closing day, your lawyer registers title transfer and releases funds. Michael coordinates with your lawyer, lender, and the listing agent to ensure a smooth closing. Keys released — typically by end of business day. Welcome to homeownership.
First-Time Buyer Budget Breakdown — What to Expect
Budget 3% to 5% of the purchase price for closing costs. Here's the breakdown on a typical $700,000 first-time buyer purchase in Markham. Markham buyers pay only the provincial Land Transfer Tax — no additional municipal LTT as in the City of Toronto.
| Cost Item | Estimated Amount |
|---|---|
| Ontario Land Transfer Tax (LTT) | ~$9,975 |
| LTT Rebate — First-Time Buyers | −$4,000 |
| Legal Fees + Disbursements | $1,500 – $2,500 |
| Title Insurance | $300 – $500 |
| Home Inspection | $400 – $600 |
| Mortgage Default Insurance (if <20% down) | $0 – $28,000+ |
| Adjustments (property tax, utilities) | $300 – $1,500 |
| Moving Costs | $800 – $2,000 |
| Total Estimated Closing Costs | $10,000 – $35,000+ |
* Based on a $700,000 purchase price in Markham, Ontario. LTT calculated on province of Ontario schedule. Buyer agent commission paid by seller in most resale transactions — not included above. First-time buyer rebates applied where eligible.
First-Time Buyer Budget Calculator
Estimates only. Ontario LTT calculated per provincial schedule. Actual amounts may vary — consult your real estate lawyer and mortgage specialist before closing. Michael provides personalized budget modelling in your consultation.
The deposit (typically 5% of purchase price) is paid on acceptance of the offer and held in trust. It becomes part of your down payment at closing — it is not an additional cost. Michael helps first-time buyers plan their cash flow so the deposit timing doesn't create stress.
First-Time Buyers Who Trusted Michael with Their First Home
"As a first-time buyer, I was completely overwhelmed by the process. Michael never made me feel rushed or silly for asking questions. He explained the mortgage stress test, walked me through the FHSA, and even helped me understand the inspection report. I bought a condo in Cornell I love — and I actually understand my mortgage now!"
"Michael's CPA background was a game-changer. He didn't just show us houses — he modelled the total cost of ownership, compared neighbourhood appreciation trends, and helped us stack the LTT rebate, FHBTC, and FHSA. We saved over $7,000 in closing costs because of his guidance. Worth every penny (and it cost us nothing!)"
"We were nervous about buying our first home in a competitive market. Michael set realistic expectations, prepared us for multiple-offer scenarios, and negotiated a conditional offer that protected us. The whole process felt transparent and controlled. We closed on our townhome in Greensborough last month — couldn't have done it without him."
Your Questions Answered Honestly
Buying your first home is a major milestone — and it's normal to have questions. Here are the most common questions Michael hears from first-time buyers in Markham, answered directly and without jargon.
Still have questions? Call or text Michael directly at (416) 700-0286 or book a free 30-minute first-time buyer consultation.
What programs can first-time home buyers access in Ontario in 2026?
How much do I need for a down payment as a first-time buyer in Canada?
What is the mortgage stress test and how does it affect first-time buyers?
What closing costs should first-time buyers budget for in Markham?
Is now a good time for first-time buyers to purchase in Markham?
What is a First Home Savings Account (FHSA) and how does it work?
Do I need a buyer's agent as a first-time home buyer?
What neighbourhoods in Markham are best for first-time buyers?
Ready to Buy Your First Home?
Book a free, no-obligation first-time buyer consultation. Michael will walk you through the current Markham market, which neighbourhoods fit your budget, what programs you qualify for, and exactly what to expect from the buying process — with zero pressure.