By Nikolay Klyushkin | November 3, 2026
You’ve decided it might be time for a move. Maybe the family home feels too big, or you need more space. Then comes the question that keeps many homeowners awake: Should you sell your current home first, or buy your next home first?
The answer depends on your finances, the type of home you own and how easy it will be to find the next one. Let’s look at the choices and how to make a plan that fits your situation in Newmarket or East Gwillimbury.
Why the decision matters right now
Buyers have more homes to compare than they did during the busiest years. In September, Newmarket recorded 64 sales and 331 active listings at month-end. East Gwillimbury recorded 33 sales and 222 active listings. Those are snapshots, not predictions about how quickly your particular home will sell. You can find the detail in our York Region market update.
Financing also deserves a fresh look. On October 28, the Bank of Canada raised its policy rate to 2.50%. The policy rate is not the mortgage rate you will be offered, but changes can affect lenders’ prime rates and variable borrowing costs. Before deciding, ask your lender to update your numbers.
Option 1: Sell your home first
Selling first gives you a clearer idea of what you will receive from your sale before you commit to a purchase. Once your sale is firm, you can plan around the agreed price and closing date, subject to completing the transaction.
This approach may suit you if you need the equity from your current home for the next purchase or if carrying two homes would put pressure on your budget. It can also make it easier to shop within a realistic price range.
The trade-off: You may feel pressure to find a suitable home before your buyer’s closing date. If you’re looking for a particular bungalow or need to stay close to family, the right property may not appear immediately.
One possible solution is to negotiate a longer closing date on your sale. It depends on what your buyer will accept. You can also have a backup plan for temporary housing and storage in case the dates don’t line up.
Option 2: Buy your next home first
Buying first may give you more time to find the right property. That can be especially helpful when you need a specific layout, a main-floor bedroom or a location close to family. You can secure the home before putting yours on the market.
The trade-off: You won’t know the final sale price of your existing home when you commit. If it takes longer to sell or sells for less than planned, you may need to adjust your finances. Depending on the dates and your lender’s approval, you could face overlapping mortgage payments, utilities, taxes and other expenses.
Before making a firm purchase, ask your mortgage professional exactly how you would complete it if your current home hasn’t sold. A pre-approval is useful, but it is not the same as final approval for a specific property. RECO cautions that pre-qualification does not remove the risks of making an offer without a financing condition.
Can you make an offer conditional on selling your home?
You can discuss an offer conditional on the sale of your current property. If the seller accepts the terms, the condition gives you an agreed period to try to sell. The wording, deadline and any other provisions matter, and the seller is not required to accept the condition.
Your agent and lawyer can help you understand the wording and your obligations before you sign. The RECO buyer’s checklist also suggests considering conditions for financing, inspection and the sale of an existing home where possible.
What about bridge financing?
Bridge financing can help when the purchase of your new home closes before the sale of your existing home closes. It is a short-term loan that can let you access some of the equity you expect from the sale.
Don’t assume you can obtain a bridge loan while your home is simply listed. Requirements differ by lender. For example, RBC says it requires a firm sale agreement on the existing property. Ask your lender about eligibility, interest, fees, the amount available and what happens if a closing is delayed.
Five questions to answer before choosing
- How much could your current home reasonably sell for based on recent comparable sales and current competition?
- How much would you have left after your mortgage balance, selling costs and any penalty?
- Can you qualify for the next purchase and comfortably cover any overlap?
- How many suitable homes are available in your preferred area and price range?
- What is your backup plan if your sale or purchase takes longer than expected?
We recommend speaking with your lender early about your mortgage balance, potential prepayment penalty and whether you can transfer—or port—your mortgage. Portability depends on the mortgage terms and lender approval. The Financial Consumer Agency of Canada explains that restrictions and penalties can still apply.
A practical plan for your next move
If you’re downsizing from a larger home in Woodland Hill, Glenway or another Newmarket neighbourhood, start by comparing two markets: the homes competing with yours and the bungalows, condos or townhomes you would consider buying. A slower-moving property type on one side and limited choices on the other can change your preferred strategy.
Then build a timeline around your finances. Compare what happens if you sell first with what happens if your home takes longer to sell. Review closing dates, temporary accommodation and the costs of carrying two properties. Our guide to the costs of selling in Newmarket can help you start the calculation.
There’s no single answer that works for everyone. The right choice is the one that lets you make the move without depending on an ideal sale price or a perfectly timed closing.
Let’s make a plan for your move
Thinking about selling and buying in Newmarket or East Gwillimbury? Call the Nikolay and Tatiana Real Estate Team at 647-833-3287. We’ll help you compare your options, estimate your selling costs and create a practical timeline for your next move.