How much does it cost each year to own a detached home in Markham, beyond the mortgage?Beyond the mortgage, a Markham detached home commonly costs $15,000 to $25,000 or more a year to run. Property tax is 0.722889% of the MPAC assessed value in 2026; the average residential bill is about $5,947. A typical Enbridge gas bill is about $1,000 a year, plus electricity, water at $5.3694 per cubic metre and a $56 stormwater fee. Ontario home insurance averages about $2,235 a year. Scotiabank suggests budgeting at least 1% of the home’s value each year for maintenance, more for older homes, which on a $1.5 million home is $15,000.
A detached home brings space, privacy and land. It also brings every repair, from the roof to the driveway, with no condo corporation to share the cost. Knowing the full yearly cost helps buyers choose the right price range and helps owners plan.
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 buyers compare detached homes on their real carrying costs, not just the purchase price.
A sample yearly budget
| Cost | Typical range or example |
|---|---|
| Property tax | 0.722889% of assessed value; average residential bill about $5,947 |
| Natural gas | About $1,000 a year for a typical household; more for large or older homes |
| Electricity | Varies with size, air conditioning and electric vehicles |
| Water and wastewater | $5.3694 per m³, plus a $56 stormwater fee |
| Home insurance | Ontario average about $2,235 a year in 2026 |
| Maintenance reserve | At least 1% of value a year; 3% to 5% for older homes |
For comparison, the City of Markham’s flat water rate assumes 2 m³ a day, about twice average residential use. Your costs will differ.
Property tax in 2026
Markham’s 2026 residential rate is 0.722889% of MPAC assessed value, made up of the City (0.177477%), York Region (0.392412%) and education (0.153%). The average residential assessment is $822,671 and the average bill is $5,947. Detached homes usually have higher assessments than the average, so their bills are higher. Assessments are still based on 2016 values, so check the actual tax bill for any home you are considering.
Utilities
- Gas: after Enbridge’s October 1, 2026 rate change, the Ontario Energy Board estimates a typical bill of about $999.95 a year based on 2,400 m³.
- Electricity: from November 1, 2026, Time of Use prices are 9.1, 14.6 and 18.9 cents per kWh, and the Ontario Electricity Rebate drops to 15.7%.
- Water: billed by Alectra with hydro, at $5.3694 per cubic metre for water and wastewater.
Ask sellers for the past 12 months of bills, which tell you more than any average.
Comparing detached homes in Markham?
Michael John Lau can help you compare homes on taxes, utilities and the age of major systems.
Book a buyer consultationSearch Markham homesPrefer to talk? Call the Kaizen Real Estate Team at (647) 370-8885.
The big-ticket repairs
| Item | Typical life | Approximate cost |
|---|---|---|
| Asphalt roof, architectural shingles | 22 to 30 years | $5.50 to $8.50 per sq ft installed |
| Gas furnace | Varies with model and care | About $4,100 to $9,500, average $6,800 before tax |
| Air-source heat pump | 15 to 20 years | Rebates of up to $7,500 may apply |
| Windows, driveway, deck, fence | Varies | Get quotes for your home |
Roof costs from BuildersOntario (October 2026); furnace costs from Home Depot Canada; heat pump life from Natural Resources Canada.
Insurance and older-home issues
Insurance can cost more, or be harder to get, for homes with aluminum or knob-and-tube wiring, Kitec plumbing, oil tanks or wood stoves. Basement flooding protection, such as a backwater valve, can help, and the City of Markham offers rebates in eligible areas. See the Markham home inspection checklist.
Detached vs. townhouse vs. condo
A detached home usually costs more to run than a townhome or condo, because there are more exterior walls, a larger roof and a full yard to maintain. A condo replaces many of these costs with a monthly fee that covers shared maintenance and a reserve fund. A freehold townhouse sits in between. When comparing, add up the full monthly cost of each option, including property tax, utilities, insurance, fees and a maintenance reserve, rather than comparing mortgage payments alone.
Many Markham buyers find that a slightly smaller or newer detached home with lower running costs fits their budget better than a larger, older one at the same price.
How to budget well
- Ask for the actual tax bill and 12 months of utility bills.
- Note the ages of the roof, furnace, air conditioner and water heater.
- Set aside a monthly maintenance amount from day one.
- Plan larger replacements five years ahead.
- Compare with townhome or condo costs. See the real cost of living in Markham.
Ultimately, the decision is yours. The goal is to make sure you have all the information before you buy.
The right detached home is one you can afford to live in, not just to buy. Call the Kaizen Real Estate Team at (647) 370-8885 or book a consultation.
Frequently asked questions
How much is property tax on a detached home in Markham?
It is 0.722889% of the MPAC assessed value in 2026. The average residential bill is about $5,947, and detached homes are often higher.
How much should I budget for maintenance?
Scotiabank suggests at least 1% of the home's value a year, and more for older homes.
What is the average home insurance cost in Ontario?
About $2,235 a year in 2026, according to Rates.ca.
How much is water in Markham?
$5.3694 per cubic metre for water and wastewater from April 1, 2026, plus a $56 residential stormwater fee.
How much does a new roof cost in Ontario?
Architectural asphalt shingles cost about $5.50 to $8.50 per square foot installed, according to BuildersOntario.
What is a typical gas bill in Markham?
The Ontario Energy Board estimates about $999.95 a year for a typical household after the October 1, 2026 rate change.
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. Tax and water rates are from the City of Markham (2026). Gas bill estimates are from the Ontario Energy Board (October 2026) and electricity prices from its October 16, 2026 release. Insurance averages are from Rates.ca (July 23, 2026). Maintenance guidance is from Scotiabank (September 20, 2021). Repair costs are from BuildersOntario and Home Depot Canada, and lifespans from Natural Resources Canada. 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.
