City of Markham · Greater Toronto Area
Purchase Mortgage Guidance for Markham Buyers
Markham buyers often balance a family-oriented home search with a professional income profile that is more complex than a single base salary. From Unionville and Cornell to Milliken and the Highway 7 corridor, property type, commute and compensation structure all shape the purchase plan. Start with a review that reflects both the home you want and how you are paid.
Build your Markham plan around the neighbourhood, property costs and documented compensation that will support the purchase.
Who this is for
Buying in Markham
This page is for Markham buyers comparing established and newer neighbourhoods: technology and professional-services employees, newcomer households, condominium and townhouse purchasers, families moving toward Unionville or Cornell, and buyers with bonus, commission, restricted-share or contract income.
- Technology and professional-services employees with variable compensation
- Families comparing Unionville, Cornell and Milliken housing options
- Condominium and townhouse purchasers seeking a lower-maintenance home
- Newcomer buyers building a documented Canadian purchase plan
- Move-up buyers whose income includes bonus, commission or equity compensation
Local purchase context
What actually shapes a Markham purchase
Local conditions change how a file is prepared, which lenders make sense, and what your closing budget needs to cover.
Markham has a diverse housing map. Unionville offers established streets and a heritage-oriented main-street setting; Cornell is known for planned neighbourhood character; Milliken and south Markham provide another mix of mature homes, townhouses and condominiums. These areas do not share the same property age, commuting pattern or monthly carrying cost. Build a search around the communities that genuinely fit your household, then qualify against their actual listings.
Technology, professional services and health-care employment are meaningful anchors in Markham. For a mortgage review, the relevant question is how compensation appears in your documentation. Base salary, guaranteed allowances, bonus, commission, restricted-share compensation and contract income can be treated differently by lender policy. Bring employment letters, pay records and tax documentation together before deciding what income you can safely use in a purchase budget.
Condominiums, stacked townhomes and freehold townhouses offer different entry points in Markham, but their cost structure is not interchangeable. A common-element fee or condominium maintenance fee can affect qualification, while a freehold property may need a larger maintenance reserve. Confirm parking, locker, fees, taxes and any rental restrictions before you assume one type is less expensive to carry than another.
Markham continues to attract newcomer households and family purchases. A family gift, funds arriving from outside Canada or a recent employment change can all be manageable when documented properly, but timing matters. Source-of-funds records, bank history and the exact employment arrangement should be prepared before a firm offer. That preparation lets you focus on the home instead of collecting documents under a condition deadline.
Buyer considerations
Things Markham buyers should plan for
Compensation beyond base salary
Technology and professional income may include bonus, commission, shares or contract work. Lenders review what can be documented and used under their policies, not simply a projected total-compensation figure.
Neighbourhood and housing form
Unionville, Cornell and Milliken offer different property ages, settings and product mixes. Use actual fees, taxes and maintenance needs for the homes on your list.
Condo-townhouse carrying costs
A condominium or common-element fee can affect stress-tested qualification. Confirm exactly what the fee covers and budget for utilities, parking and property tax separately where applicable.
Newcomer and gift documentation
Document the source and movement of down-payment funds well before an offer. A lender may need bank records, gift documentation and clear evidence of any international transfer.
Illustrative scenario
Illustrative Markham buyer scenario
A technology employee with salary and annual bonus income is considering a $950,000 condo townhouse near Unionville. The household has $142,500 for the down payment and wants to understand how the bonus, monthly fees and first-time-buyer closing costs may affect their plan.
- At a $950,000 purchase price with $142,500 down, the down payment is 15 per cent. It is above the current federal minimum but below 20 per cent, so default mortgage insurance would apply. Program rules can change and files are subject to lender underwriting.
- Ontario land transfer tax on a $950,000 purchase is roughly $15,475 before any eligible first-time buyer rebate. Markham does not charge a separate municipal land transfer tax; confirm rebate eligibility with your real estate lawyer.
- Whether bonus income can be used depends on the employer documentation, history and lender policy. Use the actual income review rather than assuming a full projected bonus will count.
- Qualification uses a stress-tested rate rather than the contract rate, so the lender maximum is usually lower than an online estimate. Condo fees, debts, credit and the actual property also matter.
Editable example
Adjust any of these in the calculator to match your own situation.
