Rent vs buy in Markham (2026): detached homes near $1.47M, but one of the GTA's lowest property-tax rates and no municipal land transfer tax. Run your real numbers.
It depends on your down payment and how long you'll stay. Markham's detached homes average about $1.47 million (TRREB, February 2026), so a 20% down payment is roughly $295,000 — a high bar. But the ongoing cost of owning is low: no municipal land transfer tax and a property-tax rate near 0.72%, among the lowest in the GTA. If you can put down 20% and stay 7 or more years, buying usually wins; on a shorter horizon or with less than 20% down, renting a condo around $2,500 a month often comes out ahead.
A detached home in Markham averaged about $1,474,549 in February 2026 (TRREB), while condo apartments were around $555,000. On a $1.47M detached with 20% down you'd need roughly $295,000 down, about $26,000 in Ontario land transfer tax, and $2,000–4,000 in closing costs — call it about $325,000 in cash. There's no municipal land transfer tax in Markham, which saves roughly $26,000 versus the same home in Toronto.
No. Markham is in York Region, which does not levy a municipal land transfer tax — you pay only Ontario's provincial land transfer tax. On a $1.47M home that's about $26,000, versus roughly $52,000 in Toronto, where a second municipal tax nearly doubles the bill. It's one of the clearest financial advantages of buying in the 905 over the 416.
Yes. Markham's 2026 residential property-tax rate is about 0.72%, one of the lowest of any city in Ontario. On a $1.47M home that's roughly $10,600 a year. For comparison, Brampton's rate is close to 1.0%, which on the same value would cost several thousand dollars more each year — a carrying-cost gap that never goes away.
Plan on at least 7 years. At about $1.47M for a detached home, the upfront costs — roughly $295,000 down, $26,000 in land transfer tax, and closing costs — take years to recover through equity and appreciation. Markham's low property tax helps you break even sooner than higher-tax cities, but the high entry price means a short stay usually favours renting.
For the right buyer, yes. Markham is Canada's largest tech employment hub outside downtown Toronto, has among the province's top-ranked public schools, and carries one of the GTA's lowest property-tax rates with no municipal land transfer tax. The honest caveats: detached prices near $1.47M demand a large down payment, a downtown Toronto commute via the GO Stouffville line or Highway 404 is long, and the promised Yonge North subway extension is still years away.