Markham · York Region · 2026
Home Buying Tips from a Markham REALTOR® Who Runs the Numbers
After 11 years and more than 430 Markham transactions, Michael John Lau, REALTOR® at eXp Realty, shares the honest, data-backed tips that help buyers avoid costly mistakes and find the right home at the right price in 2026's buyer's market.
The 2026 Advantage
Why 2026 Is a Buyer's Market, and How to Use It
The Markham market in 2026 has shifted meaningfully in buyers' favour. Active listings are at their highest level in over a decade. Sellers are accepting conditional offers, something unthinkable in 2021. Days on market have extended to a median of 28, giving buyers time to think.
But a buyer's market does not mean every home is a deal. Knowing which streets and property types hold value, and which don't, still requires local expertise. That is what these tips are designed to give you.
The single most valuable thing a Markham buyer can do in 2026: get pre-approved before you start searching. In a buyer's market, sellers still demand serious buyers. A pre-approval gives you confidence in your budget, leverage in negotiation, and the ability to move quickly when the right home appears.
Most agents tell you what you want to hear to win your business. Michael's approach is built to give you the numbers, not the pitch. On every purchase:
- Comparative Market Analysis before every offer
- Total cost of ownership modelled: mortgage, tax, maintenance
- Neighbourhood price history reviewed by street
- School boundaries confirmed before any offer is written
- Inspection findings translated into negotiating leverage
Step 1
Tips for Before You Start Searching
The mistakes Markham buyers make most often happen before they ever visit a single home. Set yourself up right from the start.
Get a written pre-approval, not just a pre-qualification
A pre-qualification is a rough estimate based on what you tell the lender. A pre-approval means the lender has verified your income, credit, and employment. Only a pre-approval gives you, and the seller, real confidence in your budget. It also locks your rate for 90 to 120 days.
A written pre-approval is step one. Non-negotiable.
Calculate your stress test rate, not your offered rate
The stress test requires you to qualify at your contract rate plus 2%, or 5.25%, whichever is higher. Approved at 5%? You must qualify at 7%. This can reduce your maximum purchase price by $150,000 to $250,000 compared with a naive calculation. Know this number before you fall in love with any home.
Most buyers overestimate their purchasing power before pre-approval.
Budget for closing costs, not just the down payment
Markham buyers routinely underestimate closing costs. On a $1,000,000 purchase, expect $20,000 to $35,000 in additional costs: Ontario Land Transfer Tax (about $16,475), legal fees ($1,500 to $2,500), a home inspection ($400 to $600), title insurance ($300 to $500), and moving. Have this cash ready; it is separate from your down payment.
Markham has no municipal land transfer tax, unlike Toronto. Use the calculator.
Define must-haves versus nice-to-haves before you search
Write two lists: absolute requirements (school boundary, minimum bedrooms, garage, no basement flooding) and preferences (yard size, kitchen style, distance to GO). Without this, emotion drives every decision and you end up buying the house that looks best on the day, not the home that fits your life.
School boundaries in Markham can differ by one street. Always verify.
Step 2
Tips for During Your Property Search
What to look for, what to ignore, and how to evaluate Markham properties like a professional.
Location drives appreciation in Markham, not the home itself
A home in Angus Glen or Unionville appreciates differently than a comparable house in a less established pocket. The renovation you can change; the street, the lot orientation, and what backs onto the property you cannot. Buy the best location your budget allows, even if the house needs work.
Never submit an offer without a Comparative Market Analysis
A CMA shows what genuinely comparable homes sold for in the last 60 to 90 days, adjusted for size, condition, lot, and location. In Markham's buyer's market, some homes are listed above market to test seller optimism. Without a CMA you can pay $50,000 to $150,000 above fair value without realizing it.
Michael prepares a CMA before every offer. Standard practice.
Verify school boundaries before you fall in love
Markham's school boundaries are hyperlocal and can shift by a single street. A house two doors down in the wrong direction can mean a completely different designated school. Boundaries are not shown on MLS and they change over time. Confirm the current designation with the York Region District School Board or the York Catholic District School Board before submitting an offer.
Check flooding history and conservation authority maps
Parts of Markham fall within Toronto and Region Conservation Authority regulated areas, particularly near Berczy Creek, the Rouge River, and German Mills Creek. Homes in floodplain areas carry insurance implications, renovation restrictions, and resale limitations. This research is free and should happen before a showing, not after an offer.
Disclosure rules exist, but not every seller volunteers flooding history.
Step 3
Tips for Making Your Offer
In Markham's 2026 buyer's market you have more leverage than at any point since 2019. Here is how to use it without losing the deal.
Always include a home inspection condition in 2026
In the 2021 and 2022 frenzy, buyers waived inspections to win. In today's market, sellers accept conditional offers as standard. An inspection condition gives you five to seven business days to have a qualified inspector examine the property, and negotiating leverage if issues are found. Never skip it in any market where it is available to you.
Markham sellers are currently accepting conditions across all price points.
The list price is a starting point, not the end point
Markham homes currently sell at 97.6% of list on average. On a $1,200,000 listing that is an average $28,800 below list. Knowing which homes are priced at market and which are priced aspirationally takes a CMA. Homes past 30 days on market in today's climate usually have motivated sellers. Michael models the right offer price before you commit to any number.
