Buying Your First Home in Markham, Vaughan or North York: A Step by Step Guide

Step 1: Get preapproved before you fall in love with a house

A preapproval tells you the price range you can actually buy in, locks in a rate for a set period (often 90 to 120 days), and makes your offer stronger. Lenders qualify you at the higher of 5.25% or your contract rate plus 2%, so your approved budget is usually lower than a simple online calculator suggests.

Bring recent pay stubs or two years of tax returns if you are self employed, proof of your down payment, and a list of your monthly debts.

Step 2: Know your down payment and the programs that help

• Minimum down payment: 5% of the first $500,000 and 10% of the portion above that, for homes under $1.5 million. Homes at $1.5 million or more need at least 20% down.
• First Home Savings Account (FHSA): contribute up to $8,000 a year (up to $40,000 lifetime), deduct it from your income, and withdraw it tax free for your first home.
• RRSP Home Buyers' Plan: borrow up to $60,000 from your RRSP for your down payment and repay it over time.

Every rebate and credit, including up to $130,000 in HST relief on new builds, is in my 2026 first-time buyer benefits guide.

Step 3: Budget for closing costs, not just the down payment

Plan for roughly 1.5% to 4% of the price on top of your down payment. The biggest piece is land transfer tax. First time buyers can get up to $4,000 back on Ontario land transfer tax, and in North York (City of Toronto) there is also a municipal land transfer tax with a first time buyer rebate of up to $4,475. Markham, Vaughan, Richmond Hill and Thornhill do not charge the municipal tax. My full breakdown is in Closing costs in Ontario.

Step 4: Pick the right neighbourhood, not just the right house

Write down your non negotiables first: commute, school zone, parking, and whether you need a freehold or are happy with a condo. Then we look at how fast homes are actually selling in those pockets. In a balanced market like Markham right now, you can often negotiate on price and conditions, but the best homes in good school zones still move quickly.

Step 5: Tour smart and compare on the numbers

For every home you like, I pull recent sold prices on the same street and nearby, how long similar homes sat on the market, and any red flags in the listing or status certificate. You decide with real numbers, not just a feeling.

Step 6: Make an offer that protects you

Your offer is more than a price. It includes your deposit, closing date and conditions such as financing and a home inspection. My job is to win you the home without giving up the protections you actually need. When there are multiple offers, we agree on your walk away number before we write anything.

Step 7: Firm up, then get ready for closing day

Once conditions are waived, the deal is firm. Your lawyer handles the title search, land transfer tax and the transfer of funds. Arrange home insurance, book movers early, and do a final walkthrough before closing. Then you get your keys.

Common first time buyer mistake: shopping before the preapproval is done. It is the fastest way to waste weekends and lose a home you love to a buyer who was ready.

Common questions from first time buyers

How much do I need for a down payment on a home in Markham or Vaughan?

At least 5% of the first $500,000 and 10% of the portion above that, for homes under $1.5 million. On an $800,000 home, that is a minimum of $55,000. Homes at $1.5 million or more need 20% down.

What is the first step to buying a home in Ontario?

Get preapproved by a lender or mortgage broker. It tells you your real budget and makes your offer stronger.

Do first time buyers get a land transfer tax rebate in Ontario?

Yes. First time buyers can get up to $4,000 back on Ontario land transfer tax, plus up to $4,475 on Toronto's municipal land transfer tax if they buy in North York or elsewhere in Toronto.