Buying and Selling a Home at the Same Time in Alberta

Short answer: Aim for your sale to close the same day as, or just before, your purchase so the sale proceeds fund the down payment. If the purchase closes first, bridge financing covers the gap once your sale is firm. Get pre-approved before you list, and have a backup plan if dates slip.

Why It Feels Complicated

Two negotiations, overlapping or misaligned closing dates, paperwork on both sides and uncertainty about funds. If one deal is delayed, it can knock over the other.

Your Three Options

1. Sell first, then buy: certainty about your money, but you may need temporary housing or storage.
2. Buy first, then sell: riskier unless you can carry two mortgages. Common with new builds that have long closing windows or with strong equity and savings.
3. Overlap: sell and buy with closings close together. It takes coordination but is very doable.

Aligning Closing Dates

Ideally your sale closes the same day or just before your purchase. That lets funds flow straight across, keeps carrying costs low and gives you one moving day. If there’s a gap, bridge financing fills it.

→ Read more: Bridge Financing in Canada

Qualifying While You Still Own

Lenders look at your current mortgage, your income and ratios, and whether your sale is firm or just listed. Without a firm sale, some lenders count both mortgages. We know which lenders are flexible.

Using Conditions

A “sale of buyer’s home” condition protects you if your sale falls through, but sellers in a hot market may prefer firm offers.

→ Read more: How Conditional Offers Work in Alberta

Common Mistakes

• Underestimating how long your home will take to sell
• Buying before knowing your net equity
• Not getting pre-approved for the next mortgage
• Misaligned closing dates with no backup plan

How We Help

We help you understand your numbers, coordinate with your REALTOR® and lawyer, and plan for contingencies. Book a call.

This article is general information, not personal financial advice. Rates, rules and programs change. Talk to a licensed mortgage broker about your situation. Lacroix Mortgage Group is licensed and powered by Mortgage Connection Inc.