Houses for Sale in Markham, ON

Markham's most popular neighbourhoods are Cornell, Markham Village and Wismer. Strata.ca looks at a number of indicators to rank the communities most in-demand. Indicators include the average time a property spends on market, the average sale price, plus the percentage of homes that have sold over asking.

Markham's most priciest neighbourhoods are Thornlea, Buttonville | Cachet and Bayview Glen. Strata.ca looks at historical data to calculate the average sale price for every neighbourhood. Not everyone can afford a home in Markham's priciest neighbourhoods. But Cathedraltown | Victoria Square, Berczy Village and German Mills offer incredible value at a much lower cost.

Rural Markham | Mt. Joy, Cornell and Commerce Valley are Markham's cheapest neighbourhoods. The average sold price is able to tell us where a neighbourhood ranks in terms of cost. Overall, houses in Markham are selling for an average of $1,617,122.

Aside from mortgage payments, owning a house in Markham will require that you pay an annual property tax. This tax is essential in helping the city provide a number of services, including sewer protection and road maintenance. Each year, the municipality determines its property tax rate - which typically falls in the range of 0.5 to 2.5%. Some Markham residents assume they'll pay more in taxes, depending on the size of their home. However, that's not necessarily true as the city's tax rate is multiplied by the property's current market value - and that can change each year based on the sale of nearby homes. Let's say your home's assessed market value is $600,000 and the municipality's property tax rate is 1% - that year you'd pay $6,000.

Strata.ca updates multiple times each day, featuring all the available listings in Markham. This website can show what your neighbour's house sold for last year. Or how much your grandmother's home might be worth in today's market. Armed with this knowledge, users are able to compete effectively against other buyers and sellers.

Markham has a walk score of 48, meaning it's much easier to get around the city with a car than by foot. And with a transit score of 49, this area offers a smaller network of public transportation. For anyone with a bike, Markham offers some cycling routes, with a bike score of 51.

When looking for a house in Markham, many buyers will overlook the closing costs. It's important to be aware of what these costs are, so you can budget accordingly prior to making an offer. The average closing costs in this city will typically come to about 1.5% - 2% of the purchase price, although this can vary. For example, 2% in closing costs on an $800,000 house would be $16,000 that you need to budget for. A significant portion of your closing costs will be dedicated to the land transfer tax. These taxes are based on a percentage of the total purchase price. If this is your first home, you can reduce closing costs by applying for a government rebate. Under this program, first-time homebuyers are reimbursed a portion of the land transfer tax. And finally, when buying a home in Markham, you'll need a real estate lawyer to close the deal. Although fees can vary, expect to set aside somewhere around $1,500 - $2,000 on closing to cover your legal costs.