Should I sell before I buy? How it works on the North Shore
Checked 4 October 2026 · next review January 2027Selling first means you know exactly what you can spend, but you may need somewhere to live in between. Buying first means you secure the home you want, but you may carry two homes, or need a short-term loan, until your sale completes. The middle path is an offer subject to the sale of your home, which protects you but makes your offer weaker to a seller.
This is general information, not legal, tax or financial advice, and the rules are subject to change. Confirm your own situation with your lawyer or notary, your lender and your accountant before you sign anything.
| BC Financial Services Authority, consumer questions | 604-660-3555 · 1-866-206-3030 · info@bcfsa.ca |
| Province of BC, property transfer tax | 1-888-841-0090 · 236-478-1593 · PTTENQ@gov.bc.ca |
The three ways to do it
Sell first
You know your budget before you shop. The risk is timing: ask for a longer completion or possession date on your sale, or plan to rent for a short while.
Buy first
You secure the home you want. The risk is carrying two homes. Get your lender’s answer in writing on how long they will finance both before you remove subjects.
Subject to the sale of your home
Your purchase depends on selling yours by a set date. BCFSA publishes standard wording for this, including a clause that lets the seller keep marketing and give you a deadline if another offer arrives.
Both on the same day
Line up the completion dates so the money from your sale pays for your purchase. It is tidy on paper and tight in practice; one delay affects both.
Rules that apply either way
| Rule | What it means for you |
|---|---|
| Three-business-day rescission period | A buyer of most homes in BC can cancel within three business days of the offer being accepted, for a fee of 0.25% of the price, paid out of the deposit. It cannot be waived. It does not apply to homes on leased land, leasehold interests, auctions or court-ordered sales. |
| Deposit | Usually held in the brokerage’s trust account, and released only when buyer and seller agree. |
| Completion and possession | On the completion date ownership transfers in exchange for the price. Possession, the day you get the keys, is not always the same day. |
| Property transfer tax | Paid by the buyer when the transfer is registered. If you have owned a home before, the first-time buyer exemption does not apply. |
| Owning two homes in one year | CRA’s “plus 1” rule lets both properties count toward the principal residence exemption in the year you sell one and buy the other. You still report the sale on your tax return. |
| One agent on both sides | Dual agency has been banned in BC since 15 June 2018, except in very rare circumstances. |
| What the seller must tell you | A property disclosure statement is a voluntary form. Known material latent defects must be disclosed in writing by the listing agent. |
Bridge loans, which cover the gap when you buy before your sale completes, are offered by lenders rather than set by any government rule. Ask your lender for their terms in writing.
Questions I would answer before choosing
- How fast are homes like mine selling right now, and how fast are homes like the one I want?
- What will my lender approve if I still own my current home?
- Can my buyer give me a later possession date, or can I rent back?
- Would a subject-to-sale offer be taken seriously on the home I want?
Every move is different. Talk to your lawyer or notary, your lender and your accountant before you sign, and call BCFSA on 1-866-206-3030 with questions about the rules.
- BC Financial Services Authority, Home buyer rescission period. Checked 4 October 2026.
- Province of British Columbia, Home Buyer Rescission Period Regulation, B.C. Reg. 175/2022. Checked 4 October 2026.
- BC Financial Services Authority, Standard clauses. Checked 4 October 2026.
- BC Financial Services Authority, Deposits. Checked 4 October 2026.
- BC Financial Services Authority, Completing your sale. Checked 4 October 2026.
- Province of British Columbia, Filing and paying property transfer tax. Checked 4 October 2026.
- Canada Revenue Agency, Principal residence and other real estate. Checked 4 October 2026.
- BC Financial Services Authority, Conflicts of interest and dual agency. Checked 4 October 2026.
- BC Financial Services Authority, Material latent defects. Checked 4 October 2026.