Should you buy or sell first in today’s real estate market? May 1st

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.

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Should you buy or sell first in today’s real estate market?

– moneysense.ca

We’re in the market for a new home, but we aren’t sure whether we should sell our home first or buy first. We’ve had people suggest both, and we’re wondering what might be best in the current real estate market.

Should you buy or sell first in real estate?

Whether you should buy your next home first or sell your current home first is a perennial question in real estate.

If you buy a new place first, you might be unable to sell your current house before the closing date. Then you’ll have multiple mortgage payments to contend with. Bridge financing—a temporary loan option designed for situations like these—can sometimes help, but not everyone qualifies for it.

If you instead decide to sell your current place first, you might struggle to find and close on your next home before you have to move out. Either way, you could end up being rushed into making an enormous life decision—one with significant financial implications.

So, what should you do? The right answer is specific to each individual, their financial situation and their risk tolerance…

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