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

Affordable by nature - here's what I think is the best First-Time Buyer Condo and Investment Property in East Toronto!

Scarborough's real estate market offers some of the most more attainable entry points into the Greater Toronto Area (GTA) real estate market than the downtown core. At the heart of this growth, the Me2 Condos present a prime opportunity for both first-time home buyers and savvy real estate investors.  This is your chance to own a newer built, modern unit in the amenity rich Me2 condos!  This area is one of the GTA's most rapidly evolving neighbourhoods.

What this suite offers:  Modern Finishes & Unbeatable Convenience

This bright 1 bedroom + den is move in ready & available for sale.  The 7th floor space featuring modern, finishes throughout.  It's carpet free, with upgraded LVP (Luxury Vinyl Plank) flooring in the living, dining & kitchen areas for durability and style.

The kitchen is equipped with quartz countertops and stainless steel appliances in light neutral finishes. The living room features an upgraded bulkhead with pot lights over the couch, and walks out to a private balcony with desirable unobstructed western views. Great for sunsets - and you can even see the CN tower in the distance!

The layout thoughtfully incorporates a versatile Den (+1) located next to the kitchen, which is ideal for a dedicated home office or study space . The large bathroom features a higher-than-standard vanity and convenient en-suite laundry. Upgraded roller blinds are also included.

The fees are highly reasonable: Maintenance fees include parking, locker, water & heat and are a low $396.97 per month. This suite offers exceptional value and convenience, as the sale RARELY includes both a Parking space and a Locker at this price point!

Here's the floor plan so you can get a sense of the layout: 




Me2 Condos: Resort Amenities & Low Fees

Choosing Me2 Condos offers several distinct advantages over other GTA condo options:

The luxury of an abundance of amenities: Experience the ultimate in condo living. The building features a Miami-inspired rooftop terrace complete with a pool, BBQ stations, and multiple relaxation areas. Residents also gain access to the exclusive ME 2 Club, offering a sports lounge, billiards, games room, yoga and fitness studio, party/dining rooms, guest suites, and even a private theatre. In the winter, the on-site pond transforms into a unique skating rink.  

In this family friendly area, there's even a gorgeous park & playground: 



Affordable and Inclusive Maintenance Fees: 

This low maintenance fee condo structure provides predictability and value, making monthly budgeting much easier.  Most new condos have ALL the utility fees downloaded to the owners, but 20 Meadowglen 728 includes water, heat, central air, all the great amenities and parking.  

Low taxes of $1,600 a year are great value, too! 

Prime Location within the Community: 

Of course, the real estate mantra is: Location! Location! Location! Ideally situated near Highway 401, numerous public transit options, and essential amenities like Scarborough Town Centre, the area is perfect for commuters and students. It is also ideally located near U of T Scarborough and Centennial College (great for rental demand as UTSC adds their medical school) 

 Benefits of Living in Scarborough: Affordability & Rental Demand Growth

Scarborough has rapidly evolved into a coveted destination in the GTA, offering a balanced lifestyle, and diverse population (hello foodies)

Unmatched Affordability: Scarborough condos generally offer a significantly lower average cost per sq. ft. for condos compared to many other parts of  Toronto making it a budget-friendly condo option without sacrificing amenities.

Educational Hubs & Investor Appeal:  The area is a hub for post-secondary education, being minutes away from the University of Toronto Scarborough Campus (UTSC) and Centennial College, which drives strong, reliable rental demand and makes this an ideal investment property. 

Students looking for reasonable rental rates, TTC access and great building amenities are coming to this area - and student turnover means landlords are able to adjust to market rate rents frequently. 

Exceptional Connectivity:  With easy access to major highways (401) and comprehensive transit routes commuting throughout the GTA is highly convenient.

Access to Nature: Residents enjoy proximity to stunning natural landmarks like the majestic Scarborough Bluffs, Lake Ontario, nearby Morningside Park & Rouge National Urban Park providing ample opportunities for outdoor recreation.

Q&A for First-Time Buyers and Investors considering a purchase at Me2 Condos: 

Q: Why is the Me2 Condo Unit a great option for First-Time Home Buyers?

A: This unit is a vital stepping stone onto the **property ladder** in the competitive Toronto market. The manageable price point, combined with low  maintenance fees ($396.97 month), makes the monthly carrying costs much more predictable and manageable. The rarity of having both a parking space and a locker included at this price further reduces your upfront costs. 

Additionally, first-time buyers in Toronto may be eligible for significant government financial assistance, such as the Federal First-Time Home Buyer's Tax Credit $1,500) and substantial Land Transfer Tax Rebates

Q: What are the key benefits for a Real Estate Investor?

A:  This specific unit offers a compelling investment profile. The den adds incredible value, providing flexibility to a potential tenant (e.g., a **home office or study space), which is a key differentiator. The proximity to UTSC and Centennial College ensures strong, reliable **rental demand**, helping to keep vacancy rates low. With the condo's high-demand, resort-style amenities, you can command premium rent prices, positioning the investment for excellent rental yield potential and long-term appreciation in this growing Scarborough community.  This is a solid option for passive income real estate.

