Purchases & Refinances in Markham

Key Takeaways:

• Markham's average home price hovers near $1.1 million, with detached homes reaching $1.55-$1.6 million and condos averaging around $625,000
• Buyers in Markham pay only the Ontario provincial land transfer tax – no municipal LTT – saving thousands versus purchasing inside Toronto
• Refinancing up to 80% of your home's appraised value lets you tap into Markham's strong appreciation without selling
• CMS compares rates across 50+ lenders so you secure the most competitive financing available for your situation

Markham's Housing Market at a Glance

Markham has evolved from quiet farmland north of Toronto into one of the GTA's most dynamic real estate corridors. Branded as Canada's High-Tech Capital, the city draws professionals from across the globe, creating persistent housing demand that keeps property values strong even during broader market softening. With a population exceeding 367,000 and more than 1,500 technology firms anchored here, the economic engine behind Markham real estate is anything but speculative – it is driven by real employment, real innovation, and real community growth.

The numbers tell a compelling story. The overall average sale price across all dwelling types sits near $1.1 million. If you are looking at a detached home in a neighbourhood like Berczy Village or Wismer, expect to budget between $1.55 million and $1.6 million. Semi-detached homes trade around $1.07 million, while freehold townhouses hover near $1.09 million. Condo townhouses offer a more accessible entry at roughly $740,000, and condo apartments average close to $625,000. These figures shift from month to month, but the overall trajectory has rewarded long-term owners with steady appreciation.

Inventory remains relatively tight, particularly for family-sized detached homes in sought-after pockets like Unionville and Greensborough. Homes in these areas often see competing bids within the first week on market, which underscores the importance of having a pre-approval in hand before you start touring properties.

How Purchasing a Home in Markham Works

Buying a home in Markham follows the same general framework as anywhere in Ontario, yet the specifics of this market reward preparation. The journey starts with a mortgage pre-approval, which gives you a firm number to work with and signals to sellers that your offer is backed by a lender's commitment. In a competitive city where multiple-offer situations are common, this step alone can separate a winning bid from one that gets passed over.

Your down payment requirements depend entirely on the price of the property. Homes priced up to $500,000 require a minimum of five percent down. For the portion of the price between $500,000 and $1,499,999, you need ten percent. Once the price reaches $1.5 million or higher, the minimum climbs to twenty percent. Because a significant share of Markham's detached inventory exceeds that $1.5 million mark, many buyers in the detached segment are automatically in conventional mortgage territory, which actually unlocks certain advantages – no mortgage default insurance premium is one of them.

After your offer is accepted, a home inspection, appraisal, and lawyer review move the deal toward closing. Your mortgage broker coordinates with the lender to finalize terms, lock a rate, and ensure funds are available on the closing date. Throughout this process, CMS acts as your advocate, negotiating with lenders on your behalf and troubleshooting any issues that arise with documentation or property valuation.

Documents You Should Prepare Early

Gathering paperwork ahead of time removes one of the biggest bottlenecks in the buying process. Lenders typically ask for recent pay stubs, a letter of employment confirming your role and salary, two years of Notice of Assessments from the CRA, ninety days of bank statements showing your down payment accumulation, and government-issued identification. Self-employed buyers should also have two years of T1 Generals with full financial statements ready, as these replace traditional employment letters.

Refinancing Your Markham Property

For homeowners who purchased during Markham's earlier growth phases, refinancing opens a window to the equity that has accumulated inside your property. Ontario regulations allow you to refinance up to eighty percent of the current appraised value. If your Markham home was bought at $900,000 five years ago and now appraises at $1.2 million, you could potentially access up to $960,000 in total mortgage financing – minus whatever you still owe – as a lump sum or restructured loan.

Refinancing is not just about pulling out cash. Many Markham homeowners refinance to consolidate high-interest consumer debt into a single, lower-rate mortgage payment. Others refinance to change their amortization schedule, switch from a variable to a fixed rate during uncertain economic conditions, or remove a co-signer who helped them qualify initially. The key question is always whether the long-term savings outweigh the short-term costs, which include a potential prepayment penalty on your existing mortgage and legal fees for the new registration.

CMS walks you through the break-even calculation so you can see exactly when refinancing starts putting money back in your pocket. In many cases, consolidating credit card balances charging 19.99% to 29.99% interest into a mortgage rate that is a fraction of those numbers produces dramatic monthly savings – often several hundred dollars or more.

