If you’re upsizing in Edmonton, you probably have to sell your current home and buy the next one at the same time. The good news: with the right plan, most families move once, carry one mortgage, and never need a hotel in between. Here’s how I help families time it.
Step 1: Know your numbers before you list
Before anything goes on the market, get two things: a realistic price for your current home and a mortgage pre-approval for the next one. Your equity is usually your down payment, so you need to know roughly what you’ll walk away with before you fall in love with a house. I can give you a free home evaluation based on recent sales in your neighbourhood.
Step 2: Decide what to do first
There’s no single right answer. It depends on how much risk you can carry.
- Sell first: you know exactly what you can spend, and you’re a strong buyer with no conditions. The risk is needing somewhere to live if you can’t find the right home in time.
- Buy first: you lock in the home you want. The risk is carrying two mortgages if your home takes longer to sell.
- Buy with a “subject to sale” condition: your purchase depends on your home selling. It protects you, but some sellers won’t accept it, especially on in-demand homes.
Step 3: Line up the possession dates
This is where most of the stress is, and where the planning pays off. The goal is to have your sale close on the same day as your purchase, or your purchase a few days earlier so you can move in before handing over your keys. I negotiate possession dates on both sides with that in mind.
Step 4: Have a backup plan
If the dates don’t line up perfectly, ask your lender about bridge financing. It’s a short-term loan that covers the gap when you take possession of your new home before your sale closes. Talk to your mortgage specialist early so it’s ready if you need it.
How long will my home take to sell?
Right now, Edmonton homes are taking about 45 to 60 days to sell on average. Well-priced, move-in-ready homes in family communities often sell faster. That timeline is why I start planning your purchase the day we list, not the day we sell.
The Stress Free Moving Blueprint
This whole process is what I call my Stress Free Moving Blueprint: price it right, plan both sides together, match the dates, and keep a backup ready. After 21 years in Edmonton real estate, it’s the difference between a stressful move and an exciting one.
Thinking about upsizing? Call or text me at 780-984-7696 and we’ll map out your timeline together. You can also read my Edmonton real estate FAQ or browse my community guides.
Peter Estephan, Peter Estephan Real Estate Group, KIC Realty