Buying your first home in Toronto or Markham

Where are you in your first-home journey?

Choose the question you want to work through first.

Start with a budget that fits your life

Begin with what you can comfortably spend each month while leaving room for savings, everyday expenses and unexpected costs. A lender’s maximum approval does not have to be your spending target.

• Buying costs: plan for your down payment, legal fees, land transfer tax, inspections where applicable, closing adjustments and moving.
• Ownership costs: include mortgage payments, property taxes, insurance, utilities, maintenance and condo fees where applicable.
• Timing: ask when the deposit and other funds must be available, rather than assuming everything is paid on closing day.

A mortgage preapproval helps guide your search, but it does not guarantee final financing. The lender still needs to review the property and confirm its requirements are met.

Your next step: write down your available savings, monthly comfort level and questions for a mortgage professional.

Official guidance: home-buying costs and mortgage preapproval.

Compare homes in Toronto and Markham

Start with the life you want the home to support. A location or layout that looks appealing online may work differently once you consider your commute, storage, maintenance and monthly costs.

• Your routine: test the commute at the times you travel, including the walk, drive or connection to transit.
• Your space: think about working from home, pets, visitors and storage alongside the number of bedrooms.
• Your property type: compare condo, townhouse and detached options within your budget, including upkeep and ongoing fees.
• Your neighbourhood: consider the shops, parks and services you use. If schools matter, verify the address’s current assignment and enrolment rules with the school board.

If you are comparing a Toronto condo with a home in Markham, compare the full cost of ownership and transportation alongside the purchase price. Ask your lawyer to estimate closing costs for each location.

Your next step: choose three must-haves and three preferences you could be flexible about. Use the same list when comparing every home.

Understand the home buying process

1. Prepare your finances and timeline

   Review your savings, discuss financing with a mortgage professional and decide when you would ideally like to move.

2. Understand representation

   Before signing a buyer representation agreement, ask about the services, fees, length of the agreement and your responsibilities.

3. Compare homes carefully

   Look beyond listing photos. Compare condition, layout, location and ongoing costs against your priorities.

4. Review your offer and conditions

   Discuss the price, deposit, closing date, included items and conditions. Ask about financing and inspections. For a resale condo, arrange a lawyer’s review of the status certificate and supporting documents. Understand the risks before removing conditions.

5. Prepare for closing

   Follow the deadlines in your agreement. Coordinate financing, insurance, funds and documents with your lender and lawyer, and confirm how you will receive your keys.

Learn more: RECO’s buyer’s checklist and Ontario condo status certificates.

Explore first-time home buyer programs

These official resources are a starting point. Check the current rules and your eligibility before including a benefit in your purchase budget.

If you are buying with someone who has owned a home before, check each program separately. The definition of a first-time buyer is not the same across all programs.

This is general information. Confirm financing, tax and legal questions with the appropriate professional for your situation.

Get guidance from Anna Xayavong

Anna is a real estate broker with eXp Realty and over 18 years of real estate experience. Born and raised in Toronto and now a Markham resident, she brings local knowledge and a caring approach grounded in integrity.

She helps first-time buyers work through their questions, compare homes and understand the decisions involved in making an offer. The starting point is your budget, timeline and what you want your first home to make possible.