- Example purchase price
- $950,000
- Example down payment
- $142,500 (15%)
- Federal minimum at this price
- $70,000
- Default insurance
- Would apply
- Ontario land transfer tax
- approx. $15,475
- Eligible first-time buyer rebate
- May reduce the above
Illustrative estimate only. Actual qualification depends on lender underwriting, income verification, credit, debt obligations, property details, rate and other factors. Confirm land transfer tax and rebate eligibility with your real estate lawyer.
Ontario closing costs
What you pay on top of the down payment
Ontario land transfer tax
Calculated on a sliding scale of the purchase price. On the $950,000 example above, roughly $15,475. Eligible first-time buyers may qualify for a provincial refund of up to $4,000.
No municipal land transfer tax
Markham buyers pay Ontario land transfer tax only. Toronto is the Ontario municipality that levies a second, municipal land transfer tax — a meaningful difference when you compare closing budgets across markets.
Legal fees, disbursements and title insurance
Your real estate lawyer handles the closing, searches title, registers the transfer and arranges title insurance. Budget for the fee plus disbursements and applicable taxes.
Inspection, appraisal and adjustments
A home inspection is your own due diligence. An appraisal may be required by the lender. Closing adjustments reimburse the seller for prepaid property taxes and utilities.
Post-closing reserve
Moving, immediate repairs, utility hookups and furnishings all land in the first weeks. A reserve keeps a surprise from becoming a problem.
Mortgage planning checklist
Before you shop in Markham
- 01Collect your employment letter, recent pay records and documentation for bonus or commission income
- 02Organize two years of tax records where income is variable or contract-based
- 03Document the source, timing and movement of every down-payment contribution
- 04Choose between Unionville, Cornell, Milliken and other specific Markham areas before setting a budget
- 05For a condo townhouse, confirm the fee, its inclusions, parking and locker details
- 06List all debts and monthly obligations before you rely on a total-compensation estimate
- 07Budget Ontario land transfer tax, legal fees, inspection and adjustments separately
- 08Get a meaningful qualification review before you use bonus income to support an offer
Local questions
Markham mortgage FAQs
Can bonus or stock-based compensation help with a Markham mortgage?
It may, but lender treatment varies. A lender will usually look for a documented history, the form of compensation, employer information and evidence that the income is likely to continue. A projected bonus or share value is not automatically treated like base salary. Bring your employment letter, pay records and tax documentation into the review so the purchase budget reflects the income a lender may actually use.
Are condo townhouses in Markham qualified differently from freehold townhouses?
The core mortgage calculation is similar, but the monthly expenses can differ. Condominium or common-element fees are considered in the debt-service calculation, while a freehold home may have different maintenance responsibilities and no monthly fee. Confirm the actual fee, what it covers, taxes and utilities for the listing. Qualification still uses a stress-tested rate and is subject to lender underwriting.
How should I document a family gift for a Markham down payment?
Tell the mortgage professional and your real estate lawyer early. Lenders commonly require a signed gift letter and bank documentation showing the source and movement of funds. If money is being transferred from outside Canada, the records and timing can be particularly important. Do not move funds casually or wait until the financing condition deadline to explain them.
Does Markham have a municipal land transfer tax?
No. Markham buyers pay Ontario land transfer tax only. Toronto is the Ontario municipality that charges an additional municipal land transfer tax. Eligible first-time buyers may qualify for an Ontario land transfer tax refund, but you should have your real estate lawyer confirm current eligibility and the applicable amount.
What minimum down payment applies to a Markham home?
Under current federal guidelines, the minimum is 5 per cent on the first $500,000, 10 per cent on the portion from $500,000 to $1.5 million, and 20 per cent at $1.5 million and above. Default mortgage insurance generally applies below 20 per cent. Program rules can change, and lender underwriting considers the borrower and property together.
Can a newcomer buy a property in Markham?
Many newcomer households buy in Markham, but the suitable lender route depends on residency, Canadian employment and credit history, down-payment documentation and the full application. Some lenders have programs for specific newcomer profiles, while standard programs fit others. A review can help you explore the options available to your scenario, subject to lender underwriting and the property review.
Nearby markets
Also considering markets near Markham?
Buyers frequently compare across neighbouring markets. Each has its own guidance page.
Next step
Get a real qualification review for your Markham purchase.
Tell us the facts, email your income and down-payment documents, and a mortgage professional will review your Markham scenario and respond within one to two business days.
A real person reviews your scenario. This platform does not issue automated approvals, and no financing outcome is guaranteed.