New BP'er from Toronto, Canada!

[Tanveer Mostafa]

Hi everyone! It's great to join this awesome community that is frequently active and helpful.

My name is Tanveer and I am an aspiring real estate investor looking to purchase a property within the year. I listen to at least one BP podcast a day and have read books such as Rich Dad Poor Dad (which I should read again) and I am currently reading The Book on Rental Property Investing written by our very own Brandon Turner. 

I'm fairly young just recently entering the workforce a year ago as a Sales representative at a Fortune 500 Tech Company. I love my job and I love sales but I know that it takes more than just a 9-5 to build tremendous wealth and ultimately become financially independent at a young age. 

My challenge is figuring out how the real estate landscape is different in Canada than the US, and what major differences do I need to take into consideration when exploring topics such as BRRRR investing and using leverage to purchase property. Any guidance in this area would be much appreciated.

In the meantime I'm looking forward to attending my first meet-up in two weeks here in Toronto.

Lastly, GO RAPTORS!

[Hai Loc]

Originally posted by @Tanveer Mostafa:

Originally posted by @Hai Loc:

Originally posted by @Tanveer Mostafa:

Thanks for the welcome @Meghan Chomut! Glad to meet a fellow Canadian. Would you have insight or resources as to how the Canadian real estate market differs from the US?

Hey fellow Torontonian

If real estate investing is totally new to you I say stick with learning the basics first before you decide to choose which country you should pursue. I would stick with local first Ontario.. then explore US..

One thing you will find out is when you buy in Ontario you will likely need a mortgage where as in the US you won't need it for single family especially starting off 

Thanks for the advice Hai. I was thinking I'd like to invest in Ottawa specifically to start as I grew up there and know the market well, and it seems prime for real estate for the next while.

Where do you see opportunity in Canada right now?

Best,

Tanveer
 

Windsor and London appear to have the lowest DOM in Ontario.. So that is a good indicator. As the prices in the GTA continue to grow mid to smaller size towns 2-3 hours away will gain some steam. I know a ton of people who even moved to the maritimes but I don't think there is a specific area east where they are heading..

Ottawa is always near to top in terms of best places to live in Canada lately so you can't go wrong there. 

Outside of Ontario I am not too familiar but I hear good things about Montreal..