Midterm rental for positive cash flow in Vancouver area?

[Julie Cho]

I am going to take possession of a pre-sale condo in Burnaby, BC in August. It is one bed, one bath, "luxury", around 600sq ft. Purchase price was $380K, similar units are now selling at $650K so I have built up some equity already. I am trying to work out if MTR would generate positive cashflow. For a LTR, I could probably get $2500-2800 per month. Is it worth the investment into turning it into a MTR? I am thinking of using a home staging company for furnishing and have a budget of $10K to work with. I am estimating mortgage to be around $1900 per month ($2500/month including condo fees, utilities, property taxes, insurance).

For some background... I am currently living in a condo in Kitsilano, but I am mortgage free for my primary residence. I work full time in STEM and make a low six figures, so I can tolerate some volatility in the rental market. 

Thanks!!

[Julie Cho]

 This is a good question, have you done any research into MTR? I don't know if that market exists in Canada. Traveling nurses doesn't seem like it's a big thing in Alberta. I'm curious what you find. 

From my research, traveling nurses isn't really a thing in Canada. From the prices nurses are willing to pay and market rent here for a one bedroom (unfurnished, utilities not included) starts at $2500... not sure nurses would be the target clientele. I think even corporate travel has been slow because of remote work being the trend. Seems like there is a market in insurance claims and work relocation. There are local MTR management companies and more seem to spring up, so that would indicate a demand? Still doing research.