Im scared

[Andrew B.]

I have not got into investing yet although I am serious, I've read many books , listen to audio tapes every day in the car, watch those corny "flip that house" shows.

I am 20 years old just starting to build credit, By next spring at this time I will have made 110K Gross, hoping to save a nice big chunk for a downpayment..

My dilemma is, I live in Edmonton Alberta , houses are at insane rate because of the oil boom , houses are going for 300k+ , As a first time home buyer I just think this is just to big of a step... And as I plan to move in about 5 years back to Ontario.

Should I buy land/property back home in Ontario and rent it out, but then I'd still have to pay rent out here to stay and work? Should I just bank the money? Or buy a condo out here for 250K and sell in 5 years?

I am just out here to work and make money to start investing, I really think the housing market is going to slow down here in the next couple years...

Any suggestions?