Hey everyone! Making my first post here after seeing that there isn’t much information on Canadian real estate investing.
My partner and I are looking to invest out of province on our first property, with intentions to rent it out long-term.
We are preapproved for about 800k but our budget for our first property is between $400-500k and are comfortable putting $70-100k down (the lesser the better).
We are both from Vancouver BC, which is obviously way too expensive to invest in. We are looking at either Edmonton, Calgary, or Saskatoon. We both have never been there and are just relying on what we hear about it through research. From what I have noticed looking at the MLS, your money goes way further in Saskatoon because you can purchase properties with up to four units, whereas in the other two cities, I mostly see single-family homes with (maybe) a basement suite. The rents in the all 3 cities are roughly the same. The only thing is, flights to Saskatoon are way more expensive than to the other two cities ($500 vs $120), which might be important as first-time investors… I'm also thinking that's what a good property manager is for though haha.
We’ve talked to a couple Saskatoon realtors and are active on their listings, but are still unsure if we are making the right choice. I feel like I might be overthinking this because this is my first property so anything would help!
