Mortgages

Looking to buy your next home?

Considering an upgrade, looking to downsize or interested in a new neighbourhood? Your next home awaits! Although it’s recommended to sell your current home before buying your next one, the timing doesn’t always work out perfectly. Our team of experts can help ensure a smooth and seamless journey as you buy your next home. 

Talk to an advisor
Two men play with a friendly black dog on the floor of a new home.

Your step-by-step guide to buying your next home.

Buying your next home is an exciting journey and we're here to support you every step of the way. Use the guide below to explore each stage of the process, from researching your options and preparing to sell your current home to purchasing your next one. Whether you’re navigating the process on your own or looking for guidance along the way, you’ll find the information and support you need to move forward with confidence and make your next home a reality.

Step 1: Access your finances

Understand your budget and prepare for the costs of buying your next home. 

  • Use our budget calculator to see what you may be comfortable spending on a mortgage payment each month. 
  • Ideally, selling your current home and buying your next home would happen in perfect order, but the reality is that timing isn’t always perfect. Think about and plan for different scenarios, such as having to pay two mortgages if your current home takes a longer time to sell. 
  • Remember, you’ll need a down payment of at least 5% to buy your next home. While you may use funds from selling your current home, it depends on the sale amount and your outstanding mortgage. If relying on sale proceeds to make your down payment, make sure to have a backup plan in case your house doesn’t sell right away. 
  • You’ll need to show you have 1.5% of the purchase price of a home for closing costs (e.g., lawyer fees, etc.). Consider saving in a savings account or short-term deposit. 

Step 2: Get pre-approved

Know your options and understand your mortgage before you start shopping. 

Step 3: Prepare to sell your home

Get your current home ready while planning for your next move. 

  • Look for a local real estate agent by either asking your family and friends for recommendations or searching the Saskatchewan Realtor database. 
  • Discuss your goals with the agent, emphasizing your desire to sell and buy at the same time. 
  • Get ready to sell your home by enhancing curb appeal and making any necessary repairs. 

Step 4: List and start house hunting

Sell your current home while searching for the right next home. 

  • Work with your real estate agent to list your home. 
  • Start searching for your next home, considering your pre-approval amount.

Step 5: Make offers and finalize details

Navigate offers, agreements and the next steps toward your new home. 

  • Review and negotiate any offers of your current home with your real estate agent. 
  • Once finding the next home you hope to own, work with your real estate agent to submit an offer, which should include: 
    • How much you’re willing to pay for the home
    • The deposit amount and closing date
    • Any items you want included with the home, such as blinds or appliances 
    • Any conditions, such as a title search or home inspection 
  • Hire a lawyer for both the sale of your current home and the purchase of your new home. They will review the agreement terms, check property records, complete title searches, and help with title transfers when closing the deal. 

Step 6: Complete your mortgage

Finalize your mortgage application details before closing on your home.

Step 7: Complete the inspection

Inspect the home and remove conditions before closing. 

  • Hire a qualified home inspector to look at the home and prepare a report that outlines the home’s condition. 
  • If the report suggests making repairs, talk with your realtor, lawyer and the seller about them. If all looks good, remove the conditions and the deal can go ahead to closing.
Bridge financing

Need help bridging the gap between homes?

If you find yourself in a situation where you’ve secured your new home, but your old home is still being sold, we do offer bridge financing for up to six months. It’s a temporary loan that lets you handle your mortgage for both your current and future homes for a short time. If you need bridge financing to help you through your transition of buying and selling, talk to our Mobile Mortgage Specialist.

Meet the team
FAQs

Common questions.

Here's what people ask us the most.

Bridge financing is a short-term loan that covers the gap between closing on your new home and receiving the proceeds from the sale of your current one. For example, if your new home closes on June 1 but your current home doesn’t close until June 15, bridge financing covers the mortgage payments in between. Interest rates on bridge loans are typically higher than standard mortgage rates, and fees may apply. Conexus can advise on whether bridge financing is appropriate for your situation. 

Pre-approval tells you the maximum amount a lender is willing to lend you based on your income, debt and credit history. What you can afford is a different question — it considers your full financial picture, including your monthly expenses, lifestyle costs, savings goals and emergency fund. At Conexus, we will help you think through both figures before you start your search. 

When you buy your next home, you have several options for your existing mortgage. If you’re selling your current home, the mortgage is typically paid off at closing from the sale proceeds. If you’re porting your mortgage to the new property, the existing terms transfer over. If you break your mortgage before the end of the term, you may face prepayment penalties — which can be significant, particularly on a fixed-rate closed mortgage.

Connect with us

Let’s make your next move easier.

Whether you're upsizing, downsizing or relocating, our Mobile Mortgage Specialists will come to you — at home, at the office or virtually. Book a time that works for you and let's make your next move happen. 

Book an appointment