So, you’re getting ready to buy your first home in Markham — congratulations! Whether you’ve been scrolling through listing after listing or already touring homes with a checklist in hand, this moment is both exciting and a little overwhelming. And if you’re like many first-time buyers, you’re probably doing your best to stay within budget. But here’s something a lot of people don’t tell you upfront: there are hidden costs of buying a home that might catch you off guard.

Don’t worry — you’re not alone in navigating this. We’ve helped countless buyers in the Markham area move from curious to confident, and we’re here to do the same for you. Let’s break down these extra expenses together so you can plan smarter and breathe easier.

This one surprises many buyers. When you purchase real estate in Ontario — especially homes for sale in Markham or anywhere in the GTA — you’re on the hook for a provincial land transfer tax. But if you’re buying within Toronto city limits, you’ll also pay a second tax on top of that.

Here’s a rough idea of what it might cost:

• On a $900,000 home in Markham: Expect to pay roughly $14,000 in land transfer tax.
• In Toronto: That same home could mean up to $28,000 with the municipal tax added.

The good news? First-time buyers in Ontario may qualify for a rebate, sometimes up to $4,000. Be sure to explore that possibility with your agent or lawyer.

Buying a home in Markham isn’t just about the down payment — you’ll also need a real estate lawyer to handle all the behind-the-scenes paperwork. Most legal fees in Ontario range between $1,500 to $2,500 depending on the complexity of your purchase.

This typically includes:

• Title searches
• Mortgage registration
• Disbursements (document transfers and courier fees)

It’s a good idea to ask your lawyer for a breakdown, so you know exactly what to expect come closing day.

Even in a competitive market, don’t skip the home inspection. It can save you thousands by flagging any underlying issues with wiring, plumbing, or roofing.

Typical cost: $400–$600 in Markham (and possibly a bit more for large or older homes).

If you’re buying a home in an older neighbourhood like Old Markham Village or Unionville, this is especially crucial. You’ll want to know what kind of maintenance you’re walking into.

If you’re putting down less than 20%, you’re likely required to pay Canada Mortgage and Housing Corporation (CMHC) insurance. This is added to your mortgage but still affects your long-term affordability.

For example, on a $700,000 home with a 5% down payment, CMHC fees could add up to $24,000+ across the life of the loan. Always factor this in when budgeting — especially if you’re targeting higher-priced neighbourhoods like Angus Glen or Cornell.

Did you know you might have to reimburse the seller for pre-paid property taxes at closing? This often comes as a surprise to buyers. Depending on the time of year and the property tax rate in your area of Markham, it could mean a few hundred to several thousand dollars.

Ask your real estate lawyer or agent to estimate your share in advance so you’re prepared.

Once you’re past the legal stuff, there’s still the actual move!

Budget in for:

• Professional movers ($1,000–$2,000 for local moves in Markham)
• Utility connection fees (hydro, water, internet – around $300 total on average)
• Appliances or minor renovations in your new space

And hey — don’t forget the pizza and snacks for moving day. Seriously… you’ll thank yourself.

• Build a buffer into your budget: Aim for an extra 3–5% of the purchase price.
• Review your mortgage pre-approval with hidden fees in mind.
• Ask your agent what other local buyers are paying at closing — real stories help.

In Markham’s competitive market, where average home prices are still rising — especially in neighborhoods close to top-rated schools like Pierre Elliott Trudeau or Milne Valley — thoughtful budgeting makes a huge difference.

Bottom line: The true cost of buying a home in Markham goes beyond just the list price. But with the right plan and a local expert by your side, you can move forward with confidence.

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.