If you’re buying your first home in Markham — congratulations! It’s an exciting milestone filled with dreams of decorating your new space, discovering local gems, and finally having a place to call your own. But let’s be real: with all that excitement comes a few question marks, especially around costs that sneak in at the finish line — we’re talking closing costs.

You might be wondering, “What exactly are closing costs? How much should I expect to pay? And how can I prepare without feeling blindsided?” Don’t worry — you’re not alone in asking. I work with many first-time buyers across the Markham real estate market who feel the exact same way at this stage. The good news? A little knowledge goes a long way, and I’m here to make sure you feel confident every step of the way.

Closing costs are the final expenses you’ll need to pay when the ownership of your dream home officially transfers to you. Think of it as the last step — usually done on the “closing day” — where all parties sign the final paperwork, keys are exchanged, and the property becomes yours.

These costs are in addition to your down payment, and they typically range between 2% to 5% of the purchase price. So, if you’re buying a home in Markham priced at $800,000, your closing costs could be somewhere between $16,000 and $40,000.

The exact breakdown of your closing costs depends on the property type, your loan terms, and even which part of Markham you’re buying in. But here are the most common components you should expect:

Buying property in Ontario? You’ll need to pay a provincial land transfer tax — and in Markham, which is part of the Greater Toronto Area, that can be a significant line item. The good news? As a first-time buyer, you may qualify for a rebate of up to $4,000.

Yes, you’ll need a real estate lawyer to handle the paperwork, review your agreement, and officially register your ownership. Legal fees in Markham generally range from $1,000 to $2,500, depending on the complexity of your purchase.

This one-time cost protects you against title fraud, hidden liens, or issues with property ownership. Expect to pay between $250 and $400.

A professional inspection is optional — but highly recommended, especially for older homes. Costs vary, but budget around $400–$600.

If you’re financing your home, your lender may request a property appraisal to confirm the market value. This usually runs about $300–$500.

Sometimes the seller has already paid for utilities, property taxes, or condo fees ahead of time. At closing, you’ll need to reimburse them for your share — these are known as adjustment costs.

Planning for closing costs doesn’t have to be stressful. Here’s how to stay ahead:

• Talk to your agent early: Your real estate agent can give you a rough closing cost estimate based on your budget and the type of home you’re buying in Markham.
• Get quotes from professionals: Ask your lawyer, inspector, and mortgage lender for cost estimates so you’re not caught off guard.
• Check for rebates: As a first-time homebuyer, you may qualify for both federal and provincial rebate programs — don’t leave free money on the table!
• Set aside 3%–5%: In most cases, budgeting an extra 3%–5% of your home’s purchase price can give you a solid buffer.

And remember — closing costs are a one-time set of fees. Once the home is yours, you can focus fully on enjoying it!

Understanding what closing costs include and preparing for them takes the uncertainty out of the home buying process. Whether you’re looking at townhomes near Unionville, new builds in Cornell, or charming starter homes in Wismer, knowing your numbers keeps your experience smooth and empowering.

Buying a home in Markham — especially for the first time — is a huge step, but it’s also incredibly rewarding. Real estate can feel overwhelming, but with the right guidance (and a little preparation), you’ll go from dreaming to door keys in hand.

If you’re feeling unsure about your next step, you’re not alone.
Let’s make the home buying process feel simple and stress-free.
Reach out to talk about your goals — no pressure, just a helpful conversation.