Buying Your Next Home: A Move Up Buyer's Guide for Alberta

Short answer: Work out your net equity first (value minus mortgage minus about 5% to 7% selling costs), because it becomes your next down payment. Then choose a strategy: sell first for certainty, buy first with bridge financing once your sale is firm, or overlap both with close closing dates. Get pre-approved for the new home before you list, and keep your broker, REALTOR® and lawyer working from the same timeline.

Who Is a Move Up Buyer?

Someone who already owns a home and is buying the next one, usually while selling. That includes upsizing, downsizing, relocating or switching property types. The key difference from a first time buyer: you’re managing two transactions.

Step 1: Understand Your Equity

Equity is your home’s value minus what you owe. It can act as your down payment, help you avoid mortgage insurance with 20% or more down, and keep your payments manageable.

→ Read more: How Equity in Your Home Helps You Buy Your Next One

Step 2: Sell First or Buy First?

• Sell first: you know exactly what you have and won’t carry two mortgages, but you may need temporary housing.
• Buy first: you find the right home on your timeline, but face carrying costs, bridge financing and tougher qualification.
• Overlap: most buyers aim to close both close together, with careful timing and conditions.

→ Read more: Should I Sell First or Buy First?

Step 3: Bridge Financing

If your purchase closes before your sale, a short term bridge loan covers the gap. You need a firm sale, a clear timeline and a lender that offers bridge products.

→ Read more: Bridge Financing in Canada

Step 4: Qualifying for the New Mortgage

Lenders look at your current mortgage, any rental income if you keep the property, your down payment from the sale and your GDS and TDS ratios. It gets tricky when you buy before the sale is firm. We map it out early.

Step 5: Use Conditions Wisely

In Alberta you can make an offer conditional on selling your home. It protects you but can weaken your offer in a hot market.

→ Read more: How Conditional Offers Work in Alberta

Step 6: Coordinate Your Team

Your mortgage broker, REALTOR® and lawyer need to be in sync on dates and funds. Tim Lacroix is both a mortgage broker and a licensed REALTOR®, so both sides of a move can be planned together.

→ Read more: Why Your Mortgage Broker and REALTOR® Should Work Together

Upsizing vs Downsizing

• Upsizing: higher payments, more equity needed, possibly further from the city centre.
• Downsizing: a chance to pay off the mortgage or invest the surplus, lower carrying costs, different lifestyle trade offs.

→ Read more: Upsizing or Downsizing: Key Considerations

How We Help

Net equity and affordability analysis, pre-approval for your next home, bridge financing, timeline planning and a smooth closing. Plan your move or book a call.

Frequently asked questions

Should I sell my house first or buy first in Calgary?

Selling first gives certainty about your equity and avoids carrying two homes, but may need temporary housing. Buying first is more convenient but needs bridge financing or the ability to carry two mortgages. Most move up buyers overlap the two with closing dates close together.

How does bridge financing work?

Bridge financing is a short term loan that covers your down payment when your purchase closes before your sale. It usually needs a firm, unconditional sale on your current home and is repaid from the sale proceeds.

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.