Ontario provincial LTT only — York Region has no municipal land transfer tax
Markham is York Region's most populous city and Canada's high-tech capital, home to the global headquarters of dozens of multinational technology companies. Markham buyers pay only Ontario's provincial land transfer tax — no York Region or Markham municipal LTT exists. On a $1,100,000 Markham home, Ontario LTT totals approximately $16,475. Compare this to a City of Toronto buyer at the same price paying approximately $30,000+ in combined provincial and municipal LTT — Markham saves you $14,000+ at closing.
Markham's housing market reflects its dual identity as a tech employment hub and an established multicultural suburb. Unionville, Markham's heritage village area, commands the highest prices: detached homes in Old Unionville regularly trade between $1.5M and $3M. Cornell, Berczy Village, and Greensborough offer newer master-planned communities with family-oriented housing in the $900,000–$1.3M range. Thornhill (York Region portion) and Milliken Mills neighbourhoods offer older, established housing at slightly lower price points.
The tech sector — including IBM Canada, AMD, Huawei Canada, Motorola Solutions, and dozens of others based in the Markham Convergence Centre and Enterprise Blvd corridor — creates strong demand for housing in proximity to employment. Tech professionals employed locally frequently choose Markham over Toronto for shorter commutes and more house per dollar.
Markham's public school system consistently produces some of Ontario's highest EQAO scores. Pierre Elliott Trudeau High School, Milliken Mills HS, and Markville Secondary consistently rank among York Region's best. The strong academic culture — reinforced by the Chinese and South Asian communities' emphasis on education — creates fierce competition for homes within specific school catchments. Premium pricing of $50,000–$150,000 above comparable homes outside catchment boundaries is common in Markham's most sought-after school zones.
Markham is served by multiple GO Train stations on the Stouffville corridor (Centennial, Unionville, Markham stations), with peak service under 50 minutes to Union Station. York Region Transit and TTC bus routes connect to the Sheppard and Eglinton subway stations. Highways 407, 404, and 401 serve Markham's road network, with the Highway 407/404 interchange providing access to virtually every GTA employment node. Downtown Toronto is 35–55 minutes by car depending on time of day.
Markham has deliberately cultivated its tech identity since the 1980s, when IBM Canada established its Markham campus. Today, the Markham Convergence Centre alone houses over 900 technology and innovation businesses. This employment base creates a self-contained ecosystem where many residents work within 10–15 minutes of their home, reducing commuting entirely. For buyers who work in Markham's tech sector, the combination of local employment, strong schools, and provincial-only LTT makes Markham one of the GTA's most financially rational places to buy a home.
| Purchase Price Range | Rate | Marginal Tax on Bracket |
|---|---|---|
| $0 – $55,000 | 0.5% | Up to $275 |
| $55,001 – $250,000 | 1.0% | Up to $1,950 |
| $250,001 – $400,000 | 1.5% | Up to $2,250 |
| $400,001 – $2,000,000 | 2.0% | Up to $32,000 |
| Over $2,000,000 | 2.5% | — |
| Price | Ontario LTT (Gross) | FTB Rebate | Net LTT |
|---|---|---|---|
| $660,000 | $9,675 | $4,000 | $5,675 |
| $1,100,000 | $18,475 | $4,000 | $14,475 |
| $1,320,000 | $22,875 | $4,000 | $18,875 |
| $1,540,000 | $27,275 | $4,000 | $23,275 |
Ontario's First-Time Home Buyers' Rebate provides up to $4,000 off your land transfer tax — applied automatically at closing by your lawyer through the provincial Teraview system. To qualify, you must never have owned residential property anywhere in the world. This rebate fully offsets LTT on homes priced up to approximately $368,000 and provides a $4,000 reduction on all higher-priced properties. Most Markham buyers who qualify will reduce their net LTT from $18,475 to $14,475 on a typical home.
Land transfer tax is paid on your closing date. Your real estate lawyer remits it directly to the Ontario government through the land registry system. The funds must be available in the trust account before keys are transferred — LTT cannot be added to your mortgage or HELOC. Budget for it alongside your down payment balance, legal fees, and other closing costs when planning your purchase timeline.
Beyond land transfer tax, typical closing costs include: legal fees ($1,500–$2,500), title insurance ($300–$600), home inspection ($450–$700), and property tax/utility adjustments. If your down payment is under 20%, CMHC mortgage default insurance adds 2.8%–4% of your mortgage amount — this is rolled into your mortgage, not paid in cash at closing. A rough rule: budget 1.5%–3% of the purchase price for all closing costs combined.
Ontario LTT is unavoidable — but banking fees aren't. Switch to KOHO's free account and stop paying $15-20/month in bank fees. Every dollar helps in today's market.
Get KOHO Free — Code 45ET55JSYA