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Your First Home in Markham, Guided Every Step
Michael John Lau, REALTOR®, helps first-time buyers turn savings, government programs and pre-approval into a clear plan, then finds and negotiates the right first home. No jargon, no pressure, just clarity.
First-Time Buying at a Glance
First-time buyers in Markham can combine the FHSA, the RRSP Home Buyers' Plan, Ontario's land transfer tax refund of up to $4,000, and the federal Home Buyers' Amount. The minimum down payment on a $700,000 home is $45,000. Michael John Lau, REALTOR®, maps the programs, budget and neighbourhoods before you view a single home.
- Minimum down
- 5% to $500K, 10% to $1.5M
- FHSA
- Up to $40,000 in contributions
- Home Buyers' Plan
- Up to $60,000 per person
- LTT refund
- Up to $4,000 at closing
- Home Buyers' Amount
- About $1,500 tax credit
- Stress test
- Contract rate + 2%, or 5.25%
- Municipal LTT
- None in Markham
- Next step
- Book a consultation or (416) 700-0286
Find Your Starting Point
Every first purchase is different. These are the three most common paths in Markham.
Start with a condo
The most accessible entry point, with lower maintenance and strong resale and rental demand. Typical budget: about $550K to $750K. Common areas: Downtown Markham, Cornell, Bullock.
More space, still reachable
A middle ground for couples and small families who want room to grow. Typical budget: about $750K to $950K. Common areas: Cornell, Greensborough, Berczy Village.
Your first detached home
Possible for some buyers with strong savings and careful planning. Typical budget: about $950K and up. Common areas: Markham Village, Middlefield, Wismer.
Programs That Lower Your Upfront Costs
Many first-time buyers use only one or two of these. Most can be combined.
First Home Savings Account
Contribute up to $8,000 a year to a $40,000 lifetime limit. Contributions are generally deductible and qualifying withdrawals are tax-free, with no repayment.
RRSP Home Buyers' Plan
Withdraw up to $60,000 per person from your RRSP for a first home, repaid to your RRSP over 15 years after a grace period.
Ontario land transfer tax refund
Eligible first-time buyers receive a refund of up to $4,000 of provincial land transfer tax, usually claimed by your lawyer at closing.
Home Buyers' Amount
A federal non-refundable credit on $10,000, claimed in the year you buy.
Temporary enhanced HST rebate
For qualifying new homes where the agreement with a builder is signed April 1, 2026 to March 31, 2027: up to the full 13% HST on homes to $1M, capped at $130,000, phasing down above $1.5M. Construction timing rules apply.
First-time buyer GST and HST rebates
Separate federal and Ontario rebates may apply to eligible first-time buyers of new homes. See the HST savings guide.
Know Your Numbers
Test a price. The calculator shows your minimum down payment and land transfer tax after the first-time buyer refund.
Ontario land transfer tax on a one- or two-family home. Markham has no municipal land transfer tax.
Estimates only. Confirm with your lawyer and mortgage professional.
Closing Costs on a $700,000 Markham Home
| Cost | Estimated amount |
|---|---|
| Ontario land transfer tax | $10,475 |
| Less first-time buyer refund | −$4,000 |
| Legal fees and disbursements | $1,500 to $2,500 |
| Title insurance | $300 to $500 |
| Home inspection | $400 to $600 |
| Adjustments (tax, utilities) | $300 to $1,500 |
| Moving | $800 to $2,000 |
| Estimated total | About $9,800 to $13,600 |
| Mortgage default insurance (under 20% down) | About $26,200, usually added to the mortgage |
Based on a $700,000 purchase with the $45,000 minimum down payment. Estimates only; confirm with your lawyer and lender. Your deposit, usually paid on acceptance, becomes part of your down payment.
How First-Time Buyers Purchase in Markham: 8 Steps
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1
Budget and pre-approval
Get a written pre-approval and understand the stress test before you search.
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2
Map your programs
Confirm which programs you qualify for and in what order to use them.
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3
Must-haves and areas
Set your budget ceiling, property type, commute and lifestyle priorities.
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4
Buyer agreement
Review and sign a buyer representation agreement, so Michael represents your best interests.
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5
Search and preview
Custom alerts, previews of shortlisted homes, and honest notes on resale and hidden costs.
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6
Price and offer
A comparable-sales analysis before every offer, with conditions that protect you.
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7
Conditions
Inspection, financing and lawyer review, explained in plain language.
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8
Close and move in
Michael coordinates with your lawyer and lender for a smooth closing day.
What First-Time Buyers Say
“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!”
“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.”
First-Time Buyer Guides
Short, practical answers to the questions first-time buyers ask most.
“My job is not to convince someone to buy. It's to help them make the right decision for their situation.”
Michael John Lau, REALTOR®
First-Time Buyer Questions
Eligible first-time buyers can combine the First Home Savings Account (up to $40,000 in contributions), the RRSP Home Buyers' Plan (up to $60,000 per person), Ontario's land transfer tax refund (up to $4,000), and the federal Home Buyers' Amount (worth about $1,500). Buyers of qualifying new homes may also receive HST rebates. Michael maps which apply to you before you make an offer.
The minimum is 5% of the first $500,000 and 10% of the portion from $500,000 to $1.5 million. On a $700,000 home that is $45,000. Homes of $1.5 million or more need at least 20% down. With less than 20% down, mortgage default insurance applies and is usually added to the mortgage.
You must qualify at the higher of your contract rate plus 2% or 5.25%. It lowers the maximum you can borrow, which is why pre-approval comes before the search.
Ontario land transfer tax is about $10,475, or about $6,475 after the first-time buyer refund. Add legal fees, title insurance, inspection, adjustments and moving. Many buyers budget roughly $10,000 to $14,000, plus mortgage insurance if they put down less than 20%. Markham buyers do not pay Toronto's municipal land transfer tax.
In many resale purchases, the seller's brokerage offers to pay part of its commission to the buyer's brokerage. Your buyer representation agreement explains what you would owe if that amount is lower or not offered. Commission is always negotiable and not fixed by law.
It is not required, but it is strongly recommended. The listing agent represents the seller. A buyer's agent represents you: pricing advice, offer strategy, conditions, and negotiation, which matter a great deal on your first purchase.
Popular starting points include Cornell for condos and freehold towns, Downtown Markham and Bullock for condos, Greensborough and Berczy Village for townhomes, and Middlefield and Markham Village for older homes at more accessible prices. The right fit depends on your budget, commute and lifestyle.
Book a First-Time Buyer Consultation
A free 30-minute conversation about your budget, programs, and the neighbourhoods that fit. No pressure.
Call (416) 700-0286Email info@callmikelau.com
Michael will be in touch within 24 hours.
For urgent matters, call directly:
(416) 700-0286