Buy first or Sell first?

What's a unicorn got to do with Real Estate?  Read on to find out! 

This question is one of the biggest ones I get when I sit down with clients, and that is whether it’s better to buy first or sell their current home first. 

Even if new clients aren’t thinking this through; especially in fluctuating markets this is definitely something that should be given careful consideration.  

There’s no one size fits all answer, but there are definitely ways to figure out the best answer for you.  In no particular order, here are some things to consider when mulling this question over….

What’s your risk tolerance?

If you’re comfortable carrying two properties at once (even for a short period), buying first may be an option. However, if carrying two mortgages is not financially feasible or too stressful, selling first ensures you know exactly what to budget for your purchase.   

How do you judge your risk tolerance anyway?  Here are some questions to ask yourself: 

    How is your financial stability?  If you lost your job, would you have enough savings to cover your expenses for a few months, or do you manage paycheck to paycheck.  If you have a healthy emergency fund and a steady income, you might tolerate more financial risk, like carrying two mortgages temporarily.  If unexpected expenses (like staging costs, temporary housing, or bridge financing fees) would put a strain on your finances, selling first might be the safer option.

    What is your emotional Response to Uncertainty – How would you respond to this? Imagine you’ve booked a vacation but don’t yet have a hotel reservation. Are you comfortable finding one last-minute, or does the uncertainty stress you out? If you need things planned in advance, you might struggle with the unpredictability of buying before selling.  

At the time I’m writing this, the world is an uncertain place.  We are feeling it in real estate as many buyers are sitting on the sidelines just waiting to see what’s going to happen.  Imagine you buy a new home first, but your current home sits on the market longer than expected.  Would you stay calm knowing it will sell eventually, or would sleepless nights and stress take over? If uncertainty makes you anxious, selling first could be the smarter choice.

    How do you invest?  Do you prefer putting your money into high-risk stocks or experiment with cyber currency for big potential returns, or do you stick with safer options like fixed rate GICs? If you naturally gravitate toward safer investments, you may prefer selling first to avoid financial strain.  

    Decision-Making Style  - When making a big purchase like a car, do you research for months and test-drive multiple options, or do you go with your gut and buy the first one that feels right? If you take time to make careful decisions, you might be more comfortable selling first to know exactly what you can afford.  

Do you think you’ll be more comfortable if you view 10-15 homes to find the perfect home, or can you make quick decisions under pressure? If you like to explore many options before deciding, buying first might be best so you don’t feel rushed after selling. But if you’re confident making fast decisions, selling first can work because you’ll be able to move quickly when the right home comes up.  You’ll be making some fast decisions in real estate that may make you uncomfortable anyway, so this is important to think through

    Past Experiences with Risk -- Have you ever taken a big risk—like starting your own business or moving to a new city without a job lined up? If you’ve handled uncertainty well in the past, you might feel confident in buying before selling.  

Have you handled big financial risks well in the past, like buying an investment property or flipping a home? If so, you may be comfortable with the short-term risk of owning two homes. But if past financial risks caused stress or losses, a safer approach—selling first—might suit you better.

How particular are you about your next home?

If you have very specific needs—like a certain school district, a unique property style, or a hard-to-find neighborhood—you may want to buy first. Otherwise, you risk selling your current home and not being able to find the right one when you’re ready.

How reverse engineering may help you predict how long it will take you to find a specific home

Smart realtors will take your needs and wants and look back in history to analyze the sales data over the past few years.  Going back 5 years you can apply your criteria to a reverse property search to find out:

    How many homes like that have sold in the past

    What prices did they sell for

    Did they sell in competition because they are rare?

    What did they look like inside

    How often do they come up for sale

This way you can give yourself a ‘reality check’.   It helps to know a few things that just make sense, like:

    In a low turnover neighbourhood or condo where people live a long time it’s less likely to find something sell that’s renovated

    In a demand school district homes will be more expensive than in the catchment districts that border it

    New construction may sell for a higher per sq ft price than resale

    A renovated home will cost more than an unrenovated home

A good example of this is a reverse search I did for a senior looking to rent in a specific condo building.  A reverse search showed that there are very few condos that rent privately (2-3 every 4 years)   Therefore it’s unlikely a condo in their budget would be available when they wanted to move.  That way they could adjust their plans.  

