If entering the real estate market for first-time homebuyers feels like an uphill obstacle course, staying in the game for established owners can feel like juggling while riding a unicycle on a tightrope.
This mostly has to do with the delicate balancing act of selling your home. Sell too soon and there's a possibility you and your family could end up homeless in between finding your next home, TIME points out.
Wait too long to sell and you might miss out on your next dream home, particularly if you're moving to hot markets like Toronto or Vancouver where competition is fierce. This situation can become even more aggravated when Canadians buy a new home before selling their old one, leaving them with two mortgages (and a whole lot of financial stress and headaches).
It's the situation Toronto-based realtor Olga Schrage found herself in after she broke her own rule while trying to sell her loft condo in Toronto's Liberty Village neighbourhood.
"I went against my rule. We went and bought property before selling," said Schrage in the video above.
For Canadians like Schrage, there are few best practices to avoid the unnecessary pressure of juggling two homes. Interviewing real estate agents familiar with your neighbourhood can give you a sense of how many days your home will last on the market before finding a buyer.
In terms of finances, looking into a bridge loan can function as a stop gap measure. It's an option allowing users to utilize the equity of their new residence as a down payment while they wait for the sale of their existing home to close, according to the Globe and Mail.
So how did Schrage pull off her circus act of selling a home after buying a new property? Check out the full episode of I'm Sold Canada to find out.
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