Own a condo & moving 10 hours away. Hold and rent? Sell and buy?

[Tyler Dove]

Hi all,

I'm currently living in Chilliwack, BC, just outside of Vancouver BC, Canada and I'm looking to move to Calgary AB within the next 3-6 months.

I currently own my own condo in a rental-friendly building.  The way I see it, I have two and a half options:

1. 1. Sell my condo in a hot market in Chilliwack in order to buy in Calgary.
2. 2. Rent out my condo in Chilliwack at a negative cash flow of -$200 to -$300 per month and then
   1. Rent in Calgary
   2. Try to figure out how to buy in Calgary as well

A few factors to consider:

1. 1. Calgary real estate appears to cost ~25%-35% less than Chilliwack real estate
2. 2. I'm looking to live in the city rather than the more affordable suburbs
3. 3. I don't currently have the financial resources on my own to seek traditional bank financing on a second property in Calgary - I would need a creative financing solution.

What would you suggest would be the best movie forward?

Thank you in advance,

Tyler

[Vincent A.]

Is there a way for you to not be in negative cash flow if you do a rental?

To offset the negative cash flow and possibly save up, would you consider sacrificing your own personal space for a year or so and live with professional roommates?

I personally would like to keep the condo in Chilliwack and then also buy a property out in Calgary (not a condo though)