What’s the market like? 

For many people, the sale price of their current home determines what they can afford to buy next. If the market is in flux, it makes sense to sell and buy in the “same market” – that way market conditions will benefit you (whatever they are) on both transactions.    

How do you know what the market is like? 

Because news articles may focus on the negative & real estate can be very specific to neighbourhood it’s best to talk to a realtor that has listings, is active with buyers and sellers and is familiar with your area.  Or has been recommended to you.    

In slow markets, if you’re like most people you don’t want a realtor that will make unrealistic promises just because they are hungry for business.  

If you're house hunting in Toronto, there are a couple of other realtors that write excellent blogs with market information; many of these have articles on a variety of topics going back years.  

Toronto Realty Blog - if you can get through his style of writing (long wind-ups to the meat & a bit of pretention) there good information

The Refined Real Estate Team Blog - Jeff is a colleague at my brokerage and his analytical style of examining the market shows his financial background.  He looks at thing with not only a "what happened" but "what did it feel like" view.  His focus is really on central Toronto. 

The BREL team Blog - another central Toronto blog; but I find the real estate articles are on a wide range of topics and written in a straightforward style.  

Are you unicorn hunting?

If your dream home is a rare find—such as a waterfront property, a century home, or a condo in a specific building—waiting to sell before buying might mean missing out.  In this case, you may choose to buy first;  prepare your home when you start your search, so once you’ve put in an offer so you can list right away.  

If you’re unicorn hunting, a reverse engineering approach may be helpful.  It’s also helpful to keep an open mind and look not only at a 100% unicorn, but see if a 50% horse/50% unicorn may work for you as well.    Or perhaps you can buy a horse and transform it over time to your personal unicorn! 

Buying before selling 

Allows you to take your time finding the perfect home without feeling pressured to settle. You can move in at your own pace and avoid temporary housing. However, this approach carries financial risk—you may need to qualify for two mortgages or rely on bridge financing. If your current home doesn’t sell as quickly as expected, you may be stuck covering two mortgages for longer than anticipated.

Pro Tip: If you're interested in what homes are selling for to do research, my website has a 'sold' feature that's really helpful.  You can set up a property search that will only send you homes that have sold in your area, community or neighbourhood.   It's a great way to stay on top of pricing! 

Just sign up here:

www.SueAnfang.com   You can even download a GPS enabled app to your phone that will bring up sold & available properties when you're out and about.


Selling first 

This eliminates the risk of carrying two mortgages and provides a clear budget for your next home. You’ll know exactly how much equity you have to work with, reducing financial uncertainty. However, it also means you might need temporary housing or feel pressured to buy quickly, which can lead to settling for a home that isn’t quite right.  

If you're interested in what homes are selling for in your area, my website has a 'sold' feature that's really helpful.  You can set up a property search that will only send you homes that have sold in your area, community or neighbourhood.   It's a great way to stay on top of pricing! 

Just sign up here:

www.SueAnfang.com   You can even download a GPS enabled app to your phone that will bring up sold & available properties when you're out and about.


Is Bridge Financing Right for You? 

Bridge financing is a short-term loan that helps cover the gap between buying a new home and selling your existing one. It can be a good option if you have firm closing dates that don’t align or if you need flexibility. However, bridge loans come with interest costs and eligibility requirements, so it’s essential to discuss this option with your mortgage advisor before deciding.

Pro tip: Have a backup plan

Whichever way you go, it’s smart to have a contingency plan. If you buy first, consider bridge financing or a rental option if your home doesn’t sell right away.  If you sell first, consider a long closing, or look into short-term rentals or family accommodations in case you need extra time to find your next home.

Ask an expert

While the answer may be different for everyone,  discussing your situation with a knowledgeable realtor can help you decide the best approach. If you have questions about your own situation, or if you’re helping a family member navigate a move, feel free to call me at 416-562-5002. My website blog and YouTube channel also have lots of helpful articles.

About Sue Anfang


Recent Blog Posts

What Is Wilmot Creek?

