Moving up, moving down or moving closer to family usually means two deals at once: selling the home you're in and buying the next one. Get the order and the dates right and it's just a busy month. Get them wrong and you can end up with two mortgages, or with nowhere to live.
There's no single right answer, but there is a right way to think it through.
Sell first or buy first?
| Sell first | Buy first | |
|---|---|---|
| The upside | You know exactly what you have to spend | You get the home you want without rushing |
| The risk | You may have to buy in a hurry, or rent in between | You may own two homes, or sell for less to make the dates work |
| Works best when | There's plenty for sale in the area you want next | Your current home should sell quickly at a predictable price |
The local market matters here. In September 2026, the London and St. Thomas area had 5.9 months of inventory and the median home took 34 days to sell, up from 29 a year earlier (LSTAR September 2026 report). With that much choice, finding your next home is less of a race than it was a few years ago, while selling can take a little longer. That tilts the odds toward selling first, or at least listing first, but your street and your price range matter more than the regional average.
Option 1: Sell first, then buy
You sell, firm up the sale, and shop with a known budget.
- Ask for a longer closing. A longer closing on your sale gives you time to find the next place. Not every buyer can wait, but it's worth asking for.
- Have a plan B. If the right home doesn't turn up in time, a short-term rental or staying with family isn't a disaster. It's a cost to budget for, not a reason to buy the wrong house.
Option 2: Buy first, conditional on selling
You can make your offer conditional on the sale of your current home. The Real Estate Council of Ontario's buyer's checklist lists it alongside financing and inspection conditions as a way to protect yourself.
What to expect:
- The seller may add an escape clause. It lets them keep marketing their home. If they get another offer, they give you written notice and a short deadline (set out in your agreement) to either remove your condition or step aside.
- It's easier in a slower market. When sellers have fewer offers, a conditional one tends to get a more serious look. In a busy market it can lose to a firm offer.
- Get your house ready to list before you offer. The condition only works if your home can sell inside the time you've given yourself. Here's my checklist before listing photos.
Buying new from a builder? Tarion's addendum allows conditions that are only for the buyer's benefit, such as the sale of your existing home, if the builder agrees (Tarion freehold form).
Option 3: Buy first, firm, and use bridge financing
If your sale is firm but closes after your purchase, a bridge loan can cover the gap. It's a short-term loan that lets you use the equity in your current home, for example for the down payment on the next one, and it's repaid when your sale closes.
What the big banks say:
- RBC requires a firm sale agreement on your existing home, says bridge loans typically run six months (but can range from 90 days to a year or more), and warns that interest can cost more than conventional financing (RBC).
- TD asks for both the sale agreement and the purchase agreement, requires a mortgage approval on the new home, and typically limits the loan to 90 days (TD).
The catch: bridge financing works once your sale is firm. If you buy firm before your home has sold, you're carrying the risk that it sells later, or for less, than you planned.
Lining up the closing dates
The cleanest setup is a sale that closes on the same day as your purchase, or a few days before. A same-day closing keeps carrying costs down, but it makes for a long day: if your sale money is paying for the new place, it has to arrive first, and the movers are working against the clock.
Some people prefer a small overlap instead, just long enough to paint or clean before moving in. Whatever you choose, write the dates into both agreements before either one is firm.
What carrying two homes costs
If your dates overlap, list these for both homes before you agree to anything:
| Cost | What to check |
|---|---|
| Mortgage payments | Both mortgages, for every month of overlap |
| Bridge loan | Interest rate, set-up fee and how long you need it |
| Property tax | Billed on both homes until your sale closes |
| Utilities | Heat and hydro on both, and any hook-up fees at the new place |
| Home insurance | A policy on each home, including a vacant one |
| Moving and storage | Especially if the dates don't line up |
Don't forget the mortgage you already have
- Porting. FCAC suggests that if you're buying a new home, you ask your lender whether you can port your mortgage, taking your rate and terms with you.
- Breaking it. If you can't port, paying off a closed mortgage early usually costs the higher of three months' interest or the interest rate differential, according to the same FCAC page. Ask your lender for a penalty quote in writing before you list.
- Closing costs on the purchase. You'll still pay land transfer tax on the home you buy, and the first-time buyer refund won't apply if you've owned before.
How I'd plan it
- Find out what your home is worth today, from recent sales nearby. I'll do this for free.
- Talk to your lender about porting, your penalty, bridge financing and a pre-approval for the next home.
- Decide the order based on how quickly homes like yours are selling and how much is for sale where you want to go.
- Write the dates and conditions into your offers so each deal protects the other.
If you're thinking about a move within St. Thomas, London or the towns around them, tell me what you have and what you want next, and we'll map out the order and the dates together. You can also browse what's for sale now.
General information, not financial or legal advice. Lender terms as published in October 2026; yours may differ.