If you’re a first-time homebuyer in Markham or the surrounding GTA, chances are you’re both excited and maybe a little overwhelmed. Buying your first home is a huge milestone—an exciting new chapter! But let’s be honest, figuring out how to save for a down payment can feel intimidating. You’re not alone in feeling that way. The great news? It’s absolutely doable, and it doesn’t require winning the lottery or giving up everything you love. Think of this as your simple, supportive roadmap to getting that key in your hand—starting with saving smartly and confidently.

Before you start saving, it helps to have a target in mind. In Markham, the average home price can vary widely depending on the area and type of home you’re eyeing. Think condos near Markville Mall or single-family homes in Wismer or Raymerville.

In Canada, the minimum down payment is:

• 5% for homes up to $500,000
• 10% for the portion between $500,000 and $999,999
• 20% for homes over $1 million (required)

So, if you’re looking at a $750,000 townhouse in Central Markham, you’d need around $50,000–$60,000 for a down payment. Having a real number will help you build a realistic savings plan.

Separate your savings from your everyday spending. A high-interest savings account or a Tax-Free First Home Savings Account (FHSA) is a great option because:

• It helps your money grow faster
• The temptation to dip into it for other things is lower
• Some accounts come with automated savings tools

You can even give your account a name like “Future Home in Markham” to keep your motivation high.

You don’t have to cancel every streaming service or swear off lattes forever. Start by reviewing your spending habits and picking a few areas where you can save consistently.

• Switch to meal prepping a few days a week
• Pause unused subscriptions
• Buy used instead of new for certain items
• Use public transit more (Markham has great options with GO and YRT)

Cutting even $200–$400 a month can go a long way in building your down payment quicker.

Raising your income—even just temporarily—can accelerate your savings plan. Think flexible, part-time ways to bring in some extra cash that fit your schedule.

• Freelance or freelance adjacent jobs (writing, tutoring, graphic design)
• Weekend rideshare driving around Markham
• Selling gently used items online

Even an extra $300/month adds up to $3,600 annually—every bit helps.

When you’re buying a home in Markham, take full advantage of programs designed to help you out. These include:

• First Home Savings Account (FHSA): Save up to $8,000 per year tax-free.
• Home Buyers’ Plan (HBP): Withdraw up to $35,000 from your RRSP to use toward your down payment—tax-free if repaid over 15 years.
• Land transfer tax rebates: First-time homebuyers in Ontario can save up to $4,000 provincially—and more with rebates in cities like Toronto.

These programs can shave years off your savings timeline when used wisely.

Saving for a down payment isn’t always thrilling—but it doesn’t have to be a grind either. Set small, achievable milestones and celebrate when you hit them.

• Start with a goal of $5,000, then $10,000, and so on
• Track your progress visually (use a chart, app, or even sticky notes on the fridge!)
• Reward yourself after each milestone—maybe a local dinner out or a Markville Mall shopping treat

Keeping things positive and rewarding makes you more likely to stick with your plan.

Not all Markham neighborhoods hit the million-dollar mark. Communities like Greensborough and Cornell offer more affordable options with great schools and natural green spaces like the Rouge National Urban Park nearby.

If budget is a concern, don’t rule out:

• Condos near Unionville GO: Great for commuters
• Stacked townhouses in Box Grove: Low maintenance, family-friendly
• New builds in Cornell: Modern layouts, good long-term value

Ask your real estate agent about up-and-coming pockets that still offer strong value in today’s Markham real estate market.

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.