Selling your home first before buying another is the generally accepted route in the home buying process. However, that appears to be changing. With 16 years of consistently rising home prices in the the Toronto market, it’s not hard to see why some buyers can get complacent.

Before making your decision you really have to do your research. If the market is good and homes are selling well on your street, then there is a good chance you can sell your home quickly, If the market is slow it might not be a great idea.

The average days that the house sits on the market are up by 15 per cent to 23 days from 20.
For those people contemplating whether to buy first, make sure that you can financially withstand holding two mortgages in case the market turns. The bank can conceivably rescind a mortgage approval if the first property is not sold before closing of the second property.

Whatever you do, try not to impulse buy. So if you don’t think you can afford it, stay way from those open house signs until the cash is in the bank or you have sold your home firm!