Buying real estate in Alberta

[Muhammad Tariq]

I am new to real estate and own one property in Grande Prairie, AB. I am currently focused on buy and hold strategy.

Due to COVID-19 and oil prices, Alberta economy has suffered badly. I am not very knowledgeable about cycles of Alberta economy but is this normal? 

Should I take it as an investment opportunity as prices will recover in next few years as it always did? Or should I stay away from the market as there will be an era of high vacancy rates where buy and hold won't be viable?

Thanks in advance!

[Terry Friesen]

@Muhammad Tariq I think GP is great place to invest we have all our properties here. There is an upside to the market rebounding for sure but I think investing here is a safe bet 2 as grande prairie services the whole North West side of alberta and even could argue North East side of BC so even though population is fairly low in GP their are hundreds of thousands of people in the surrounding areas that need Grande Prairie and its services which will help it get through the tough times. I also see a huge advantage to starting in your own area gaining the experience of being close and dealing with all the issues in person instead of just hiring someone to do if for you and take huge amounts away from you profits