Less than a generation ago, it was just accepted that move-up buyers sold first and then bought a new home once they knew exactly what they had to spend.
Realosophy president John Pasalis stresses Toronto is still a strong seller’s market and few homeowners need to fear their place won’t sell if they buy first.
Those are owners whose homes won’t necessarily be the first on their block to sell.
The only way to mitigate that if you want to buy is to get a very, very long closing date, said Pasalis, and then, make sure your home is ready to list as soon as you buy.
Those are on properties that don’t really have too many flaws — the perfect property at the perfect price point,” he said.
Adam Gurza and his wife bought their first home, a stacked townhouse near Dufferin Street and Eglinton Avenue, in June 2020.
Many people she meets don’t know that bridge financing depends on the sales being firm on both ends — the house the seller is leaving and the home they’re buying.
In 2013, she and her husband bought a home in Durham Region before selling their York Region home.
“We ended up having to drop the price and drop our price and drop the price,” she says.
Many consumers have only experienced the Toronto real estate market on an incline, says Pasalis.