I am not going to give you the same answer you heard 100 times before: Well, it depends where your home is, it depends on your finances, it depends where you are moving to, it depends if you have kids or not…blah,blah blah!
Yes, those are all good points, but if you are looking for a yes or no answer then my answer is SELL FIRST.
When you sell first, you will know exactly how much money you have to play with, you will not have to worry if your home is taking longer to sell and you will not have to reduce the price on your home because time is running out.
By the way, just because you are in Toronto don’t assume that your home will sell fast and for the price you want/need. S*#T happens! Even in trendy neighbourhoods.
What is the worst thing that could happen to you if you buy first?
Best Case Scenario: You are having a hard time selling your own home, closing date for the new home is approaching, you have to drastically reduce the listing price to attract possible buyers and be able to close on the other home.
Worst Case Scenario: Your home does not sell, you lose the deposit on the new home and you run the risk of being sued by the sellers for breach of contract.
WHO NEEDS STRESS? Sell your home first, take your time to find the right home for the right price.
Worst case scenario?… Pay for a short term rental