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Markham mortgage renewals and lender switches.

Markham's heritage guidance identifies Thornhill, Unionville and Markham Village as designated heritage conservation districts. Owners there, or at individually designated addresses, should confirm the heritage review needed for proposed changes before borrowing for renovation. A simple renewal comparison and a renovation refinance have different costs and conditions.

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What matters in Markham

  • If your address is in Thornhill, Unionville or Markham Village, check the actual district boundaries and property designation with Markham. A neighbourhood name alone does not establish the status of a particular property.
  • Markham requires a heritage review and approvals process for changes to designated properties and properties within heritage conservation districts. Include that process in the project schedule before funding exterior or structural work.
  • Separate the cost of switching an unchanged mortgage from the cost of adding renovation funds. New money, valuation, legal work and possible discharge penalties can change the comparison even if the advertised rate looks attractive.
01RenewalsYour term ends in the next 4 to 6 monthsLearn more 02B to A lenderYou have been with a B lender for one term or moreLearn more 03HELOC & debt consolidationYou carry balances on cards, lines of credit or car loansLearn more

An illustrative estimate for Markham homeowners

Illustrative comparison

What could your payment look like?

Today
Proposed

Today

$7,004/mo

Proposed

$5,816/mo

Estimated monthly payment relief

$1,188

$14,257 per year lower

Interest over 36-month term
$202,148 vs $143,852
Principal repaid in term
$50,002 vs $65,526
Interest saved, after costs
$53,296
Costs recovered in
5 months
  • Payment relief and interest savings are different. Both are illustrative estimates only.
Talk it through with a broker

Optional. You don't need to share contact details to use this calculator. Results are estimates using Canadian semi-annual compounding, are not rate offers, and approval is not guaranteed.

Markham questions

Local property resources

These municipal resources explain property requirements, not mortgage eligibility. Confirm current rules for your address with the municipality; lender approval is a separate review.

Independent guidance

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