If you’re a first-time buyer in Markham, you’ve probably heard it a dozen times — “You need 20% down to buy a home.” Between rising prices and well-meaning advice from family and friends, it’s easy to feel overwhelmed. But here’s the real truth: No, you don’t always need 20% down. In fact, many successful buyers get into their dream homes with much less.

Whether you’re just getting started or actively browsing homes for sale in Markham, it’s important to understand your options. Let’s bust the 20% down myth together and explore real, achievable ways to enter the market — even if you haven’t saved that big down payment yet.

Yes, absolutely! In Canada — and especially here in Ontario — you can buy a home with as little as 5% down (for properties under $500,000). If the purchase price is between $500,000 and $999,999, the minimum down payment is:

• 5% on the first $500,000
• 10% on the portion above $500,000

Let’s say you’re buying a $700,000 condo in Markham. You’d need:

• 5% of $500,000 = $25,000
• 10% of the remaining $200,000 = $20,000
• Total minimum down payment = $45,000

That’s still a big number, but it’s a far cry from a full 20% — which would be $140,000! The key is finding the right property and mortgage fit for your budget.

When your down payment is under 20%, your mortgage must be insured through the Canada Mortgage and Housing Corporation (CMHC) or a similar provider. This adds a premium to your mortgage but gives lenders peace of mind.

Think of it like a safety net. It lets more people — especially first-time buyers — get into the housing market sooner rather than waiting years to save up a higher down payment.

Most CMHC premiums vary between 2.8–4% of the total mortgage and are rolled into your monthly payments. While it adds some cost, it’s often worth it to break into the real estate market earlier.

Like any big decision, there are advantages and trade-offs. Here’s what you should know:

• Get into your home sooner — no need to wait years to save 20%
• Build equity instead of renting
• Take advantage of rising home prices
• Access programs like the First-Time Home Buyer Incentive or RRSP Home Buyers’ Plan

• You’ll pay mortgage insurance premiums
• Your monthly payments may be slightly higher
• You start with less equity in your home

Markham’s real estate scene offers something for every lifestyle and budget. If you’re considering buying here with less than 20% down, start by looking at areas that offer good value alongside great amenities.

• Milliken Mills – Close to transit and affordable condos and townhomes
• Cornell – Family-friendly with lots of newer builds and green spaces
• Box Grove – Growing area with nearby schools, Rouge National Park, and access to Hwy 407

Don’t forget to factor in future resale value, local rental demand (if you ever decide to rent), and proximity to work or transit.

• Connect with a local mortgage broker early to pre-qualify
• Explore all first-time buyer incentives
• Stick to your budget — avoid stretching too far just to “keep up”
• Work with an agent who knows Markham’s micro-neighbourhoods

And most importantly — don’t let the 20% myth stop you from starting your home search.

You might already be in a position to buy, even if it doesn’t “feel” like it yet.

A trusted local expert can help you look at the full picture and make decisions you feel confident about.

Buying a home in Markham doesn’t have to start with a 20% down payment. With the right guidance, a solid mortgage plan, and a clear look at all your options, you can start your home journey sooner — and smarter.

Whether you’re eyeing your first condo, a townhome near Main Street Markham, or a quiet family property in Wismer, there’s a way forward — no matter your starting point.

Let’s stop letting old myths define our future.

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.