Start With Your Real Budget, Not Just Your Pre-Approval
A mortgage pre-approval tells you what a lender will lend — it doesn’t automatically tell you what you should spend. Before touring anything in Markham, sit down and account for closing costs (typically 1.5–4% of the purchase price in Ontario, including land transfer tax), moving costs, and a reasonable buffer for the first few months of ownership. Markham and York Region also fall outside the City of Toronto, so you’ll pay provincial land transfer tax only — not the additional municipal tax Toronto buyers face, which is a meaningful saving worth factoring in.
Understand Markham’s Neighbourhoods Before You Commit
Markham is not one market — it’s several. Unionville offers heritage charm and top school catchments. Cornell was purpose-built around walkability and new-urbanist planning. Milliken and Wismer/Cathedraltown suit buyers looking for newer construction and larger floor plans. Spend a weekend simply walking a few of these areas before you start attaching yourself to specific listings.
Know the Process, Step by Step
- Mortgage pre-approval — locks in a rate hold and gives you a realistic price ceiling.
- Buyer representation agreement — in Ontario, your agent works exclusively for you once this is signed, with a legal duty to your interests.
- Showings and shortlisting — aim to see comparable properties together so you can judge value, not just react to the first home you like.
- Offer and conditions — a financing condition and, where appropriate, a home inspection condition protect you before the deal becomes firm.
- Closing — typically 30–90 days after an accepted offer, during which your lawyer handles title search, mortgage instructions, and the final adjustment statement.
A First-Timer’s Advantage in Today’s Market
GTA-wide, new listings were down close to 13% year-over-year in June 2026 even as sales climbed — a sign the market is tightening. First-time buyers who are mortgage-ready and flexible on neighbourhood within York Region are often best positioned to move quickly when the right property appears, rather than waiting for conditions to become obviously “easier.”
Thinking about your next move in Richmond Hill, Markham, or York Region? Contact Ray Azar for a confidential, no-obligation consultation and a current market analysis tailored to your property.