Buying and Selling at the Same Time

Short answer: You have three main paths: sell first and then buy, buy first with a subject-to-sale condition or bridge financing, or line up both deals with matching completion dates. The safest approach for most people is to get your sale firm before you firm up your purchase, then use timing, bridge financing or a short rental to close the gap. Get a mortgage broker involved before you list.

This is one of the most stressful moves in real estate, and it’s the one I help with most often. Nobody wants to own two homes, and nobody wants to be homeless for a month. The good news is that with a plan, it’s very manageable.

Should I sell first or buy first in Vernon?

It depends on the market, your finances and how specific your next home needs to be.

Sell first if you need the equity from your current home to buy, if you can’t carry two mortgages, or if the market is slow enough that finding a buyer is the harder part. You’ll know exactly what you have to spend.

Buy first if the home you want is rare (a particular lakeview, an acreage, a certain school catchment) and you’re confident your current home will sell. It’s also workable if you have the financial room to carry both properties for a while.

In Vernon, the answer often changes by segment. A well-priced family home in a popular neighbourhood may sell quickly, while a unique acreage or high-end view home could take longer. Knowing which side will move faster is the first thing we figure out together.

What are my options if I sell first?

Negotiate a longer completion. Ask your buyer for a later completion and possession date to give yourself time to find and buy your next home.
Make your sale subject to finding a home. Some sellers ask for a condition allowing them to find a suitable replacement. Buyers don’t always accept it, and it can weaken your offer, but it’s an option.
Rent short term. Selling first and renting for a few months takes the pressure off. It costs money and means moving twice, but it can let you buy without competing as a “subject to sale” buyer.

What is a subject-to-sale offer?

It’s an offer to buy that depends on you selling your current home by a certain date. It protects you from owning two homes, but sellers often see it as a weaker offer because it depends on something outside their control.

To make one more acceptable, sellers commonly ask for a time clause (sometimes called an “escape” clause). It lets the seller keep marketing their home, and if they receive another acceptable offer, you get a set number of hours or days to remove your subjects or step aside. The exact wording and timeline are negotiated, so have it drafted carefully.

A subject-to-sale offer is strongest when your home is already listed, priced realistically, and ideally has showing activity. My Selling Your Home page covers getting ready to list.

What is bridge financing?

Bridge financing is a short-term loan that covers the gap when your purchase completes before your sale. It lets you use the equity in your current home for the down payment on the new one, for a limited time, until your sale completes.

Key points to ask your lender about:

Most lenders want a firm, unconditional sale on your current home before they’ll approve a bridge loan.
There’s usually a maximum bridge period, and there are fees and interest.
Not every lender offers it, and terms vary.

This is why getting a mortgage broker involved early matters. Start with my Mortgage Info page or get pre-approved, and ask about porting your current mortgage too; depending on your mortgage, porting may avoid a penalty.

How do I avoid getting stuck with two homes?

Here’s the order I usually recommend:

Get a realistic value on your current home. List at a price that will actually sell.
Talk to your broker about what you can buy with and without your sale, and whether bridge financing is available.
Start looking so you know what’s out there and what it costs.
Firm up your sale before firming up your purchase whenever possible.
Wait out your buyer’s rescission period. Under BC’s Home Buyer Rescission Period, your buyer can cancel within three business days of acceptance, even on a subject-free offer. Your sale isn’t fully firm until that has passed and their subjects are removed.
Coordinate the dates. Ideally, your sale completes a day or more before your purchase, so the funds are in place. Your lawyer or notary can handle both files to keep things smooth.

How should I time completion and possession dates?

In BC, completion (when money and title change hands) and possession (when you get the keys) are separate dates in the contract. A common approach is to have your sale complete first and your purchase complete the same day or shortly after, so your equity is ready to go.

Leave a little breathing room. Delays happen: a lender asks for one more document, a registration takes longer, or a moving truck is late. A day or two of overlap, or a short stay at a rental, is much less stressful than same-day everything.

What else should Vernon owners know?

Speculation and vacancy tax. The City of Vernon (except Predator Ridge) and the District of Coldstream are taxable areas for BC’s speculation and vacancy tax. If you end up owning two homes for a period, check your declaration requirements and whether an exemption applies.
Property transfer tax and closing costs still apply to your purchase, so budget for them. See closing costs when buying a home in Vernon.
Capital gains. Selling your principal residence is usually covered by the principal residence exemption, but owning two homes, even briefly, can raise questions. An accountant can confirm how it applies to you.

What’s the biggest mistake to avoid?

Firming up a purchase that depends on your sale before your sale is firm. It’s the move that leads to bridge loans you didn’t plan for, carrying two mortgages, or worse. If you’re tempted to do it anyway, talk to your mortgage broker first and have a realistic backup plan.

Every situation is different. Please talk to your mortgage broker about financing, your lawyer or notary about contract wording and dates, and your accountant about any tax questions before you commit.

Frequently asked questions

Can I buy a house before selling mine in BC?

Yes. You can make your purchase subject to the sale of your home, use bridge financing once your sale is firm, or qualify to carry both properties. Talk to your mortgage broker before you write the offer.

What is a time clause in a subject-to-sale offer?

It lets the seller keep marketing their home. If they get another acceptable offer, you have a set time to remove your subjects or step aside. The timeframe is negotiated.

Does bridge financing require a firm sale?

Most lenders want a firm, unconditional sale on your current home before they approve a bridge loan. Terms vary, so check with your lender.

Should my sale and purchase complete on the same day?

It can work, but many people prefer the sale to complete first with a little breathing room. Your lawyer or notary can help coordinate the dates.

More Vernon guides

Questions about buying or selling in Vernon?

I’m Sean Phillips, a REALTOR® with Coldwell Banker Executives Realty in Vernon, BC. I live in Okanagan Landing, and I help buyers and sellers across Vernon, Coldstream, SilverStar and the North Okanagan.

Text or call Sean: 778-363-0542
Call or text Sarah, my 24/7 info line: 604-227-4810

This article is general information as of fall 2026, not legal, tax or financial advice. Rules, fees and conditions change, so confirm details with the appropriate professional or authority before making a decision.

Featured photo by Dina Badamshina on Unsplash.

Buying and Selling at the Same Time in Vernon: How to Avoid Getting Stuck