Thinking about moving within Erin Mills but stuck on one big question: should you buy your next home first or sell your current one? You are not alone. The right move depends on today’s local market, your financing options, and how much risk you are comfortable carrying for a short time. In this guide, you will get a simple framework that uses Erin Mills market checks, clear decision paths, and Ontario timing and tax rules. Let’s dive in.
Start with local data
Before you pick a path, ground your decision in Erin Mills market indicators. These signals help you understand timing risk and offer strength.
Key market indicators
- Average and median sale price vs Mississauga and the GTA
- Months of inventory and trend in new listings and sales over 3 to 6 months
- Average days on market and sale-to-list price ratio
- Segment dynamics by property type: condo, townhouse, detached
- Mortgage rate outlook and lender policies that affect buying power
Trusted sources to check
- Review the latest trends in the TRREB monthly market report to see how Erin Mills relates to broader Mississauga results.
- Scan current listings and neighbourhood stats on the REALTOR.ca neighbourhood page for Erin Mills.
- Estimate carrying costs using the City of Mississauga property tax page.
- Track rate direction from the Bank of Canada policy rate page.
- Know how lenders qualify you under the OSFI Guideline B‑20.
- Get mortgage and process guidance from CMHC’s home buying resources.
Tip: If months of inventory are low and days on market are short, selling first is often safer. If inventory is higher and days on market are rising, buying first can be less risky.
Framework: buy or sell first
Use the path that matches your finances, timing, and the Erin Mills market right now.
Sell first
- Who it suits
- You have limited equity or cannot qualify to carry two properties.
- You want full clarity on your budget from confirmed sale proceeds.
- Advantages
- No need to carry two mortgages or arrange a bridge loan.
- Stronger purchase offer with fewer conditions.
- Tradeoffs
- You may need temporary housing and storage.
- You might miss a home you love while you wait to buy.
- Risk controls
- Arrange short-term rental or a written rent-back agreement.
- Lock a firm closing date and set aside a reserve for interim housing.
Buy first
- Who it suits
- You have strong equity, cash reserves, or access to bridge financing or a HELOC.
- You want to secure a specific Erin Mills property and move only once.
- Advantages
- Higher chance of landing a preferred home in a tight segment.
- One move into your new home.
- Tradeoffs
- Temporary carrying costs for two properties.
- Need lender approval for porting or bridging under stress test rules.
- Risk controls
- Confirm mortgage portability and any penalties in writing.
- Pre-arrange bridge financing or HELOC limits and stage your current home to sell quickly.
Coordinate simultaneous closings
- Who it suits
- You can align dates with cooperating buyers and sellers.
- Your lawyer and lender can coordinate funds and title timing.
- Advantages
- Minimal carrying costs and no interim housing.
- Tradeoffs
- Precision scheduling is required and delays can happen.
- Risk controls
- Use an experienced conveyancing lawyer and agree on a contingency plan such as rent-back.
Financing and qualifying
Understanding your options with your lender helps you choose confidently and avoid surprises.
Mortgage portability
Many Canadian mortgages can be moved to a new property, subject to lender approval and timing rules. If you cannot port, you may face a prepayment penalty. Get written confirmation of terms before you commit to buying first.
Bridge loans and HELOCs
A bridge loan can cover the gap between buying and selling so you can move once. A HELOC can fund your down payment or temporary costs using equity in your current home. These are short-term tools with higher rates than your main mortgage, so plan your carry window.
Stress test rules
Lenders qualify you under the federal stress test. Review the current framework in OSFI’s B‑20 guideline and confirm your lender’s approach, especially if you plan to carry both homes for a time.
Estimate your carry cost
- Bridge interest example: A 3-month bridge of $200,000 at 6.0 percent interest-only costs about $3,000 in interest, plus lender fees.
- Add: mortgage payments on one or both homes, property tax, insurance, utilities, condo fees if applicable, moving and storage, legal fees, and any mortgage penalty.
- Check rate direction on the Bank of Canada policy rate page and get written lender quotes.
Ontario legal and tax notes
Closing periods and conditions
Typical resale closings run 30 to 90 days. Offers may include conditions such as financing, inspection, or sale of your property, with set timelines to waive. If you plan post-closing occupancy, ensure a written rent-back with clear terms and insurance.
Land transfer tax
Ontario charges provincial land transfer tax on purchase. Mississauga does not add a municipal LTT. Review rates and any rebate programs on the Government of Ontario land transfer tax page.
HST and principal residence
Resale homes are generally exempt from HST, while many new builds are subject to HST with possible rebates. See the CRA guidance on housing and HST. Most sellers of a principal residence can claim the principal residence exemption from capital gains, but rules vary. Review the CRA principal residence exemption page and consult a tax professional for your situation.
Checklists by path
Sell-first checklist
- Request a local CMA and pricing strategy for Erin Mills and nearby Mississauga areas.
- Order a pre-listing inspection and address key issues.
- Gather mortgage payout, tax receipts, and condo or property documents.
- Line up short-term housing options and storage.
- Confirm moving dates and a reserve for interim costs.
Buy-first checklist
- Get a pre-approval that covers a two-mortgage or bridge scenario and confirm portability and penalties in writing.
- Obtain bridge or HELOC quotes and borrowing limits.
- Build a carrying-cost spreadsheet and time horizon.
- Prepare your current home for a quick launch with staging and photography.
- Plan a pricing and marketing strategy to sell fast once you buy.
Simultaneous closing checklist
- Confirm both lawyers can coordinate same-day funds and title.
- Align realistic closing dates with a small buffer.
- Secure lender commitments that contemplate concurrent closings.
- Negotiate contingency options such as rent-back in case of delays.
Scenarios to model
- Low risk tolerance, limited equity: Sell first, secure proceeds, then buy. Use rent-back or short-term housing if needed.
- Medium risk tolerance, solid equity, tight inventory: Buy first with written port or bridge terms, then list immediately to minimize overlap.
- High risk tolerance, ample liquidity: Buy first, make a strong offer, and carry the current home with a clear exit plan.
Next steps in Erin Mills
If you anchor your choice in local data, lender-confirmed financing, and Ontario timelines, you can move with confidence. Start by pulling Erin Mills market stats, confirming your borrowing options, and choosing the path that fits your risk comfort. When you are ready, our team can stage for maximum appeal, time your closings, and coordinate the details so your move feels seamless. Connect with the Larose Team to map your buy-sell strategy and Request a Free Home Valuation.
FAQs
What should I check first when deciding to buy or sell in Erin Mills?
- Review months of inventory, days on market, and recent sale-to-list ratios, then confirm your lender-approved budget and carry capacity.
How do bridge loans work in Ontario for Erin Mills moves?
- A bridge loan is a short-term, interest-only solution that covers your down payment or timing gap until your current home closes, subject to lender approval.
Can I port my mortgage to a new Erin Mills home?
- Many lenders allow mortgage portability with conditions and timing rules, so get written confirmation of port terms and any penalties before you buy first.
What closing timelines are typical in Mississauga resales?
- Most resale transactions close in 30 to 90 days, with conditions like financing or inspection typically waived within a set period stated in the offer.
What taxes should I budget for when purchasing in Mississauga?
- Budget for Ontario land transfer tax and standard closing costs; Mississauga does not charge a municipal LTT, and resale homes are generally HST exempt.
