For many Edmonton homeowners, the decision to move begins with an exciting thought: We’re ready for something different.
Maybe your family needs more space. Maybe the kids have moved out and you’re ready to downsize. Or perhaps you’ve found a neighbourhood that better fits your lifestyle.
Then comes the more complicated question:
Should you buy your next home first – or sell your current home first?
It’s one of the most common questions I hear from move-up buyers and downsizers, and there is no single right answer. The best strategy depends on your finances, your risk tolerance, the type of home you’re selling, and how competitive the market is for the property you want to buy.
Here’s what Edmonton homeowners should consider before making the decision.
Selling First: The More Financially Predictable Option
For many homeowners, selling first offers the greatest clarity.
Once your current home is sold, you know:
- How much equity you have available
- What your net proceeds are likely to be
- How much you can comfortably put toward your next home
- What possession date you need to work with
This can make the buying process feel much more manageable. It also reduces the risk of owning two homes at once or carrying two mortgages longer than expected.
Selling first can be particularly appealing for homeowners who need the proceeds from their current property to fund the down payment on the next one.
The Main Challenge: Finding the Right Home in Time
The biggest concern with selling first is timing.
Once your sale becomes firm, you may have a limited window to find and purchase your next property. In a competitive segment of the Edmonton market, that can create pressure to make a quick decision.
There is also a possibility that you may need temporary housing if the possession dates do not line up. That could mean staying with family, arranging a short-term rental, or placing belongings in storage.
For some people, that inconvenience is worth the added financial certainty. For others, it feels too disruptive.
Buying First: More Control Over Your Next Move
Buying first gives you the freedom to wait for a home that truly fits your needs.
This may be especially important if you are looking for something specific, such as:
- A bungalow in a particular neighbourhood
- A home with accessibility features
- A property near family or schools
- A larger home with a specific layout
- A condominium in a building with limited availability
Buying first can also make the physical move easier. You may be able to take possession of the new home, complete minor updates, and move gradually before preparing your existing property for sale.
That flexibility can be very valuable, particularly for downsizers who need time to sort through years of belongings or families managing a busy household.
The Main Risk: Carrying Two Properties
The obvious downside is financial.
If your current home does not sell as quickly as expected, you may temporarily be responsible for:
- Two mortgage payments
- Two sets of utilities
- Property taxes on both homes
- Insurance and maintenance costs
- Bridge financing or other borrowing expenses
Before buying first, it is important to understand how long you could comfortably carry both properties.
A strong market can reduce that risk, but it never eliminates it entirely.
What About Making an Offer Conditional on Selling Your Home?
Another option is to make an offer on your next property that is conditional on the sale of your existing home.
This can protect you from being committed to two properties at once. However, the condition may make your offer less appealing to the seller. Especially if they have other buyers who can proceed without that uncertainty.
In a competitive market, sellers may reject a sale-of-buyer’s-home condition or include an escape clause that allows them to continue marketing the property.
This strategy can still work, but it is usually more realistic when:
- The target property has been on the market for some time
- The seller is flexible
- Your own home is already prepared and ready to list
- Your property is expected to sell within a reasonable timeframe
Questions to Ask Before Deciding
When clients ask me whether they should buy or sell first in Edmonton, I usually begin with a few practical questions.
How quickly is your current home likely to sell?
A well-priced detached home in a desirable area may have a very different selling timeline than a highly customized property or a condo facing significant competition.
How difficult will your next home be to find?
If your needs are broad, selling first may be less risky. If you are waiting for a rare property type or location, buying first may offer more control.
Can you financially carry two homes?
Speak with your lender or mortgage broker before making an offer. Understanding your financing options, including bridge financing, can help you determine how much flexibility you truly have.
How comfortable are you with uncertainty?
Some homeowners are more stressed by the possibility of owning two homes. Others are more uncomfortable with selling before knowing where they will live next.
Your personal tolerance for risk matters.
How flexible are your possession dates?
A longer possession period, rent-back arrangement, or carefully negotiated closing date may help bridge the gap between transactions.
Coordinating the Sale and Purchase
When you are selling and buying a house in Edmonton at the same time, strategy and communication are essential.
Your REALTOR® should help you:
- Evaluate the likely selling timeline for your current property
- Understand market conditions in both price ranges
- Coordinate pricing and listing preparation
- Structure offer conditions carefully
- Negotiate possession dates
- Work alongside your lender and lawyer
- Prepare contingency plans before they are needed
The goal is not always to make both transactions happen on the same day. The goal is to create a plan that protects your finances while making the move as smooth as possible.
Top Advice from Wally
So, is buying or selling first the better strategy?
For homeowners who want financial certainty and lower risk, selling first is often the safer route. For those searching for a rare or highly specific property (and who can comfortably carry two homes) buying first may make more sense.
The right answer depends on your home, your finances, your timeline, and the market conditions affecting both sides of the move.
Planning a Move in Edmonton?
If you’re trying to decide whether to buy or sell first in Edmonton, I’d be happy to help you work through the options.
Together, we can assess the likely value and selling timeline of your current home, review what is available in your target market, and build a strategy that reflects your goals and comfort level.
Buying and selling at the same time can feel complicated, but with the right plan and experienced guidance, it can be managed with confidence.
Contact Wally at 780-238-7384 to start planning your next move.