Investing in BC,Canada rentals 2021

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Hi,

I am a first time buyer looking to start using the Brrrr strategy. I plan on buying my principal residence, doing some upgrades while living in the property and then putting a tenant in.

I am looking to purchase a condo in the 250-300 K range.

I’m looking to do 5% down as this will be owner occupied, however as a first time buyer I have access to the home buyer RRSP plan, so that could be an option as well to get a bigger down payment if need be.

This price range has narrowed my search down to Kelowna, Vernon, Nanaimo.

If anyone has any insight on these markets, and if there are options to find properties that will cash flow. I realize cap rates will be low and am more interested in principal pay down and equity.

I currently live in Vancouver but can re-locate to any of those areas for work.

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@Jason Ridout

New to this forum and am looking at a new build on Barsby road in Nainamo. Corner 4th floor unit mid 400's. The numbers don't seem to work without bumping bumping rent above market value. What away ?