A Newcomer's Guide to Buying a Home in Markham: Credit History, Mortgages and First Steps
A Newcomer's Guide to Buying a Home in Markham: Credit History, Mortgages and First Steps
Markham welcomes newcomers from around the world. If you are new to Canada and ready to buy, here is how the process works and where to start.
Neeraj Moolchandani is a top real estate agent in Markham, Ontario.
The Short Answer
Newcomers can buy homes in Markham, but the rules depend on status. Permanent residents can buy like citizens. Canada's ban on most foreign buyers purchasing existing homes was set to expire January 1, 2027, with exemptions for some work permit holders who meet presence rules. Ontario's 25 percent Non Resident Speculation Tax can apply to buyers who are not citizens or permanent residents, with possible refunds in some cases. Many lenders offer newcomer mortgage programs. Start by building Canadian credit, gathering employment and savings records, and getting pre approved.
Neeraj and the Kaizen Real Estate Team, one of the teams many newcomers to Markham trust with their first purchase, believe good guidance matters most when everything is new. This guide is general information. Confirm your situation with a lawyer and lender.
Step 1: Know the Rules for Your Status
| Status | Federal Purchase Rules | Ontario NRST |
|---|---|---|
| Canadian citizen | No restrictions | Does not apply |
| Permanent resident | No restrictions | Does not apply |
| Work permit holder | May qualify for an exemption to the foreign buyer ban, subject to conditions | May apply; refunds possible in some cases |
| Other non residents | Generally restricted while the ban is in force | 25% may apply |
The federal ban was set to expire January 1, 2027, and the government has discussed a new framework. Rules may change; confirm before you make an offer.
Step 2: Build Canadian Credit
- Open a Canadian bank account and a credit card early.
- Pay every bill on time and keep balances low.
- Keep records of rent payments and utility bills.
- Some lenders accept international credit reports or reference letters.
New to Canada? Neeraj can walk you through the process step by step. Call or text Neeraj at (647) 370 8885.
Step 3: Prepare for a Mortgage
- Newcomer programs. Many lenders and mortgage insurers offer programs for recent arrivals. Requirements vary, so ask a licensed mortgage professional.
- Employment. Lenders usually want proof of stable income in Canada.
- Down payment. The minimum is 5 percent of the first $500,000 and 10 percent of the rest, up to $1.5 million, for insured mortgages. Some programs ask for more.
- Source of funds. Keep records of savings, including money moved from abroad. Lenders and lawyers will ask.
- Stress test. You must qualify at the higher of 5.25 percent or your rate plus 2 percent.
See our lower down payment guide and how to choose your professional team.
Step 4: Understand Closing Costs
Plan for Ontario land transfer tax, legal fees, title insurance, an inspection, and moving costs. First time buyers who are citizens or permanent residents may qualify for a land transfer tax rebate of up to $4,000. Our first time buyer's guide covers the details.
Want to know what you can afford in Markham? Start with a pre approval and a conversation. Call or text Neeraj at (647) 370 8885.
Step 5: Choose Your Neighbourhood
Markham is one of the most diverse cities in Canada, with strong schools, transit, and cultural communities. Many newcomers start by renting to learn the city, then buy. See our family neighbourhood guide and neighbourhood guides.
Your first Canadian home deserves clear guidance. Reach out anytime. Call or text Neeraj at (647) 370 8885.
Newcomer Buyer Questions, Answered
Can permanent residents buy a home in Markham?
Yes. Permanent residents can buy homes in Canada and Ontario on the same terms as citizens, and the Non Resident Speculation Tax does not apply to them.
Can I buy a house in Canada on a work permit?
Some work permit holders may qualify for an exemption to the federal foreign buyer ban, subject to conditions such as time spent in Canada. The ban was set to expire January 1, 2027. Confirm current rules with a lawyer.
What is the Ontario Non Resident Speculation Tax?
It is a 25 percent tax that can apply when buyers who are not citizens or permanent residents purchase residential property in Ontario. Refunds may be available in some cases.
Can I get a mortgage with no Canadian credit history?
Many lenders and mortgage insurers offer newcomer programs. Requirements vary, so speak with a licensed mortgage professional about your situation.
How much down payment do newcomers need?
The minimum for insured mortgages is 5 percent of the first $500,000 and 10 percent of the rest up to $1.5 million. Some newcomer programs require more.
Welcome Home to Markham
Neeraj will guide you through every step, so buying your first Canadian home feels clear and calm.
Call or text (647) 370 8885 · info@kaizenrealestate.ca
Kaizen Real Estate Team, eXp Realty, Brokerage · 9763 Markham Rd, Markham, ON L6E 1A4
Federal and provincial buyer rules: MPA, July 2026; SiLaw, June 2026. Rules change often; confirm with a real estate lawyer before you buy. This article is general information, not legal, tax, mortgage, or financial advice. Market commentary describes current conditions and is not a promise of future prices. Information is believed accurate but should be independently verified. Not intended to solicit properties currently under contract.
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