What the housing stock looks like
Markham has a wide range of housing, from established neighbourhoods like Unionville with heritage character to newer subdivisions in Cornell and Cathedraltown, plus a significant condo and townhouse market near Highway 7 and the Markham GO corridor. It is known for strong schools and a large tech and business employment base.
Who tends to buy here
Markham draws families prioritizing education, professionals working in the local tech corridor, and many buyers moving from Toronto or Scarborough for more space. It also has a strong culture of multi-generational and extended-family home purchases, which affects income structuring for mortgage applications.
Financing considerations to keep in mind
Buyers looking at Unionville's heritage homes should budget for maintenance since older properties may need updates that newer construction wouldn't. Newer townhouse and condo buyers should compare maintenance fees across buildings carefully, since amenity-heavy buildings near the tech corridor can carry higher monthly costs that affect affordability calculations.
- Get a pre-approval before house hunting so you know your realistic budget
- Have a home inspection done, especially on older properties
- Talk to your broker early about any rental income, gifted funds, or renovation plans
Transit and commute
Markham has GO Transit rail access on the Stouffville and Richmond Hill lines, plus Viva bus rapid transit along major corridors. Highway 404 and 407 provide road access, and commute times to downtown Toronto vary significantly depending on which part of Markham you live in.
Property types to expect
Detached homes are common throughout, with heritage character in Unionville and Main Street Markham, larger newer builds in Cornell and Wismer, and a growing number of condo and townhouse projects near transit hubs.
Frequently asked questions
- What credit score do I need to buy a home in Markham?
- Lenders look at more than just your credit score, but generally a higher score gives you access to more lenders and better terms. Even if your credit isn't perfect, it is worth talking to a broker before assuming you don't qualify, since there are often options across different lenders depending on your overall financial picture.
- How much do I need for a down payment in Markham?
- The minimum down payment in Canada depends on the purchase price, with lower percentages required on lower-priced homes and higher percentages on more expensive ones. Because home prices vary a lot within Markham depending on the property type and neighbourhood, it is worth getting a personalized estimate based on the specific homes you are considering.
- Should I get pre-approved before house hunting in Markham?
- Yes, a pre-approval gives you a realistic price range before you start looking, which helps you avoid falling in love with a home outside your budget. It also signals to sellers that you are a serious buyer, which can matter in a competitive offer situation.