Markham's $1.25M average home and booming tech sector mean serious closing costs. Find the right bank for tech workers, newcomers, and Markham's vibrant Chinese-Canadian community.
Claim $100 Bonus — KOHO #1 Pick →For high-rate savings: EQ Bank at 3.75% is the top pick for growing your down payment. On a $250,000 down payment fund, that's $9,375/year — meaningful when you're saving toward Markham's $1.25M median.
For a $100 welcome bonus + 3.0% savings: KOHO is our top overall pick. Use code 45ET55JSYA for an instant $100 bonus deposited to your account. Fully digital, CDIC-insured, and available in minutes.
Land transfer tax reality check: On Markham's average price of $1,250,000, you'll owe approximately $20,475 in Ontario LTT. First-time buyers get a $4,000 rebate, leaving a net of ~$16,475. Markham is in York Region — there is no Toronto Municipal Land Transfer Tax here.
For newcomers and international banking: TD and RBC both offer robust newcomer programs with multilingual support — critical in a city where over 50% of residents speak a language other than English at home.
Ranked for York Region residents buying at or near Markham's $1.25M average home price.
KOHO is our top pick for Markham residents saving toward a $1.25M home purchase. The combination of a $100 instant bonus (code 45ET55JSYA), a 3.0% savings rate, and zero monthly fees makes it the most accessible high-value account available today. For Markham tech workers at IBM, AMD, or Huawei Canada, KOHO's instant setup and digital-first experience fits perfectly into a busy work schedule — no branch visit required.
TD is the most visible big bank in Markham with multiple branches across the city, including locations in Markham Town Centre, Pacific Mall area, and along Highway 7. TD's multilingual services — including Cantonese and Mandarin-speaking advisors in many Markham branches — make it a natural fit for the city's large Chinese-Canadian community. TD's mortgage specialists are well-versed in Markham's $1M+ market and its unique new build and pre-construction landscape.
RBC's strong presence in Markham and across York Region makes it a top choice for tech professionals and newcomers alike. RBC's Newcomer to Canada program offers simplified account opening with international credit history recognition — valuable for the many Markham residents who arrive with strong financial track records from Asia. RBC's mortgage platform supports pre-construction purchases, which are common in Markham's rapidly developing communities like Cornell and Cathedraltown.
EQ Bank offers the highest savings rate in Canada at 3.75%, making it ideal for Markham buyers who want to maximize returns on their down payment while it accumulates. On a $350K down payment reserve (28% of Markham's $1.25M average), 3.75% generates $13,125/year — nearly matching the full LTT cost before the FTB rebate. EQ Bank is fully digital, CDIC-insured, and perfectly suited to Markham's tech-savvy, efficiency-driven residents.
Meridian is Ontario's largest credit union and provides unlimited deposit protection through DICO (Deposit Insurance Corporation of Ontario). This is a critical differentiator for Markham buyers accumulating $400K–$600K down payments — well above CDIC's $100K-per-category cap. Meridian has branches in Markham and the wider York Region, with mortgage specialists who understand the local luxury and high-value market.
What Markham's unique economy and community mean for your financial decisions.
Markham is one of Canada's most remarkable cities — a municipality of approximately 340,000 people that has quietly become the country's technology capital outside of downtown Toronto. IBM Canada's headquarters has called Markham home for decades, and the city now hosts AMD Canada, Huawei Canada's national headquarters, Motorola Solutions, and dozens of other major technology employers clustered along the Highway 7 corridor and in the Markham Centre area. This tech economy drives some of the highest household incomes in the GTA, which is reflected directly in property values — Markham's average home price sits near $1,250,000, making closing cost management a genuine priority for buyers at every stage.
Markham's cultural fabric is defined by one of Canada's most established and affluent Chinese-Canadian communities. The area around Pacific Mall, First Markham Place, and the broader Kennedy Road and Steeles Avenue East corridors hosts a dense concentration of Chinese-Canadian businesses, restaurants, and services. This has a direct impact on banking preferences: TD and RBC both maintain Mandarin and Cantonese-speaking staff in their Markham branches, and both banks have actively invested in community outreach tailored to Markham's demographics. For newcomers from mainland China, Hong Kong, or Taiwan arriving with employment in Markham's tech sector, these multilingual services reduce friction significantly when establishing credit and accessing mortgages.
On the commuting front, Markham residents accessing Toronto via Highway 407, Highway 404, or the Unionville GO station on the Stouffville Line face a typical travel time of 40–60 minutes to downtown Toronto. The proximity makes Markham a genuine alternative to Toronto proper for families priced out of the 416 who still need downtown access. For anyone saving toward a Markham purchase, the math is compelling: a high-yield savings account at EQ Bank (3.75%) or KOHO (3.0%) on a $250,000 down payment generates $9,375 or $7,500 per year respectively — meaningfully offsetting the approximately $20,475 in Ontario Land Transfer Tax on a median-priced Markham home.
Markham is in York Region — only Ontario LTT applies. No Toronto Municipal Land Transfer Tax. At $1,250,000, expect approximately $20,475 in gross LTT.
Estimate only. Consult a real estate lawyer for exact closing cost figures. Markham (York Region) does not have a municipal land transfer tax — only Ontario LTT applies.
Key features compared across the top 5 picks for Markham residents.
| Institution | Savings Rate | Welcome Bonus | Deposit Coverage | Best For |
|---|---|---|---|---|
| KOHO | 3.0% | $100 (code 45ET55JSYA) | CDIC — $100K/category | Best overall value |
| TD Bank | Variable | Periodic offers | CDIC — $100K/category | Multilingual, full-service |
| RBC Royal Bank | Variable | Periodic offers | CDIC — $100K/category | Newcomers, pre-construction |
| EQ Bank | 3.75% | None | CDIC — $100K/category | Highest savings rate |
| Meridian CU | Competitive | None | DICO ON — Unlimited | Large down payment protection |
Rates as of March 2026. Savings rates subject to change. CDIC categories include: deposits in one name, joint deposits, RRSPs, TFSAs, RRIFs, and more — each covered separately up to $100K.
Common questions from Markham, ON residents navigating high-value home purchases.
Open a KOHO account today and earn $100 instantly plus 3.0% on your savings. Every dollar counts when you're facing closing costs on a $1.25M Markham home.
KOHO is a federally regulated institution. Deposits insured through CDIC up to $100,000 per category. Interest rates subject to change.