Wilmot Creek is a popular 55+ adult lifestyle community in Newcastle, Ontario, part of Clarington on the beautiful shores of Lake Ontario. Known for its resort-style amenities and active retirement living, this gated neighbourhood features over 1,000 homes, many social clubs, activities galore  and a welcoming, close-knit atmosphere.

At the heart of Wilmot Creek is a  9-hole golf course and a large recreation centre, making it one of the most sought-after active adult communities near Toronto. Homes are situated on leased land, with monthly fees covering utilities, amenity access, landscaping, and snow removal—providing a truly maintenance-free lifestyle.  Read more about how that works when you're purchasing below in the "Buying in Wilmot Creek" section

The community is gated for security and privacy, with a calm, golf-cart-friendly environment (yes—residents often cruise around in their golf carts!). Roads inside Wilmot Creek are limited to 30 km/h, adding to its safe and relaxed atmosphere. 

Recreation & Amenities at Wilmot Creek

One of the main reasons people choose to buy a home in Wilmot Creek is the incredible range of amenities and activities designed for an active, social, and wellness-focused retirement lifestyle**:

Highlights include: 

Golf: 9-hole course steps from your front door

Swimming: Two outdoor pools and an indoor pool

Sports courts: Tennis and pickleball

Fitness & activities: Gym, large event hall, woodworking shop, craft rooms

Lifestyle features: Dog run, community gardens, waterfront walking trails

Social clubs: Arts & crafts, gardening, photography, and much more

Events: Bingo, dances, live shows, movies, potlucks, and card nights

At Wilmot Creek, there’s always something happening—whether you want to stay active, meet new friends, or simply relax by the water.

The recreation centre - the heart of Wilmot Creek

 

Location & Surroundings

Wilmot Creek enjoys a prime location in Newcastle, Ontario, just east of Bowmanville and less than an hour from Toronto. With easy access to Highway 401, residents can quickly reach Durham Region, the GTA, or the Kawarthas for weekend getaways.

Many of the homes, along with the golf course and recreation complex, feature stunning Lake Ontario views—a rare feature that makes Wilmot Creek one of the most desirable retirement communities in Ontario.

Many homes have beautiful Lake Ontario views

 

Homes in Wilmot Creek

What Types of Homes Are Available at Wilmot Creek? Homes in Wilmot Creek are bungalows, designed for comfort and convenience of one level living.   Floorplans typically feature open living spaces, single-floor layouts, and low-maintenance designs that suit a relaxed retirement lifestyle. 

Older homes in the community are built without a traditional basement; newer builds have a full foundation and some also have garages.  Over time some homes have been renovated, others are in what is called 'original condition'.  Homes here range in age from 1987 - recently built.  Here are some pictures to give you an idea of the styles:

Bungalow with Garage & Full basement in Wilmot Creek

Bungalow with double garage in Wilmot Creek 

Example of older style of bungalow in Wilmot Creek 

 

 

Buying vs. Leasing Land: How Homeownership Works in Wilmot Creek

Unlike a traditional subdivision, Wilmot Creek homes are located on leased land.  Residents own their homes but lease the lot. Monthly fees cover land lease, amenities, groundskeeping, and services like snow removal—making life virtually maintenance-free.    Homes are bought and sold by homeowners just like any other freehold home.   

Any updates and repairs are made by the homeowner, as it's a freehold home, not a condo where there may be restrictions and rules on renovations. 

Wilmot Creek Homes for Sale: What Buyers Should Know

Homes for sale in Wilmot Creek vary in size and price, but all include access to the community’s exclusive amenities.  Because the neighbourhood is age-restricted (55+), it’s important to understand buyer eligibility and the community approval process before purchasing.

How much do homes cost in Wilmot Creek?

At the time I wrote this article, there are homes for sale from $328,000 - $748,000 prices vary depending on the age of the home, renovations, whether there is a garage or basement.  

Because you're buying a land lease home, you don't pay provincial land transfer tax, which is a great savings.  Also, property tax is bundled into your monthy fees!

I've created a special search for homes in Wilmot Creek;

Here is the link:

Homes for Sale in Wilmot Creek

Location & Surroundings

Where Is Wilmot Creek Located?

Wilmot Creek is located in Newcastle, Clarington, just east of Bowmanville south of Highway 401. Its convenient location offers quick access to the GTA while maintaining a peaceful lakeside setting. 

