Buying and Selling
How to Sell and Buy at the Same Time in Waterloo Region
To sell and buy at the same time, start with a firm number for your current home, then choose an order: sell first, buy first with bridge financing, buy with a sale of buyer’s property condition, or sell with a long closing. Most people close their sale a day or more before their purchase, with bridge financing covering any gap once the sale is firm. The same plan works whether you are moving up, downsizing or moving across the region. In September 2026, the average single-family home in Waterloo Region sold for $813,342 and the average townhouse for $524,852 (Cornerstone).
By George Dmitrovic, Realtor with Keller Williams Innovation Realty. Updated October 2026.
The Plan
Selling and Buying in Five Steps
The order of these steps matters more than the speed. Each one protects the next.
Know your number
Get a realistic value for your current home and a mortgage pre-approval that covers the new one, including whether you can port your mortgage.
Choose your order
Sell first, buy first, or tie the two together with a condition. The right choice depends on your equity, your budget and your nerves.
Line up financing
Ask your lender about bridge financing and a line of credit before you write an offer, not after.
Set the closing dates
Close your sale before your purchase, ideally by a day or more, so one delay does not stall both deals.
Plan the gap
Decide where you will stay, what goes into storage, and when the movers come, in case the dates shift.
Your Four Options
There is no single right order. Each approach trades one risk for another, so the best one is the risk you can live with.
| Approach | How it works | Best for | Main risk |
|---|---|---|---|
| Sell first, then buy | You sell your home firm, then shop with a known budget. | Anyone who wants budget certainty and has somewhere flexible to stay. | You may need short-term housing if the right home takes longer to find. |
| Buy first, then sell | You buy firm, then list your current home. | Owners with strong equity and room to carry two homes for a short time. | Carrying two homes if your sale takes longer or sells for less. |
| Buy with a sale of buyer’s property condition | Your purchase depends on selling your home by a set date. | Buyers in slower segments where sellers will accept conditions. | A weaker offer, and an escape clause can force you to waive or walk away. |
| Sell with a long or flexible closing | You sell first but give yourself months, not weeks, to buy. | Sellers with homes that attract buyers who are not in a rush. | Some buyers will not wait, so you may get fewer offers. |
For the full detail on conditional offers, read the sale of buyer’s property condition, explained.
Real example
A Kitchener family needed to sell and buy before September. We won their purchase conditional on their sale, with the sellers’ 48-hour escape clause paused for six business days once their home had a conditional offer. Then we sold their bungalow for 10% over list to a buyer who could close in under 30 days, and both deals closed the same day.
Moving Up, Down or Across: What It Means for Your Order
The home you sell and the home you buy are often in different parts of the market, and that changes which side to protect first. Through 2025 and 2026, townhouses and condos in Waterloo Region have had more months of supply than detached homes (Cornerstone), so they have taken longer to sell.
| Your move | Typical example | What it means for your order |
|---|---|---|
| Moving up | Selling a townhouse, a semi or a smaller house and buying a larger detached home | Your sale is often the slower side. Protect it first: price it right, list early, and only buy firm once you know it will sell. |
| Downsizing | Selling a family home and buying a condo, a townhouse or a bungalow | Your sale is often the faster side. Condos and townhouses have more choice right now, so selling first and taking your time to buy is usually comfortable. Bungalows are harder to find, so line up financing before you start looking. |
| Moving across | Selling and buying a similar home in a different area, for work, schools or family | Both sides tend to move at a similar pace, so the plan comes down to your closing dates and where you will stay in between. |
Condo owners have it hardest right now. Condo prices have fallen sharply, down 10% from a year earlier in September 2026, so many owners are waiting rather than selling at a loss. If that is you, it is still worth running the numbers: a lower sale price can be offset by lower prices on the home you buy. And if you are downsizing into a condo, the same drop works in your favour.
| September 2026, Waterloo Region | Average sale price | Change from a year earlier |
|---|---|---|
| Single-family homes | $813,342 | down 5.1% |
| Semi-detached homes | $626,288 | up 0.8% |
| Townhouses | $524,852 | down 13.7% |
| Condos | $397,759 | down 10% |
Across all home types, homes took about 32 days to sell, with 3.8 months of inventory (Cornerstone, September 2026). The slower your side of the market, the more it pays to sell first or build in extra time.
How Bridge Financing Works
Bridge financing is a short-term loan against the equity in the home you are selling. It lets you close on your new home before your sale closes, then it is paid off from your sale proceeds.
- You usually need a firm sale. Most lenders want an unconditional agreement on your current home and a signed agreement on the new one before they approve a bridge.
- It is short. Many lenders cap bridges at about 90 days, and some go to 120.
- It costs more than a mortgage. Rates are commonly around prime plus 2% to 3%, charged daily, plus an admin fee that is often $200 to $500 (2026 figures, which vary by lender). A $150,000 bridge for 50 days at about 7.5% is roughly $1,500 in interest.
- Your lender matters. Many banks only offer a bridge when they also hold the mortgage on your new home.
If your sale is not firm yet, a home equity line of credit on your current home can play a similar role, and it is worth setting up before you shop. Ask your lender or mortgage broker to confirm what you qualify for.
Your Deposit and Down Payment
When your offer is accepted, the deposit is due fast. In Ontario it is commonly about 5% of the price, due within 24 hours of acceptance and held in the listing brokerage’s trust account. It counts toward your down payment.
