How much do you need to buy a Markham condo, townhouse or semi with a small down payment?At Markham’s September 2026 average prices, the minimum down payment was about $32,500 for a condo apartment, $58,000 for a condo townhouse, $73,000 for a freehold townhouse and $77,000 for a semi-detached home. With less than 10% down, CMHC insurance costs 4.00% of the mortgage, added to the loan, plus 8% Ontario PST on the premium, paid in cash at closing. Putting 20% down avoids insurance and lowers the monthly payment, but means saving roughly $115,000 to $204,000 for these same homes.
For many Markham buyers, the question is not whether they can afford the monthly payment, but how long it will take to save the down payment. An insured mortgage can shorten that wait.
Michael John Lau, a REALTOR® with the Kaizen Real Estate Team, one of the most active real estate teams in Markham and York Region, helps first-time and move-up buyers compare a smaller and larger down payment using real Markham prices.
By home type, at September 2026 averages
| Home type, average price | Minimum down | CMHC premium | PST due at closing | Payment, 4.34%, 25 years |
|---|---|---|---|---|
| Condo apartment, $574,612 | $32,461 | $21,686 | $1,735 | About $3,071 |
| Condo townhouse, $829,470 | $57,947 | $30,861 | $2,469 | About $4,370 |
| Freehold townhouse, $977,959 | $72,796 | $36,207 | $2,897 | About $5,127 |
| Semi-detached, $1,019,322 | $76,932 | $37,696 | $3,016 | About $5,338 |
Payments are estimates for comparison; add property tax, utilities and any condo fees.
With 20% down instead
| Home type | 20% down | Payment, 4.34%, 25 years | Monthly difference |
|---|---|---|---|
| Condo apartment | $114,922 | About $2,504 | About $567 less |
| Condo townhouse | $165,894 | About $3,614 | About $756 less |
| Freehold townhouse | $195,592 | About $4,261 | About $866 less |
| Semi-detached | $203,864 | About $4,441 | About $897 less |
Want to see your own numbers?
Michael John Lau can compare down payment options on homes you are considering.
Book a buyer consultationSearch Markham homesPrefer to talk? Call the Kaizen Real Estate Team at (647) 370-8885.
The rules in brief
- Minimum down: 5% of the first $500,000 and 10% of the rest, on homes under $1.5 million.
- CMHC premiums: 4.00% under 10% down, 3.10% from 10%, 2.80% from 15%.
- Ontario PST of 8% on the premium is paid in cash at closing.
- First-time buyers and new-build buyers can choose a 30-year amortization for an extra 0.20% premium.
Tools that help you save
- First Home Savings Account: up to $8,000 a year and $40,000 in total, tax-deductible going in and tax-free coming out for a first home.
- RRSP Home Buyers’ Plan: first-time buyers can withdraw up to $60,000, repaid over time.
- Family gifts: lenders need a signed gift letter and a clear paper trail.
Which path fits you
- Buy sooner with less down if rent is high, your income is stable and the monthly payment fits comfortably.
- Save longer for 20% if you prefer a lower payment and can rent affordably while saving.
- Middle path: 10% to 15% down lowers the premium rate while still shortening the wait.
See Markham’s best pocket neighbourhoods for first-time buyers. Ultimately, the decision is yours. The goal is to make sure you have all the information before you decide how much to put down.
The right down payment balances today’s savings with tomorrow’s payment. Call the Kaizen Real Estate Team at (647) 370-8885 or book a consultation.
Frequently asked questions
What is the minimum down payment on a Markham condo?
About $32,500 at September 2026's average condo apartment price of $574,612.
What is the minimum down payment on a Markham townhouse?
About $58,000 for an average condo townhouse and $73,000 for an average freehold townhouse in September 2026.
How much is CMHC insurance with 5% down?
4.00% of the mortgage, added to the loan, plus 8% Ontario PST on the premium paid at closing.
How much does 20% down save each month?
Roughly $570 to $900 a month on the average Markham condo, townhouse and semi in September 2026, at 4.34%.
Can I use the FHSA and Home Buyers' Plan together?
Yes. Eligible first-time buyers can use both for the same purchase.
Can I get insurance on a home over $1.5 million?
No. Homes at $1.5 million or more need at least 20% down.
Michael John Lau and Neeraj Moolchandani are licensed REALTORS® with the Kaizen Real Estate Team, eXp Realty, Brokerage, 9763 Markham Rd, Markham, ON L6E 1A4. Licence #4784577. Call (647) 370-8885. Average prices are from TRREB Market Watch (September 2026), as compiled by BCG Team. CMHC premiums, PST and the 30-year rule are as summarized by Canadian Money Help (May 19, 2026). The 4.34% rate is as reported by Ratehub (October 28, 2026). FHSA and HBP limits are from the Canada Revenue Agency. Payments are estimates. This article is general information only and is not financial, legal or tax advice. Not intended to solicit buyers or sellers currently under contract with another brokerage.