Residents have easy access to grocery stores, restaurants, medical services, and shopping in Newcastle, Bowmanville, and Oshawa. Day trips to Toronto, the Kawarthas, or Prince Edward County are also simple thanks to Wilmot Creek’s central location.

What residents love about living at Wilmot Creek

Security: Wilmot Creek is a **gated community**, which reduces outside traffic and enhances security. Roads within the neighbourhood have a **30 km/h speed limit**, and golf carts are a common and convenient way to get around.

Community: Ownership at Wilmot Creek is restricted to residents aged 55 and over Like many adult lifestyle communities, buyers must be **approved** to ensure the neighbourhood maintains its active adult focus.  And yes family and grandkids can visit! 

Friendly Community: Residents often describe Wilmot Creek as having a **resort-like feel with a small-town sense of community**. Neighbours know each other, social opportunities are endless, and the lifestyle is both active and relaxed.

Moving to Wilmot Creek

Pros and Cons of Living in Wilmot Creek:

Pros:

  • Resort-style amenities and clubs
  • Gated security and safe, friendly environment
  • Stunning Lake Ontario setting
  • Maintenance-free lifestyle with land lease fees covering services
  • Homes are reasonably priced
  • You own your own home and can make changes to it as you like
  • "lock up and go" if you love to travel or are a snowbird
  • Homes are bungalows, so no stairs, all your living is on one level


Cons:

  • Homes are on leased land, not owned lots
  • Community approval required for buyers
  • Resale rules may differ from traditional freehold homes

How to Buy or Sell a Home in Wilmot Creek

If you’re considering a move to Wilmot Creek, work with a real estate agent familiar with land-lease and 55+ communities.  Understanding the resale policies, monthly fees, and buyer eligibility requirements will help avoid surprises.  A seniors real estate specialist like me can also help you with selling and downsizing your existing home. 



Frequently Asked Questions About Wilmot Creek


Q: Where is Wilmot Creek located?

A: Wilmot Creek is in **Newcastle, Clarington, Ontario**, on the north shore of Lake Ontario, just east of Bowmanville and less than an hour from Toronto.


Q: Is Wilmot Creek only for retirees?

A: No, you don't have to be retired, but owners do have to be 55+. It’s designed for active adults and retirees who want a maintenance-free, resort-style lifestyle.

Q: Do you own the land at Wilmot Creek?

A: No, homes in Wilmot Creek are on leased land. Residents own their houses but pay a monthly land lease fee that covers utilities, grounds maintenance, and access to amenities.

Q: What amenities does Wilmot Creek offer?

A: Amenities include a **9-hole golf course, indoor and outdoor pools, tennis and pickleball courts, a fitness centre, hobby rooms, community gardens, waterfront trails, and over 100 social clubs and activities.**

Q: Do buyers need approval to purchase a home in Wilmot Creek?

A: Yes, buyers must meet the **55+ age requirement** and go through a community approval process before purchasing.

Q: How much are the monthly fees at Wilmot Creek?**

A: Monthly land lease and maintenance fees typically range around $1,300 per month at the time this article is published depending on the home and lot. These fees cover land rental, property tax, snow removal, groundskeeping, and access to amenities.

Q: Are pets allowed in Wilmot Creek?

A: Yes, Wilmot Creek is pet-friendly. The community even has a dog run and plenty of walking trails.

Q: What types of homes are available at Wilmot Creek?

A: Most homes are bungalow-style, single-floor layouts designed for convenience and comfort. Homes vary in size, features, and price, with many offering Lake Ontario views.

Thinking of moving to Wilmot Creek?  Here's how to get started:  Call me at 416-562-5002 or email me at:  [email protected]


...

Move-In Ready Townhome for Sale in Pickering Village East

Welcome to this beautifully updated condo townhome in the highly sought-after Pickering Village East community.  Bright, modern, and absolutely move-in ready, this home really is everything a first time homebuyer dreams of!  Or if you're looking for great value in a turnkey property - this has all the right features.

