Toolkit
Sell-Then-Buy Planner
Map out the numbers before you list. See your net proceeds, available down payment, bridge cost, and whether the move actually works.
| Land Transfer Tax (Ontario) | $14,475 |
| Legal fees (buy side) | $1,800 |
| Bridge financing (30d @ 7.5%) | $2,653 |
| Total cash required | $18,928 |
Estimates only. Actual bridge terms vary by lender: most require a firm sale before approving, and a $200–$500 admin fee typically applies on top of the interest shown. Selling before your mortgage term is up? Budget for a discharge fee (about $300) and a possible prepayment penalty, ask your lender for a payout statement (porting may avoid it). Any HELOC secured on the home is also paid out from proceeds. Legal fees are typical figures and vary by firm. Confirm everything with your lawyer and mortgage broker.
How the sequence works
Get a market value estimate first
Before you can plan your purchase budget, you need to know what your current home is worth. Use the calculator above with a realistic number, not a wish.
Accept an offer conditional on finding your next home (if the market allows)
In a buyer's or balanced market, you can often accept an offer on your home with a condition (written into the agreement) that the sale is subject to you securing a suitable next property. This eliminates bridge risk entirely. In a competitive market, buyers may not accept it. Know your leverage.
Understand bridge financing before you need it
Bridge financing covers the gap if you close on your purchase before your sale closes. Most lenders require your existing home to be sold firm before they approve it, which is why you can't just assume it's available. Contact Matthew Pickering at National Bank (905-802-7788) early.
Negotiate closing dates strategically
Your sale and purchase closing dates can often be aligned by negotiation. A 5–7 day gap between sale-closes and purchase-closes gives you time to move without double-paying.
The co-ordinated close
On closing day, your lawyer receives the proceeds from your sale and uses them to fund your purchase in sequence. This is the standard move-up play in Ontario. When it's choreographed properly, you never carry two mortgages. One caveat your lawyer will manage: same-day closes sit in a chain, and late-arriving funds can push registration past the daily cutoff, and a short bridge is the standard insurance against exactly that.
The furnished rental hedge
If the gap between closings is awkward, or if you haven't found your next home yet, a short-term furnished rental (Airbnb, corporate housing, or a month-to-month unit) gives you a pressure release valve. You close your sale on time, bank the proceeds, and take the time to buy right instead of buying fast. Your realtor can often connect you with Airbnb hosts, storage facilities, and moving resources to make the transition seamless.
Your realtor's network matters here
A well-connected agent can coordinate more than the deal. William has direct introductions to:
Ready to talk through the numbers?
Every move-up or downsize is different. I'll map out the timeline and numbers for your specific property, including what your home is worth right now.