Hi, we moved out of our primary residence last year and moved into rented accommodation (to be nearer schools etc) while we look for a permanent house to purchase in that area. We rent out our existing property, which partly offsets our rental costs. This was always considered a temporary arrangement until we find our permanent location.
We have been mortgage-approved to purchase a new house without having to sell our existing house.
My question is - are there tax benefits / implications to waiting to sell our primary residence after we purchase a new home? Our primary residence has increased in value by approximately 100k since we purchased. From a tax perspective, is it better to sell before we purchase a second house?