The catch when you are also selling is that most of your down payment is locked in your current home until it closes. Plan where the deposit will come from before you write an offer: savings, a line of credit, or a bridge once your sale is firm. The rest of your down payment usually comes from your sale proceeds on closing day.
Setting Your Closing Dates
You can close your sale and your purchase on the same day, and many people do. Your lawyer uses the money from your sale to complete your purchase that afternoon. The risk is the chain: if your buyer’s funds arrive late, your own closing can be delayed too.
- Close the sale first. A day or more between the two closings gives you a buffer, and a short bridge covers the gap.
- Leave room to move. A few days of overlap on the new home makes moving day far easier, especially with kids.
- Ask about a rent-back. If you sell first, the buyer may agree to rent the home back to you for a short time while you finish buying.
Your real estate lawyer handles both closings. Bring them in early so the dates, the funds and the mortgage paperwork line up. This is general information, not legal advice.
Porting Your Mortgage
If you like your current rate, ask your lender whether your mortgage is portable. Porting moves your mortgage to the new home instead of breaking it, which usually avoids a prepayment penalty.
- There is a time limit. Lenders usually give you about 30 to 120 days between selling and buying to complete a port.
- Fixed mortgages are usually portable. Many variable-rate mortgages are not, so check before you plan around it.
- Borrowing more is normal. If the new home needs a bigger mortgage, lenders typically blend your current rate with today’s rate on the extra amount.
- So is borrowing less. If you are downsizing and need a smaller mortgage, or none at all, ask your lender whether paying down part of it triggers a penalty.
If you cannot port, ask for a written penalty quote before you list. It is part of your real selling cost. Try the mortgage calculator to see what your next payment could look like.
The Costs of Selling and Buying
Selling and buying together means paying costs on both sides. Budget for these before you decide what you can spend.
On the sale
- Real estate commission
- Legal fees and mortgage discharge fees
- A prepayment penalty if you break your mortgage instead of porting it
- Repairs, staging and cleaning before you list
On the purchase
- Ontario land transfer tax (first-time buyer refunds do not apply if you have owned a home before)
- Legal fees and title insurance
- Home inspection and, if your lender asks, an appraisal
In between
- Bridge interest and fees, or two sets of mortgage payments, taxes and utilities
- Short-term rent, storage and moving costs
I give sellers a net sheet that shows what you will actually walk away with after these costs, so your buying budget starts from a real number. The seller’s guide and buyer’s guide walk through each side in more detail.
How I Help You Do Both
When one agent handles both sides, the timing is built into both deals from the start. I price and prepare your current home, set the listing and closing dates around your purchase, write offers that protect you without scaring off the seller, and keep your lender and lawyer in the loop so closing day is calm. Most of my clients are families moving up from a townhouse, a semi or a smaller house, and I also help homeowners downsize and families move across the region. The timing works the same way in every direction. If you are moving up, my guide to upsizing with a growing family covers schools, neighbourhoods and budget, and my downsizing guide covers your options, condo checks and timing.
What Clients Are Saying
Five-star Google reviews from Kitchener-Waterloo clients George has helped buy and sell.
Planning to Sell and Buy?
Tell me what you’re selling and what you want to buy. I’ll map out the order, the dates and the numbers with you, with no pressure.
Selling and Buying at the Same Time: Your Questions Answered
Quick answers for Waterloo Region homeowners planning their next move.
Can I buy a house before selling mine in Ontario?
Yes. You can buy firm and then sell, buy with a sale of buyer’s property condition, or use bridge financing once your sale is firm. Buying first gives you the home you want but can leave you carrying two homes, so check with your lender what you can carry before you do it.
How long can bridge financing last?
Many lenders offer bridge financing for up to about 90 days, and some go to 120. It is meant to cover the gap between two closing dates, not a long wait for a sale.
Do I need a firm sale to get bridge financing?
Usually, yes. Most lenders want an unconditional agreement on the home you are selling and a signed agreement on the home you are buying. If your sale is not firm, a home equity line of credit may be an option.
How much deposit do I need when I buy my next home?
In Ontario the deposit is commonly about 5% of the purchase price, due within 24 hours of acceptance. It counts toward your down payment. If your equity is tied up in your current home, plan to cover it from savings or a line of credit.
Should my sale and purchase close on the same day?
It can work, but it adds risk: if your buyer’s money arrives late, your purchase can be delayed too. Closing your sale a day or more before your purchase, with a short bridge if needed, is the calmer option.
What happens if my home does not sell in time?
If you bought firm, you may carry two homes until it sells, and you may need to adjust your price. If you bought with a sale of buyer’s property condition, the agreement usually ends and your deposit is returned, depending on the wording.
Should I sell first or buy first if I am downsizing?
Selling first is often the calmer choice. Detached homes have had fewer months of supply than condos and townhouses in Waterloo Region, so your sale is likely the faster side, and you usually buy where there is more choice. If you have your heart set on a bungalow, which are harder to find, line up your financing first so you can move quickly.
Can I keep my mortgage rate when I move?
Often, if your mortgage is portable. Lenders usually allow about 30 to 120 days to move it to a new home, and they blend in today’s rate on any extra amount. Many variable-rate mortgages cannot be ported, so check your terms.