Mortgage trends in Markham
Understanding Mortgages in Markham: A Homebuyer's Guide
Planning to buy in Markham? Exploring resale homes in Markham or considering pre-construction listings in Markham? Understanding mortgages is your first step to success.
Current Mortgage Rates in Markham
As of July 29, 2025, the best 5‑year fixed mortgage rates available in Markham are around **3.89%**, with 3‑year fixed rates similarly priced and variable options slightly higher.
How Down Payment Rules Apply in Ontario
Federal rules require:
- 5% down payment on the first $500,000
- 10% on the portion between $500,000 and $999,999
- 20% on homes above $1M
Getting Mortgage Pre‑Approved
Pre‑approval gives a clear idea of your budget and strengthens offers to sellers. Lenders consider your credit score, debt levels, down payment size, and employment stability: contentReference[oaicite:2]{index=2}.
Buying in Markham: What to Know
Markham’s market includes condo townhomes, semi-detached homes, and family homes. Local neighborhoods like Cornell and Greensborough are popular among first-time buyers and families. contentReference[oaicite:3]{index=3}.
Fixed vs Variable Rates: Your Options
Fixed rates offer stability, while variable rates may fall if the Bank of Canada cuts its policy rate again—experts expect a gradual decline in variable rates in late 2025 :contentReference[oaicite:4]{index=4}.
Why These Guidelines Matter
Markham is one of the GTA’s strongest markets. Following mortgage basics ensures you choose a rate and term appropriate for your goals, whether you’re buying your first home or investing for the future.
Sources:
- Ratehub.ca – Best Mortgage Rates in Markham (July 2025)
- Nesto.ca – Markham Mortgage Rates
- NerdWallet Canada – First-Time Buyers & Rate Trends in Ontario
- Government of Canada – Mortgage Basics & Down Payment Rules
- CMHC – Home Buyer Incentive & Mortgage Insurance Details
- Local Guide—First-Time Buyers in Markham & Unionville
- WOWA.ca – 2025 Variable Rate Forecast