The main floor boasts stylish updated flooring throughout the open-concept living and dining area as well as the kitchen, creating a warm and cohesive feel. With granite counters, an under-mount sink, newer stainless steel appliances, a wine fridge, and plenty of cupboards for storage the kitchen is more spacious than in many detached homes!  Upstairs, you’ll find three bedrooms with large closets, and a beautifully updated 5 piece washroom.  The finished basement includes a walk-out to a private, fenced yard and patio — an ideal spot for relaxing or entertaining.

Unlike many nearby townhomes, this property offers the comfort of forced air gas heating and central air conditioning. Lawn care is included through the property management company, making this home a true low-maintenance lifestyle choice; and it's pet friendly!

Affordable Homeownership in Pickering

Pickering offers exceptional value compared to many neighbouring areas in the GTA. Homes here often provide more space for your budget while still being close to major highways, transit, and amenities. This makes Pickering an attractive option for buyers who want affordability without sacrificing convenience.   

What makes 168-1915 Denmar different than other condo towns in Pickering?

If you start searching for townhouses for sale in Pickering you'll find a lot of choices, at many price points.  But on closer look you'll start to compare value - and you'll notice that not all townhomes are alike.  Many townhouses have electric heat, which is expensive nowdays and with no ductwork in place, you can't add central air conditioning.  Many townhouse complexes have underground parking (you usually get one spot) while this home has a garage and parking on the driveway for 2 more cars.   Many of the newer townhouses are built far from shopping, transit or the highway.  And the newer townhouses are built without yards or green space - and of course, because they're new, the price per sq. ft. can be expensive!   And maintenance fees per month can vary greatly - to over $700-$800 per month.  This well managed complex has very reasonable monthly fees. 

Quality Finishes & stylish details

One of the biggest advantages of this townhome is that it is fully move-in ready. With modern flooring, updated kitchen features, and thoughtful storage solutions throughout, you won’t need to worry about renovations or updates. It’s a turnkey option that lets you start enjoying your new home from day one.


Perfect for First-Time Homebuyers

As a home for first-time buyers in Pickering, this townhome checks all the boxes: value, comfort, and peace of mind. The manageable size, low-maintenance yard care, and modern updates make it an ideal entry point into homeownership. You’ll enjoy the confidence of moving into a property that has already been carefully maintained and upgraded.


If you're downsizing

I work with many active people who perhaps just retired but are looking for a change.   If you are tired of managing your large home and all the expenses that can add up, then this may be a great home for you (if you're active and don't mind stairs, of course!).  Stylishly updated, has a yard and garage, close to shopping and transit.  The perfect home if you spend your time at the cottage or travel south in the winter.  Many traditional condos don't allow dogs - so this is a great pet inclusive property!  Reasonable monthly maintenance includes things like water, exterior lawn care & replacement of windows, doors and roofs. 

Features of the Village East Neighbourhood

Village East is one of Pickering’s most desirable neighbourhoods thanks to its family-friendly vibe, convenient amenities, and welcoming community feel. The area is close to schools, parks, sports fields, and plenty of shopping, making daily errands simple and stress-free. Quick access to the 401 and Pickering GO Station makes commuting a breeze, whether you work downtown or elsewhere in the GTA.  And of course you'll be close to the Pickering Town Centre, where many local events like Rib Fest are held each year.

Affordable cost of ownership

Purchasing in Pickering real estate means you only pay Provincial Land transfer tax on your purchase - if you were to buy in Toronto this would be doubled. While property taxes are higher, buying a condo townhouse means you get the space of a freehold home but pay much lower property taxes. Reasonable monthly maintenance includes things like water, exterior lawn care & replacement of windows, doors and roofs.  

Benefits of Living in Pickering

Pickering combines the best of suburban comfort with urban convenience. Residents enjoy:

* Easy access to Lake Ontario and waterfront trails.

* A wide variety of shopping, dining, and entertainment options, including Pickering Casino Resort with live concerts

* Strong community amenities like recreation centres, libraries, and sports facilities.

* A growing city that continues to attract new businesses and investment, supporting long-term property value.

With its balance of affordability, convenience, and lifestyle, Pickering has become one of the top choices for homebuyers looking just east of Toronto.  Want to learn more about Pickering?  Here's a couple of links:

Pickering City Website

Festivals and Events in Pickering

Entertainment at Pickering Casino Resort

Take the Next Step

Call me to view this beautiful townhome at: 516-562-5002 - you won't be disappointed! 

