Selling and Buying a Home in Ottawa

Two homes, one move. Let’s work out the order before you commit.

Whether you’re moving across Ottawa, upsizing, downsizing or relocating between cities, the question is often the same: should you sell first or buy first?

The right answer depends on your finances, the home you’re selling, the next home you need and how much flexibility you have. We’ll look at those pieces together.

Start with your dates and comfortable budget

Which dates are fixed, and which can move? A work start date, school transition, new-build completion or existing closing can shape the whole plan.

We’ll compare realistic sale timing for your current property with availability in your target area. Your lender can confirm what you can finance and how much overlap you can carry.

Use a conservative sale estimate and leave a buffer. An asking price is a goal; it isn’t money available to spend.

Option 1: sell first

Why it can help: once your sale is firm, you have a clearer sale price and closing date to plan around.

The trade-off: your next home may not appear in time. You could need temporary accommodation, storage or a second move.

Before choosing it: check how often suitable homes become available, discuss a workable sale closing and price a backup housing plan.

Option 2: buy first

Why it can help: you can secure a home that fits, especially when the layout or property type is hard to find.

The trade-off: your sale price and timing may still be uncertain. You could carry two properties or feel pressure to sell.

Before choosing it: ask your lender what approval requires, where the deposit will come from and what happens if your home takes longer to sell.

Don’t assume bridge financing makes an unsold home manageable. RBC’s bridge-financing guidance requires a firm sale agreement; confirm your own lender’s requirements, fees and timing before relying on it.

Option 3: prepare both and coordinate the dates

Why it can help: get your home ready while building a focused purchase shortlist. That preparation gives you more options when a suitable property appears.

The trade-off: two transactions still need to come together. Matching dates and acceptable offer conditions aren’t guaranteed.

Before choosing it: agree on a realistic sale range, financing limits and a fallback. We’ll discuss conditions and closing options with your lender and lawyer before you commit.

Plan the cash before making an offer

Your purchase deposit, down payment and closing costs have different timing. Identify when each amount is due and how you’ll access it.

Purchase deposit: confirm the amount, agreement deadline, payment method and accessible funds.
Sale proceeds: ask your lawyer when funds will be available. Don’t assume the deposit your buyer pays is yours to use for the next purchase.
Mortgage: ask about the payout, possible penalty, portability and approval for your next property.
Closing and moving costs: allow for legal fees, applicable land transfer tax, adjustments, moving, storage and any accommodation.
Buffer: keep room for repairs, timing changes and the first weeks in your new home.

A mortgage preapproval is a starting point. Review the federal preapproval guidance and confirm the property-specific financing with your lender.

What happens when closing dates overlap?

Illustrative example: your purchase closes November 12 and your sale closes November 19. You need a confirmed way to fund the purchase before the sale proceeds arrive, plus a budget for the overlap.

If the order is reversed, the issue may be where you’ll stay and store your belongings between closings.

Same-day closings can also involve timing dependencies. Ask your lawyer about funds, keys and the moving schedule; don’t book around an assumed key-release time.

We’ll map a preferred plan and a fallback. Bridge financing, a different closing date or temporary accommodation may be worth discussing, depending on your situation.

Moving into or out of Ottawa?

For an incoming move, we’ll prepare your search before you travel and coordinate with the professional handling your sale.

For an outgoing move, we’ll plan the Ottawa sale around your destination search, preparation needs and required dates. If an employer or relocation program is involved, confirm its approvals and benefits separately.

Plan your Ottawa house-hunting trip.

Prepare before an outgoing posting is confirmed.