Buying and selling at the same time: choosing a workable plan
Your next home and your current home are two separate transactions that need to work as one plan. Start with your available cash, borrowing capacity and dates—not the assumption that the sale will solve everything.
Option 1: buy before you sell
This gives you time to find the right home, but you may need to qualify while carrying both properties. The lender will review existing payments and other obligations, plus the source of your new down payment and closing funds. Keeping the first home as a rental adds income, insurance and tax considerations.
- Ask Matt to model carrying both homes and a slower-than-expected sale.
- Do not treat an estimated sale price as money already available.
- Allow a reserve for repairs, moving and overlapping expenses.
Option 2: make your purchase subject to selling
A subject-to-sale condition may reduce the risk of owning two homes, but the seller may not accept it, and the contract may contain time limits or other clauses. Ask your real estate professional and legal adviser to explain exactly what protects you and what could require a quick decision.
Option 3: buy after accepting a firm sale
A firm sale helps you plan, but its proceeds generally become available on completion, not when the buyer removes subjects. If your purchase completes first, you may need approved bridge financing or another verified funding source. A firm contract reduces uncertainty; it does not eliminate the possibility of a delayed or failed completion.
Option 4: complete your sale before buying
You gain clarity about available equity and may avoid overlapping mortgage payments. The trade-off may be temporary accommodation, storage and a second move. Compare the full cost and stress of each route rather than calling one option universally best.
Put the dates and dollars on one page
Completion, possession and adjustment dates can differ in BC. Your conveyancer handles the closing funds; your agent confirms possession arrangements. Give Matt both contracts and amendments before agreeing to changed dates.
- Record estimated net sale proceeds after mortgage payout, penalties and sale expenses.
- List purchase deposit, remaining down payment and closing costs separately.
- Identify any gap between purchase completion and sale completion.
- Keep a backup plan for delays and ask what a date change would cost.
Let’s make this personal
Tell Matt what matters most to you, and what feels unclear. We can help you work through the mortgage side of the decision and coordinate the next steps with your other professionals. Email matt.parker@indimortgage.ca or call 778.897.2554.
General Canadian mortgage guidance with British Columbia context; reviewed October 16, 2026. Your lender’s written requirements, mortgage contract and professional legal or tax advice take priority.