If you’re a first-time homebuyer in Markham — or anywhere new to the real estate process — you’re probably feeling a mix of excitement and a touch of overwhelm. You’ve found a place that feels right, imagined your first night there, and then… someone mentions “closing costs.” What in the world are those? Don’t worry — that’s a question almost every new buyer has, and I’m here to walk you through it.

Buying a home in Markham is a big milestone. Whether you’re upgrading, downsizing, or just starting out, it’s natural to have questions. So let’s break down closing costs together, using real language — not fine print. Once you understand what they are, how much they typically cost, and how to prepare, you’ll feel way more confident on closing day.

Closing costs are the additional expenses outside of the purchase price of your home. These fees are paid at the end of the real estate transaction — when the keys officially change hands. While it might sound like a surprise cost, it’s actually a collection of standard fees that ensure everything is handled legally and smoothly.

When you’re buying a home in Markham, expect closing costs to range from about 1.5% to 4% of the purchase price. That means if you’re buying a $900,000 home, your closing costs could fall anywhere between $13,500 and $36,000.

The final number will depend on a few things: the price of your home, property taxes, legal fees, and if you’re a first-time buyer eligible for rebates.

Here’s a closer look at what your closing costs might include when buying a home in Markham:

• Land Transfer Tax – One of the biggest contributors. Ontario charges a provincial tax, and Markham (as part of the GTA) includes a municipal one if applicable. First-time buyers may qualify for rebates here.
• Legal Fees – You’ll need a real estate lawyer to handle the paperwork, title transfer, and funds exchange. Expect this to cost around $1,500–$2,500 depending on the complexity.
• Title Insurance – Usually around $250–$400, this protects you from potential legal issues with the property title down the line.
• Home Inspection & Appraisal Fees – A home inspection is optional but highly recommended ($300–$500). Lenders may also require a home appraisal ($350–$500).
• CMHC Insurance (if needed) – If your down payment is under 20%, this mortgage insurance is required. Premiums are often added to your mortgage, but the PST portion must be paid upfront.

The best way to avoid surprises is to build closing costs into your budget from the start. Here’s how to stay ahead:

Use 2%–3% of your home’s price as a buffer. So if your budget is $850,000, set aside $17,000–$25,000 for closing.

A trusted local agent (like me!) can help you calculate the common fees for homes for sale in Markham, based on property type and neighborhood.

Ontario offers a First-Time Home Buyer’s Tax Credit and Land Transfer Tax Rebate. If you’re eligible, this could save you up to $4,000+.

Your closing costs may vary a bit based on location and property type. Here are some quick insights:

• Unionville: Popular with families for its charming downtown, good schools, and nearby GO station. Many homes here are semi-detached or detached, which usually means slightly higher legal and land transfer costs.
• Wismer Commons: A newer development with condos and townhomes — ideal for first-time buyers. Some developments may offer builder incentives that reduce your overall closing fees.
• Milliken Mills: Great transit access and a mix of older and newer homes. If buying a resale condo here, make sure to budget for a status certificate fee (typically ~$100).

Understanding closing costs helps you feel more in control. And when you’re prepared, you’ll avoid last-minute stress so you can focus on the fun part — moving in!

Whether you’re still browsing homes for sale in Markham or getting ready to place an offer, knowing the numbers ahead of time is your best strategy.

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.