Home Buying Tips from a CPA Who Sells Real Estate
After 11 years and hundreds of Markham transactions, Michael John Lau, REALTOR® CPA, CMA shares the honest, data-backed tips that help buyers avoid costly mistakes — and find the right home at the right price.
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 days, giving buyers time to think.
But a buyer's market does not mean every home is a deal. Knowing which streets, schools, and property types hold value — and which don't — requires local expertise. That's 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.
What Makes Michael Different
Most real estate agents tell you what you want to hear to win your business. Michael's CPA, CMA background means he's trained to give you the numbers — not the pitch.
- Comparative Market Analysis before every offer
- Total cost of ownership modelled (mortgage + tax + maintenance)
- Neighbourhood appreciation data reviewed by street
- School catchment mapping before any offer is written
- Inspection findings translated into negotiating leverage
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.
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. Locks in your rate for 90–120 days too.
Your bank's stress test requires you to qualify at contracted rate + 2% (or 5.25% minimum). If you're approved at 5%, you must qualify at 7%. This can reduce your maximum purchase price by $150,000–$250,000 vs. what a naive calculation would show. Know this number before you fall in love with any home.
Markham buyers routinely underestimate closing costs. On a $1M purchase, expect $20,000–$35,000 in additional costs: Ontario Land Transfer Tax (~$16,475), legal fees ($1,500–$2,500), home inspection ($400–$600), title insurance ($300–$500), and moving costs. Have this cash ready — it's separate from your down payment.
Write two lists: absolute requirements (school catchment, min. bedrooms, garage, no basement flooding) and preferences (yard size, kitchen style, proximity to GO). Without this, emotions drive every decision and you end up buying the house that looks the best on the day — not the home that fits your life.
Tips for During Your Property Search
What to look for, what to ignore, and how to evaluate Markham properties like a professional.
In Markham, a home in Angus Glen or Unionville appreciates differently than one in a comparable house in a less desirable pocket. The renovation you can change; the street, the school catchment, and the lot orientation you cannot. Always buy the best location your budget allows, even if the house needs work.
A CMA shows what genuinely comparable homes have sold for in the last 60–90 days — adjusted for size, condition, lot, and location. In Markham's buyer's market, homes are sometimes listed above market to test seller optimism. Without a CMA, you may pay $50,000–$150,000 above fair value without realizing it.
Markham's school catchments are hyperlocal. Unionville High School, Bur Oak Secondary, and Markville Secondary — all in the top 20 of Ontario — have boundaries that can shift by a single street. A house two doors down in the wrong direction can mean a completely different school. Always confirm with York Region DSB before submitting an offer.
Parts of Markham fall within Toronto and Region Conservation Authority (TRCA) regulated areas — particularly near Berczy Creek, Rouge River, and German Mills Creek. Homes in floodplain areas have insurance implications, renovation restrictions, and resale limitations. This research costs nothing and should happen before a showing, not after an offer.
Tips for Making Your Offer
In Markham's 2026 buyer's market, you have more leverage than at any point since 2019. Here's how to use it without losing the deal.
In the 2021–2022 frenzy, buyers waived inspections to win. In today's Markham buyer's market, sellers are accepting conditional offers as standard. A home inspection condition gives you 5–7 business days to have a qualified inspector examine the property — and negotiating leverage if issues are found. Never skip this in any market where it's available to you.
Markham homes currently sell at 97.6% of list price on average. On a $1,200,000 listing, that's a $28,800 average discount from list. Knowing which homes are priced at market vs. aspirationally requires CMA analysis. Homes with 30+ days on market in today's climate have motivated sellers. Michael models the right offer price before you commit to any number.
On acceptance of your offer, your deposit (typically 5% of purchase price — $50,000 on a $1M home) is due within 24 hours in most cases. It must be a certified cheque or wire transfer. 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.
Appliances, light fixtures, window coverings, and garage door openers can be worth $10,000–$30,000 in a fully-furnished Markham home. In a buyer's market, sellers often include these without negotiation — but you must specify them in the offer. Anything not listed in the Agreement of Purchase and Sale can legally be removed by the seller before closing.
The 7 Most Costly Mistakes Markham Buyers Make
These are the mistakes Michael sees most frequently — and the ones that cost buyers the most money.
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. Pre-approval first. Always.
The seller's commission is negotiated between the seller and their listing agent. When you buy unrepresented, the listing agent often keeps the buyer's portion — meaning you get no representation and the listing agent gets a larger fee. You save nothing. You gain nothing. You negotiate against a professional whose legal duty is to the seller.
In today's buyer's market, this is unnecessary. Sellers are accepting conditions. A single missed structural deficiency, water infiltration issue, or HVAC failure can cost $25,000–$80,000+. A $500 inspection is the most cost-effective insurance you can buy.
On a $1M purchase, closing costs add $20,000–$35,000 that must be paid on closing day. Buyers who have maximized their down payment sometimes find themselves short. Your lawyer will not close without the full amount.
In Markham, school catchments can differ by one address. Buyers have purchased homes one street outside their target school boundary without realizing it until after closing. The school boundary is not disclosed on MLS. You must verify it directly with the board.
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–$100,000+ — especially on homes that have sat on the market after an initial overpriced listing.
Changing jobs, taking on car financing, or making large credit purchases between pre-approval and closing can trigger lender re-assessment and kill a deal days before possession. Your financial profile must remain stable from pre-approval to closing day.
Markham Buyer Checklist
Track every step of your purchase. Check items off as you complete them.
Before You Search
During Your Search
Offer Through Closing
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 with Michael and get a data-driven buying strategy built specifically for your situation, budget, and timeline.