Canadians investing in out of province properties

[Rachael Woodcock]

Hi! I'm sort of new here. I'm based in ski country Ontario (good one, right?!) and real estate is crazy expensive here. Looking at widening my search. Are there any Canadians finding success in other cities or provinces? Trying to find a good place to invest in a small multi family (duplex-fourplex). How do you determine if a particular city is worth investing in. Again, totally new to this so looking for any advice!!!

[Zorya Belanger]

Hi @Rachael Woodcock! Welcome. I'm in Edmonton, and I see a lot of out-of-province investors buying here in Alberta primarily from Vancouver/Toronto. It's much more affordable with great future potential. We also have no land transfer tax, or rent control, which is a big advantage in multifamily (5+ units), as you can improve the property, raise rents to market value with only 3 months notice, and suddenly the building is worth exponentially more. This is the strategy we're pursuing. 

As a brand new investor, I would start by reading Real Estate Investing in Canada by Don Campbell (on amazon). Education is the best place to start, as it talks about how to determine where to invest, among many other things! I find books are better than podcasts or online videos/webinars as they're packed with info and go in a sequential order! 

I'm always happy to chat with new investors to see if I can help, provide resources, or point out some pitfalls. I remember well what it was like getting started!