Link to listing with pictures and room sizes





...

Imagine stepping into a warm, welcoming home that ticks every box—from size to style to comfort. Nestled in a peaceful east Cobourg neighbourhood and just 5 houses from Lake Ontario, this modern bungalow offers spacious living without the hassle of going up and down stairs.

Bright & Thoughtful Layout

With 2+1 bedrooms and 3 full bathrooms**, this single-level gem is perfect for downsizers who want comfort with room to spare. The open-concept living and dining area is filled with natural light, sliding effortlessly into a country sized, eat-in kitchen that walks out to your massive (and brand new) deck.

Everything you need on one floor

The primary suite comes  with a walk-in closet and ensuite bath with standing shower.  A dedicated laundry room has dual laundry sinks.  Direct garage access to your double garage is so convenient!   

Outdoor Oasis

Step outside to a beautifully landscaped backyard with mature perennial plantings, vegetable beds & a great deck for entertaining.   With no houses behind you the yard is private and peaceful.   Full sun means it's great for gardening! 

Meticulously Maintained

This owners have updated all of the important things - roof, windows, furnace and central A/C - so you know you're getting good value!

Finished basement for tons of extra room

The finished basement has a huge rec-room, extra bedroom and full bath.  Not only that, there's plenty of storage in the utility & cold room and a workshop with utility sink as well!

Check out the Floor Plans for 90 East House Cres


Why This is Perfect for Downsizing Seniors

Single‑floor living equals ease and peace of mind

Simplified upkeep without sacrificing space

Modern essentials at your fingertips - features like en-suite baths, main floor laundry, double garage with direct entry; you just don't find these features in older bungalows

Moved-in and ready - neutral tones, and recent improvements—just unpack and settle in.

Great value without sacrificing a yard - this type of home is just not available near the GTA in this price range! 

Check out the fun video to get a sense of the home's layout: 




Embrace the relaxed town of Cobourg

Cobourg, Ontario is affectionately known as *“Ontario’s Feel Good Town”,  with it's mix of lakeside charm, historic character, and a community spirit.  Not only an ideal family town, it's ideal for seniors seeking a vibrant, relaxed lifestyle. With just over 20,500 residents, the town offers friendly scale and an average age near 50—making it comfortable and thoughtful for grown-up living. 

Small‑Town Warmth & convenience, too

Cobourg strikes the perfect balance: it’s small enough to feel friendly and traffic-free, yet large enough to include amenities like a regional hospital with an up‑to‑date emergency department, big-box stores, and a variety of restaurants and services.   Residents enjoy walkable shopping areas, fitness centres, and coffee shops—no long drives or crowded city centres.  And the historic downtown is just gorgeous! 

Waterfront & Outdoor Lifestyle

Coburg beach has a sandy shoreline, boardwalk, and harbour marina—an ideal spot for daily strolls or boat-watching. The waterfront trail connects to **Victoria Park** and downtown, and local biking routes offer scenic loops through Northumberland County. Outdoor activities like fishing, bird-watching, hiking, and boating are right at your doorstep.   

Not to mention 1.4 km of walking trails just steps from 90 East House Cres! 

Heritage & Culture

Cobourg’s historic centre is anchored by **Victoria Hall**, a stunning neoclassical building dating from the mid-1800s and a designated national historic site. Inside, you’ll find a beautifully restored concert hall and courtroom—the perfect backdrop to local events and performances.  The town regularly hosts festivals, markets, concerts, and heritage tours that bring neighbours together throughout the year.

Affordable

Housing and cost of living in Cobourg run about **16% lower than Ontario averages**, making it a fantastic value for retirees on fixed incomes looking for quality without compromise.  Transit is friendly and accessible, and the town maintains accessibility-focused shuttles and ride services for those who prefer not to drive. 

Tight‑Knit & Safe Community

Senior residents often highlight Cobourg’s robust community feel and sense of neighbourliness. Local organizations, wellness programs, and shared events foster connection. Many town services and volunteer groups are geared toward seniors and those easing into quieter routines. While the town's crime rate exceeds provincial averages slightly, locals regularly note its sense of safety and engagement.

.


...
1
2
3
...
38