With lower interest rates, and condo prices having dropped significantly - this unit is poised for good future appreciation. 

And, this unit is NOT RENT CONTROLLED!

Q: What are the pros of leasing to students:

A: Here are 3 pros: 

  • Turnover - ability to raise rent between tenants.  
  • Amenities attract high caliber tenants- students love to save money, so amenities like a gym and only paying for hydro help make this unit help them budget expenses.  
  • Guarantors - many students have parents providing financial assistance, and they may have good, stable income

Q: What are the cons of leasing to students:

A: Here are 4 cons:

  • They may be messy
  • They may not have prior rental references
  • They may not have a long credit history to establish past payment habits
  • They may have been renting with roommates - if they weren't the primary lease holder you may have difficulty with rental references

Q: What down payment do I need to buy this condo?

A: You will need a minimum of $21,900 PLUS land transfer tax ($1,995 if you are a first time homebuyer) or $10,470.00 if you are not and of course, lawyer fees of around $2,000 for closing.  So if you're a first time buyer, you'll need savings of about $26,000. 


Helpful links & other useful real estate information:

Full listing 20 Meadowglen 728

Making a move - Should you Buy first or Sell first?

How accurate is the HouseSigma App?

Working with me - client testimonials

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Purchasing your next home before selling your own: Understanding the "Condition of Selling Your Home First" in Ontario Real Estate

Many of my downsizing clients want to make sure they find the perfect home before they commit to selling their larger family home.

Buying and selling a home simultaneously can be a high-stress balancing act. In the Toronto real estate market, one way buyers mitigate this risk is by including a "Condition of Sale of Buyer's Property" (SOP) in their offer. This clause can be a crucial safety net, especially in a balanced or slower market.  

I often see this in smaller Ontario communities and have recently seen this closer to home, particularly in a cooler market where homes take a while to sell.   I have noticed this recently in retirement communities like Wilmot Creek, too.

What Does it Mean?

An SOP condition means the buyer's offer to purchase a new home is contingent upon the successful sale and closing of their current property within a specified timeframe (often 30 to 60 days). If the buyer fails to sell their existing home by the deadline, the agreement for the new purchase becomes null and void, and the buyer typically gets their deposit back.  

If you're searching homes on MLS and notice "SCE" that's industry short form for "Sold Conditionally with Escape Clause" to notify other potential buyers there is a conditional offer accepted by the seller in place.

A key component often added by the *seller* is an **Escape Clause** (commonly 48 hours). This allows the seller to continue marketing their property. If they receive a more favourable offer, they can notify the original conditional buyer, who then has a short window (e.g., 48 hours) to either waive the SOP condition (making the deal firm, regardless of their old home's status) or walk away.

What Are the Risks for a buyer?

For a buyer, the primary risks are:

  • Pressure to Sell:  They must sell their current home quickly and competitively to meet the deadline, which may force a lower sale price.
  • Risk of being bumped: If a better offer comes in and the Escape Clause is triggered, they may lose their dream home if they cannot firm up the deal immediately
  • The seller will not accept the condition
  • Stacking an SOP on other conditions makes it less attractive for a seller

What Are the Risks for a seller?

For a home seller the main risk is uncertainty and time off the market.  Accepting an SOP ties up their property for the conditional period, potentially missing out on other, firmer offers. If the buyer's sale falls through, the seller is back to square one.

While the condition benefits the buyer, the seller can protect themselves by:

1.  Insisting on an Escape Clause: This is your safety net. It allows you to accept backup offers and forces the initial buyer to make a quick decision if a firm offer comes along.

2.  Negotiating a Shorter Timeframe: A 30-day condition is less risky than a 60-day one, as it minimizes the time your property is conditionally sold.

3.  Vetting the Buyer's Property: An experienced agent will assess the buyer's current home—its marketability, price, and readiness—to gauge the likelihood of a quick sale.  An experienced agent may insist that some selling parameters are included in the offer, such as guarantee the seller will accept a specific price, that the home is professionally staged, the home is listed for a certain price and the home is put on the market within a specific time frame

My personal experience:

In a slower market in a rural community, I received a SOP offer.   I reviewed the offer in person with my seller.  The price met their expectations, and the buyers home was currently listed for sale.  As my client was not going to purchase a new home until their home sold, there was low risk. We accepted the SOP (there were other conditions as well) for 30 days with a 48 hour escape clause and the sale firmed up before the 30 day mark, resulting in a successful sale. 

Best Practices: 

Buyers:  Have your current home professionally staged, photographed, and ready to list before making an SOP offer. Offer a competitive price and a shorter condition period to make your offer more attractive.  NEVER remove your SOP condition if another offer comes in without discussing the risks with your realtor and a real estate lawyer. 

Seller: Always include an **Escape Clause** (e.g., 48-hour) in the accepted agreement. Continue to aggressively market your property to attract a firm, non-conditional offer. 

Both: Work closely with an experienced real estate agent and lawyer to ensure the clause is correctly worded to protect your interests and fully understand the Escape Clause mechanism. 