Have your deposit ready before your first offer
On acceptance, your deposit (typically 5%, so $50,000 on a $1,000,000 home) is due within 24 hours in most cases, by certified cheque or wire. Not having it ready is not a valid excuse in a real estate transaction and can cost you the deal. Have it liquid before your search starts.
Negotiate inclusions; they have real value
Appliances, light fixtures, window coverings, and garage door openers can be worth $10,000 to $30,000 in a well-equipped Markham home. In a buyer's market sellers often include them without a fight, but you must specify them in the offer. Anything not listed in the Agreement of Purchase and Sale can legally leave with the seller.
Michael lists every inclusion explicitly in every offer he writes.
Learn From Others
The 7 Most Costly Mistakes Markham Buyers Make
The mistakes Michael sees most often, and the ones that cost buyers the most money.
- 1
Searching without a pre-approval
Buyers fall in love with a $1.2M home only to discover they qualify for $950,000. Emotion is already invested and the experience is crushing.
Fix: get written pre-approval before the first showing.
- 2
Buying unrepresented to "save money"
The seller's brokerage fee is negotiated between the seller and their agent. When you buy unrepresented, you get no representation and negotiate against a professional whose legal duty is to the seller. In most resale transactions the buyer's agent is paid from the seller's side, so you save nothing and gain nothing.
Fix: use a buyer's agent. It costs you nothing directly in most resale deals.
- 3
Waiving the home inspection to be "competitive"
In today's market this is unnecessary. A single missed structural deficiency, water infiltration issue, or HVAC failure can cost $25,000 to $80,000 or more. A $500 inspection is the most cost-effective insurance you can buy.
Fix: always include an inspection condition in 2026.
- 4
Forgetting closing costs in the budget
On a $1M purchase, closing costs add $20,000 to $35,000 due on closing day. Buyers who maximized their down payment sometimes come up short, and the lawyer will not close without the full amount.
Fix: budget 3% to 5% of the purchase price for closing costs, separate from the down payment.
- 5
Not verifying the school boundary before the offer
In Markham, school boundaries can differ by one address. Buyers have purchased homes one street outside their intended boundary without realizing it until after closing. The boundary is not disclosed on MLS.
Fix: confirm the designated school with the school board before submitting any offer.
- 6
Offering without a Comparative Market Analysis
List price is a seller's opinion. Market value is what comparable homes actually sold for. Without a CMA, buyers frequently overpay by $30,000 to $100,000 or more, especially on homes that sat after an initial overpriced listing.
Fix: request a full CMA from Michael before writing any offer.
- 7
Making large financial changes after pre-approval
Changing jobs, financing a car, or making large credit purchases between pre-approval and closing can trigger lender re-assessment and kill a deal days before possession.
Fix: no major financial changes from pre-approval until after you have the keys.
Stay Organized
Markham Buyer Checklist
Tick items off as you complete them. 0 of 21 complete.
Before You Search
During Your Search
Offer Through Closing
What Markham Buyers Say
Verified Google reviews, shown as written.
“Michael helped my husband and I buy our first home. After looking for almost a year, Michael did not give up on us. He was there when we needed him. He is very knowledgeable, reliable, and super easy going. Though finding a home can be challenging and frustrating, Michael made this experience for us very smooth and calm.”
“Michael's market knowledge of Markham is exceptional. He knew every neighbourhood deeply. When we found the home we wanted, his analysis told us exactly what to offer. The whole process felt controlled and confident from start to finish.”
Quick Answers
A written mortgage pre-approval. It verifies your income, credit, and employment, tells you your real budget under the stress test (contract rate plus 2% or 5.25%, whichever is higher), and locks a rate for 90 to 120 days. Everything else, including which neighbourhoods to look at, follows from that number.
Budget 3% to 5% of the purchase price beyond your down payment. On a $1,000,000 home that is roughly $20,000 to $35,000: Ontario Land Transfer Tax of about $16,475 (Markham has no municipal LTT), legal fees of $1,500 to $2,500, title insurance, a home inspection, adjustments, and moving. First-time buyers get an LTT rebate of up to $4,000.
No. In 2026's buyer's market, Markham sellers are accepting inspection and financing conditions across all price points. A $400 to $600 inspection can surface issues worth $25,000 to $80,000 in repairs, and gives you the leverage to negotiate them or walk away. Waiving it made sense to some buyers in 2021; it makes no sense now.
Use the address lookup tools published by the York Region District School Board and the York Catholic District School Board. Boundaries can change from one street to the next and are reviewed periodically, so never rely on a listing description or a neighbour's assumption. Michael confirms the current designation for any home before an offer is written.
You can call the listing agent, but that agent's legal duty is to the seller. A buyer's agent represents you exclusively, prepares a CMA before any offer, negotiates on your behalf, and in most resale transactions is paid from the seller's side, so it costs you nothing directly. There is no good reason to buy unrepresented in the Markham market.
Ready to Put These Tips to Work?
Buy Your Markham Home with Expert Guidance
These tips are a starting point. The Markham market changes neighbourhood by neighbourhood, week by week. Book a free consultation and get a data-driven buying strategy built for your situation, budget, and timeline.
Call (416) 700-0286Email info@callmikelau.com
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*In most resale transactions the buyer's agent is paid from the seller's side; any exception is explained in writing before you sign. Figures on this page are general 2026 information and not legal, tax, or financial advice. Confirm your situation with your lender, lawyer, and accountant.