Next up and coming market(s) for BRRRR in Canada?

[Jason Park]

Hi everyone! Newbie investor here.

Hope everyone's having good holidays despite the pandemic.

My name is Jason, and I'm a resident of BC looking to put a foot into REI, particularly via BRRRR strategy.

Besides having recently purchased a townhome (primary residence for my family) in Port Coquitlam, listening to RE podcasts including biggerpockets to and from work in the car, and having read couple books, I would say that I know very little regarding REI.

I figured I would join the community to connect with people and learn from those who have walked the walk.

I learned about the BRRRR strategy, and on paper, the mechanics make sense to me. But I find that I would need to first find target markets where the numbers would work out. Definitely not where I live, Vancouver, where 1% rule is just a fantasy (I think it's more like 0.1% in Vancouver).

I have a couple friends that have been actively doing BRRRR in Moncton, New Brunswick, but now I think people have caught on as they tell me that it's been getting progressively more difficult to find properties with good numbers.

So I have looked around the forum and a few places that have come up are:

1. Vancouver Island - Duncan, Port Alberni, Campbell River

2. Calgary

3. Edmonton

4. London

5. Barrie

6. Sudbury

7. St. John

I would prefer to invest near home and stay in BC. Also since it would be my first rental property, I was looking at either SFH or MFH. Eventually I would like to get into MF, but I wonder if it would be better to start with something smaller in scale and eventually move up.

However, beggers can't be choosers! If there are good opportunities in Canada, I'm willing to follow.

If anybody could give me a lead, it would be much appreciated. Better yet, is there anywhere I can go look for information and do independent research? Also, I would be happy to connect as well.

Looking forward to hearing from you all!

Thanks,

Jason