5 Q&A's on Conditional Offers

Q: Can the seller accept another offer while my SOP condition is in place?**

A: Yes, if the agreement includes an Escape Clause. If the seller accepts a new offer, they notify you and give you a short window (usually 48 hours) to remove all your conditions, including the SOP, or walk away.  In the industry we call this 'bumping' the first offer.

Q: If I waive the SOP condition, but my current home still hasn't sold, what happens?

A:  Your purchase becomes a firm, legally binding deal. You are now obligated to close and pay for the new home on the closing date, regardless of whether you have the funds from your old home.

Q: How long is a typical "Sale of Buyer's Property" condition?

A: While that's negotiable, most SOP's I have seen are 30 to 60 days to give the buyer a reasonable window to find a purchaser for their existing property.

Q: Does an SOP condition hurt my offer in a Seller’s Market?

A: Yes. In a strong seller’s market with multiple offers, a firm offer (with no conditions) will almost always be chosen over a conditional offer, even if the conditional offer is for a higher price.  "Stacking" conditions (adding more) makes your offer much less desirable. 

Q:  If the deal falls through because my home didn't sell, do I lose my deposit?

A:  If you fail to meet the condition, your deposit is returned in full.  Both parties must sign a mutual release to detail how the deposit is returned and release both parties from the sale.   A seller may still continue to market & sell the home without a mutual release in place.  

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Want to check out some homes for sale in Wilmot Creek?  Call me today at 416-562-5002


I have met a lot of people lately interested in Wilmot Creek.  I thought I'd do a little Q&A here with the 10 most frequently asked questions I get! 

Q:  What's a land lease property?

A:  It's where the land is owned by the development and the individual properties are freehold.    So you pay a rental fee for your land & pay for upkeep and improvements on the house just like you would a freehold home.

Q: I see a monthly fee in the real estate listings - what does that cover?

A: In Wilmot Creek, the monthly fees cover your portion of property tax, your individual water use, maintenance & insurance of all the common elements like the roads and recreational facilities

Q: Is buying a land lease the same as buying a freehold property?

A: In Wilmot Creek, the process is the same (although the forms may be slightly different) . You can buy and sell using your choice of Realtor, for example; and you require a deposit for purchase.  You can conduct a home inspection on the property. 

 Where it differs is that Wilmot Creek requires a 4 day condition of a credit check and an interview before you can finalize your sale.  

Q: In some communities like this snow shoveling and lawn maintenance are included.  What about Wilmot Creek?

A: In Wilmot Creek you need to mow your own lawn and maintain any gardens.  They do plow your driveway in the wintertime

Q: Are there any special taxes I have to pay?

A: The benefit of buying the property but not the land, is you do not pay land transfer tax to the province of Ontario.  This can save you thousands of dollars compared to buying a condo or freehold house on private property.

Q: I think some of the homes look like mobile homes - are they?

A: Homes in Wilmot Creek have been built at different times.  You'll see not only a variety of exterior styles but interior styles, too.  They range from the 'mobile home' style where many do not have a garage or basement, to newer homes with a garage (sometimes double garages) and a full basement.   The newer styles are found in the western portion of the development.

Q: Can you drive a car in Wilmot Creek or do you have to drive a golf cart?

A:  While many homeowners have golf carts, you can absolutely drive a car on the roads! 

Q:  I heard from a friend that you have to turn back a portion of your sale proceeds to the community when you sell, or you have to use their own real estate agent.  Is this true? 

A:  There are a few life lease communities in southern Ontario.  In some communities this is the case, but not in Wilmot Creek.  Real estate is bought and sold in a free market using your realtor of choice.   I know that in some other communities the "fee back to the community" is to contribute back to operating expenses to keep monthly fees low.   

Q: Can you have pets in Wilmot Creek?

A: Yes, Wilmot Creek is a pet friendly community.  You must keep dogs leashed, but there is a dedicated area for dogs to run and numerous walking trails.  

Q: How is owning at Wilmot Creek different than buying at a similar development - say like Swan Lake Village in Markham?

A: At Wilmot Creek, you are purchasing a life lease property.  Swan Lake Village is a condominium development.  Both have monthly fees, but in Wilmot Creek your monthly fees include your portion of property tax. In Swan Lake Village you get a separate property tax bill.  You will have to pay land transfer tax when buying into Swan Lake Village, but because you don't own the land at Wilmot Creek, you don't pay land transfer tax.  Both developments offer a variety of home styles to choose from (although Swan Lake also has low-rise condos and Wilmot Creek only has detached bungalow homes)  Both communities are gated.  Both communities have a great social calendar & superb recreational facilities.  Wilmot Creek also features a 9 hole golf course for members to enjoy.  Both communities have properties with water views (although Swan Lake is a park owned by the City of Markham) 


Interested in properties for sale in Wilmot Creek?

Homes for Sale in Wilmot Creek

Interested in more information about Wilmot Creek?

Why Retire at Wilmot Creek

About Sue Anfang

Working with Sue Anfang - Testimonials


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