Move-Up Buyers: Upsizing Your Home in London & St. Thomas
Selling the home you have and buying the one you need — at the same time, in the same market — is the hardest move in real estate to time. Here's how I sequence it so you don't end up carrying two mortgages or living in a rental between homes.
Selling first locks in your exact budget, but if the timing doesn't line up you may need a short-term rental or a long closing. Buying first means you never move twice, but you risk carrying two properties if your home sells slower or for less than planned. When homes like yours are selling slowly, selling first — or buying with a condition on the sale of your home — is usually the safer order. When they're selling quickly, buying first can work if your financing is set up for it. I'll tell you which way the market is leaning for your specific home and price point, not the city as a whole.
It's an offer to buy that only becomes firm once your current home sells, within a set number of days. Sellers often accept it with an escape clause: if they get another offer, you're given a short window — commonly 24 to 72 hours — to remove your condition or step aside. It protects you from owning two homes, but it makes your offer weaker than a firm one, so it works best on homes that aren't drawing multiple offers.
Bridge financing is a short-term loan that lets you use the equity in your current home before its sale closes — typically to fund your down payment when your purchase closes before your sale. Most lenders want to see a firm, unconditional sale agreement on your current home first. It costs interest for the days it's outstanding and sometimes an admin fee, so confirm your lender's terms before you set closing dates that depend on it.
Often, yes. Many mortgages are portable, meaning you can move your existing rate and balance to the new property and avoid a prepayment penalty — usually within a set window between the two closings, and usually subject to requalifying. If you need to borrow more, lenders typically blend your existing rate with the current rate on the new money. Ask your lender for your porting terms and your payout penalty before you list, because the difference can be thousands of dollars.
Your down payment on the next home comes from the equity left after you sell — the sale price minus your mortgage payout, any prepayment penalty, commission, legal fees and moving costs. The minimum down payment rules are the same as for any purchase: 5% on the first $500,000 and 10% on the portion above that for homes up to $1.5 million, or 20% above $1.5 million. Putting 20% or more down avoids mortgage default insurance. Start with a valuation of your current home so the plan runs on a real number.
Three come up most: land transfer tax on the new home, with no first-time buyer rebate this time; the prepayment penalty if you break your mortgage instead of porting it; and the cost of any overlap between closings, whether that's bridge interest or two sets of carrying costs. Add two sets of legal fees and moving costs and the total is easy to underbudget.
Same-day closings are common in Ontario, but they leave no margin: the money from your sale has to reach your lawyer in time to fund your purchase the same day, and any delay on the sale side holds up the purchase too. Closing your purchase a few days after your sale, with bridge financing if needed, gives you room to move and clean. Have your lawyer and lender sign off on the gap before you commit to it in an offer.
The hardest part of moving up is committing to a purchase before you know how your current home will sell. If the home you're moving to is one of my listings, we agree the list price and closing date for your current home in writing when you list, and if it doesn't sell during the listing period, I buy it at the guaranteed price in your agreement — so your purchase isn't riding on an open-ended sale. Your home has to qualify, and an application fee and other conditions apply. The program is not intended to solicit sellers already under contract with another brokerage. Ask me for the full written terms for your home.
How I sequence a move-up purchase
- 1. Price your current home first. A valuation built on recent comparable sales, plus your lender's payout statement and penalty — so you know your real equity, not a guess.
- 2. Get pre-approved for the next home. Tell your lender you're selling, so they can quote porting, blending and bridge options up front.
- 3. Choose your order. Sell first, buy first, buy conditional on your sale, or list under the Guaranteed Sale Program. Each carries a different risk; we pick the one that fits your home and your market.
- 4. Prepare and list. Pricing, staging and photography for the home you're leaving, timed so your listing lands in step with your search.
- 5. Negotiate both sides together. One person handling both deals means your closing dates, conditions and deposits are written to fit each other.
- 6. Close both. Your lawyer moves the sale proceeds into the purchase, and you move once.
Sell first, buy first, or sell conditionally?
- Sell first. Best when homes like yours are selling slowly or your budget has no slack. The risk: a short-term rental or a long closing.
- Buy first. Best when homes like yours are selling quickly and your financing covers an overlap. The risk: carrying two homes if your sale takes longer or comes in lower.
- Buy conditional on your sale. Best when the home you want isn't drawing multiple offers. The risk: a weaker offer, and an escape clause that can end it on short notice.
- Guaranteed Sale Program. Best when the home you want is one of my listings. We agree the list price and closing date for your current home in writing when you list — if it doesn't sell during the listing period, I buy it at the guaranteed price in your agreement.*
Where move-up buyers look in London and St. Thomas
- Byron, London. Family-oriented, with river valley trails and top-rated schools. Byron neighbourhood guide →
- Masonville and north London. Newer homes near Western University and north London's retail hub.
- Old North, London. Century homes and mature trees, walkable to downtown — for buyers moving up to character rather than square footage.
- Harvest Run and Miller's Pond, St. Thomas. Two of the area's most active new-home communities, close to schools and parks. Moving up in St. Thomas →
Why move-up clients work with me
- One broker on both sides of your move. Your sale and your purchase negotiated together, so the dates and conditions line up.
- Guaranteed Sale Program. Guaranteed Sold — or I'll buy it, on qualifying homes when your next home is one of my listings.* How it works →
- Buyer Protection Guarantee. Not satisfied with your new home within 18 months? I'll sell it for free.*
- VIP Buyer Home Warranty. A one-year systems and appliance breakdown warranty with coverage up to $15,000, on me. See what's covered →
*Terms apply — not intended to solicit buyers or sellers already under contract with another brokerage. Guaranteed Sale Program: for qualifying London and St. Thomas homes that are new to the market, when the seller's next home is one of Andy's listings (other purchases considered case by case). The seller and Andy agree the list price and closing date in writing at the time of listing; if the home doesn't sell during the listing period, Andy buys it at the guaranteed price in the written agreement, set as described in the terms and conditions on the Guarantees page. An application fee, minimum listing and closing periods, a price limit and property-type exclusions apply. Ask me for full written program details.