Renting Versus Buying in Markham

Markham is among the most expensive rental markets in the GTA. A one-bedroom apartment currently rents for approximately $2,200 to $2,300 per month, and two-bedroom units push well beyond $2,400. Those numbers rival or even exceed some downtown Toronto neighbourhoods, which makes the rent-versus-buy conversation particularly relevant here.

When you pay rent, every dollar leaves your financial picture permanently. When you pay a mortgage, a portion of every payment reduces your principal balance – essentially functioning as forced savings that you reclaim when you eventually sell. In a city where home values have appreciated consistently over the past two decades, the wealth-building argument for ownership is hard to ignore.

Consider a simplified scenario: a buyer purchases a $625,000 condo apartment in Markham with ten percent down. Their monthly mortgage payment, including property taxes and condo fees, might land in a similar range to what a renter pays for a comparable unit. The difference is that the buyer is building equity with every payment and stands to benefit from future price appreciation, while the renter has nothing to show at the end of the lease except a stack of receipts.

Land Transfer Tax Advantage

One of Markham's most underappreciated advantages for buyers is its position outside the City of Toronto boundary. Toronto is the only municipality in Ontario that levies its own municipal land transfer tax on top of the provincial one, effectively doubling the closing cost for buyers purchasing within Toronto's borders. Because Markham sits in York Region, buyers here pay only the provincial land transfer tax.

On a $1 million purchase, the provincial land transfer tax alone is $12,475. Inside Toronto, a buyer at the same price would also owe a municipal land transfer tax of $12,475, bringing the total to $24,950. That $12,475 difference represents real money that Markham buyers keep in their pockets – money that can go toward furnishing the home, building an emergency fund, or reducing the mortgage principal right out of the gate. For first-time buyers who qualify for the provincial rebate, the savings become even more pronounced.

Neighbourhood Guide for Buyers

Markham's neighbourhoods each carry their own personality, price range, and lifestyle appeal. Understanding these distinctions helps you target your search efficiently and avoid wasting time on areas that do not align with your budget or priorities.

Unionville

Unionville is Markham's heritage jewel. Its charming Main Street, lined with independent shops and restaurants, creates a small-town atmosphere within a major city. Detached homes here command premium prices, often exceeding $1.7 million, reflecting the area's mature tree canopy, top-rated schools, and walkable village core. Buyers who value character and community tend to gravitate here.

Cornell and Wismer

These newer master-planned communities in eastern Markham offer modern construction, wider lots, and family-friendly park systems. Prices for detached homes typically sit between $1.4 million and $1.6 million. Cornell in particular appeals to growing families who want newer builds without sacrificing proximity to Highway 407 and GO Transit.

Milliken and Markham Village

Milliken provides one of Markham's more accessible entry points, with a mix of older detached homes, townhouses, and a growing condo inventory near the Milliken GO Station. Markham Village blends historic charm with newer infill development and is well-served by local transit. Both neighbourhoods offer relative value compared to premium pockets further north.

Berczy Village and Greensborough

Sitting north of Highway 407, these communities are among Markham's most desirable family neighbourhoods. Berczy Village is known for its French-immersion school catchments and well-maintained streetscapes. Greensborough, slightly newer, offers a similar family focus with modern community centres and trail networks. Detached homes in both areas generally trade between $1.5 million and $1.7 million.

Why Markham Homeowners Choose CMS

Canadian Mortgage Services has been arranging mortgages for Ontario families since 1988. Over those decades, we have built relationships with more than fifty lenders, ranging from the largest banks in the country to specialized alternative and private lenders. That depth of access means we can match virtually any borrower profile – strong credit, bruised credit, salaried, self-employed, new to Canada – with the most appropriate financing solution.

Our process is straightforward. We learn about your goals, review your financial picture, and then present options ranked by total cost over the term you are considering. There is no obligation, no pressure, and no fee charged to the borrower on standard pre-approval and purchase transactions. We earn our compensation from the lender, which means our advice costs you nothing out of pocket while potentially saving you thousands in interest.

Whether you are purchasing your first condo in Milliken, upgrading to a detached home in Berczy Village, or tapping your equity through a refinance, CMS brings the expertise and lender network to make it happen efficiently. Call us at 905-455-5005 or fill out the form above to get started.