Buying and selling this spring? While there's no one-size-fits-all answer to the "buy first or sell first" predicament, there are pros and cons to each approach that everyone facing this decision should understand.

Buying First
Pros
- You can search without pressure for the right property, rather than making compromises you're uncomfortable with because you need someplace to live.
- You can move straight from your current home into your new one, saving you the cost and stress of interim living arrangements and moving twice.

Cons
- You could have two mortgages to qualify for and to pay, an even riskier scenario in a buyer's market than it is in a seller's market.
- You might feel pressured, out of desperation to sell, to accept a lower offer than you would if you hadn't already bought your next home.
- You won't be able to take the equity from your current home's sale into account when budgeting for your new home.

Selling First
Pros
- You won't have to worry about paying for two homes at the same time.
- You won't feel under deadline to sell, which means you can afford to wait for the best possible offer on your home.
- You'll know the exact proceeds from your current home's sale, allowing you to better determine an appropriate price range for your next property – and you'll be able to use those proceeds for the purchase.

Cons
- Unless you can seamlessly dovetail your closings, you may have to arrange short-term accommodations (e.g., renting, staying with family) and move twice, or arrange interim financing for your down payment.
- You might feel the need to rush your home purchase, and that pressure could lead to rash decisions like overpaying or making regrettable compromises on features.

If you would like to discuss this topic further, or if you are buying or selling real estate in the GTA or the Golden Triangle (Guelph, Kitchener, Waterloo, and Cambridge), please be sure to contact us