The tradeoff is timing pressure on the buy side. Sell first and you know your exact proceeds before you shop, but you may need a short-term rental or a flexible possession date negotiated into the sale agreement if your next home isn't ready.
Buying first protects your next home but exposes you to carrying costs on two properties, plus interest that compounds semi-annually on a bridge loan if your lawyer arranges one through Information Services Corporation to cover the gap. That interest adds up fast over even a few weeks.
The right order depends on how firm your equity number is and how competitive the Erindale market is right now for your specific home. Get your hand-reviewed valuation from Joel Dyck.