Deciding whether to sell your home first or buy a new one first is one of the most common (and stressful) questions homeowners face in the St. Albert and Edmonton real estate markets. With changing interest rates, shifting inventory levels, and evolving buyer demand across Alberta, the right choice depends on your finances, market conditions, and personal tolerance for risk. The following guide provides practical insights from a St. Albert Realtor perspective to help you make the most informed decision.
Understanding the Local Market: St. Albert, Edmonton & Surrounding Areas
The decision to buy first or sell first is heavily influenced by local market conditions. According to the Canadian Real Estate Association (CREA) and recent statistics from the Realtors Association of Edmonton, St. Albert and surrounding areas like Sturgeon County continue to experience strong demand for well-priced homes, especially detached properties.
- Seller’s Market: Low inventory, high demand. Homes often sell quickly.
- Balanced Market: Supply and demand are relatively equal.
- Buyer’s Market: Higher inventory, giving buyers more leverage and time.
Before making a decision, speak with a local Realtor familiar with neighbourhood dynamics in areas such as Erin Ridge, Akinsdale, Lacombe Park, Kingswood, and rural Sturgeon County.
Option 1: Selling First
Selling your home before purchasing a new one is often the more financially cautious approach.
Advantages of Selling First
- Financial clarity: You know exactly how much you earned from the sale, giving you a clear budget.
- Less risk: You avoid carrying two mortgages, which is especially important under current Canadian lending rules.
- Stronger buying position: You can make a firm offer without needing a sale-of-home condition, which is attractive to Alberta sellers.
Disadvantages of Selling First
- Potential need for temporary housing if your next home isn’t secured in time.
- Moving twice, which can increase costs and inconvenience.
- Pressure to buy quickly in a competitive market.
Best for: Homeowners who want certainty and want to avoid the financial pressure of owning two homes at once.
Option 2: Buying First
Some St. Albert and Edmonton buyers choose to purchase their next property before selling, especially in high-demand neighbourhoods where suitable homes are limited.
Advantages of Buying First
- You can take your time finding the perfect home in your preferred community.
- You avoid temporary housing or storage costs.
- Ideal for buyers with specific needs, such as acreage properties in Sturgeon County or luxury homes in St. Albert.
Disadvantages of Buying First
- Financial risk: You may own two properties simultaneously if your current home takes longer to sell.
- May require bridge financing, subject to lender approval.
- If the market shifts, you might have to reduce your asking price to sell quickly.
Best for: Buyers with strong financial stability or those moving into competitive, low-inventory areas.
The Role of Bridge Financing in Alberta
Bridge financing can be a useful tool that allows you to access the equity in your current home before it sells. Most Canadian lenders, including major banks and credit unions, offer bridge financing if you have a firm sale agreement.
However, lenders typically won’t provide bridge financing unless your home is already sold, which is another reason some homeowners choose to sell first.
Market Trends in St. Albert & Edmonton That Influence Your Decision
- Detached homes remain in high demand in St. Albert and Sturgeon County.
- Townhomes and condos in Edmonton are seeing increased activity due to affordability concerns.
- Mortgage rate fluctuations continue to influence buyer urgency across Alberta.
A knowledgeable local Realtor can assess your property, neighbourhood, and timing to determine whether your home is likely to sell quickly.
How a St. Albert Realtor Can Help
Working with a Realtor experienced in the St. Albert, Edmonton, and Sturgeon County real estate markets can make your decision significantly easier. They can:
- Provide a detailed market analysis of your current home.
- Help you understand buyer demand in your neighbourhood.
- Recommend timing strategies based on local inventory levels.
- Coordinate possession dates to minimize the risk of carrying two mortgages.
- Advise on contract clauses such as sale-of-home or seller rent-backs.
Final Thoughts: Which Strategy Is Right for You?
There is no one-size-fits-all answer. The right approach depends on your finances, your comfort with risk, and the specific market conditions within St. Albert, Edmonton, or Sturgeon County at the time of your move.
However, in many Alberta markets, especially those where homes are selling quickly, selling first provides the greatest financial security. Conversely, if you need a very specific type of home or want to avoid temporary living arrangements, buying first may be a better fit—provided you have a solid financing plan.
If you’re unsure which path to take, speaking with a trusted St. Albert Realtor can give you personalized guidance tailored to the current Alberta real estate landscape.
