If you’re a first-time buyer in Markham or the Greater Toronto Area, there’s a good chance you’re feeling both excited and overwhelmed. You’ve probably spent countless hours scrolling through homes for sale in Markham, dreaming of warm kitchens and cozy backyards. You’ve lined up your budget, checked listings, and maybe even scoped out how close your future home could be to top-rated schools or your favorite bubble tea spot.

But here’s the catch: the listing price isn’t the only number that matters. There are hidden costs when it comes to buying a home — and they can catch you off guard if you’re not ready. Think of this post as your local cheat sheet. I’m here to guide you through what to expect, so you’re not blindsided during one of the most important purchases of your life.

Even though your mortgage might cover the purchase price, there are additional fees due on closing day that many buyers forget to factor in.

Here are some typical closing costs you’ll want to budget for:

• Land transfer tax: In Ontario, this is a tiered tax based on the property’s purchase price. First-time buyers in Markham may be eligible for rebates — definitely worth looking into.
• Legal fees: Hiring a real estate lawyer typically costs between $1,500–$2,000.
• Title insurance: Protects you from potential title-related disputes. Expect to pay around $250–$400.
• Home inspection: While optional, it’s a smart move and typically ranges from $300–$600.

All told, closing costs can represent around 3–5% of your home’s purchase price. So if you’re buying a $900,000 home in Markham, that could be an additional $27,000–$45,000 you need to prepare for.

Once the keys are in hand, it doesn’t stop there. Owning a home comes with monthly and seasonal costs that renters don’t always anticipate.

In Markham, annual property taxes are based on your home’s assessed value. For a typical detached home, that could mean several thousand dollars a year. Be sure to check the City of Markham’s tax calculator to get an estimate before you buy.

Between hydro, water, gas, internet, and garbage pickup, you’ll want to budget roughly $300–$500 per month, depending on the home’s size and efficiency.

Don’t forget:

• Older homes may have drafty windows or aging furnaces, leading to higher energy bills.
• If you’re buying a home with a large yard, lawn maintenance or snow removal may be separate expenses.

Protecting your investment is crucial. Home insurance isn’t optional if you have a mortgage — and it can vary based on your home’s size, age, and location in Markham.

You’ll also want to set aside an emergency fund for things that go bump in the night (or burst in the winter). Budget-at least 1–2% of your home’s value per year for unexpected repairs.

Examples include:

• Leaky roofs
• Water heater replacements
• Foundation cracks or freezing pipes

If you’re moving into one of Markham’s older neighborhoods like Unionville or Thornhill, these costs may show up sooner than if you’re buying in a newer development like Cornell or Greensborough.

If you’re buying a condo or townhouse in Markham, monthly maintenance fees can range from $300 to $1,000. These cover things like snow clearing, landscaping, and amenities. However, always ask about upcoming special assessments that could raise your costs suddenly.

Some older buildings in the Markham real estate market are reviewing elevators or mechanical systems — potential upgrades that could hit your wallet hard. Read through the condo’s reserve fund study before signing anything.

Even if the home is move-in ready, there’s a good chance you’ll want to make it your own — whether that’s fresh paint, new flooring, or updated countertops.

First-time buyers in Markham often budget for the purchase price and furniture, but don’t forget to include:

• Window coverings or blinds
• Lighting upgrades
• Garage door openers or smart home tech

It’s all part of turning a house into your home — but when you’re already stretched thin, these expenses can feel like a surprise.

Buying a home in Markham is a huge milestone — but it pays to be informed, not just about what your mortgage will be, but everything beyond it. When you know the hidden costs of buying a home, you can prepare your budget, reduce stress, and walk into your new place with confidence.

Whether you’re exploring quiet suburban enclaves, looking for family-friendly amenities near top-ranked schools, or hoping to walk to Main Street Unionville’s shops and cafes, staying financially ready makes all the difference.

Have questions about a specific neighborhood? Wondering what your true costs might be based on the type of home you’re eyeing?

I’m here for that.

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.