The vacancy rates should continue to go up because people are leaving to go back home to places like Ontario - I'm looking to buy in the oil run province of Alberta.

I am not local to your town but just the next province over. 

I am searching sites:mls, craigslist, kijiji, vancouver sun, province newspaper, usellahome.comI am right now tracking properties in a spread sheet (both price that we are looking at buying and want to sell for) too see which ones are selling and in what period.I am also using bc assessment website to see what aprox. price the surrounding properties are worth and how much they have sold for.

@Gautam Shah 5-8% pm fees seems a little low, we typically see 7-10%, unless you are looking at large properties.The answer is going to be a bit location dependent and one you can work out yourself.The first thing to verify is whether the Province requires you to have on-site management for a build with X or more units.  

@Christian Chaffe I am not aware of equivalent vendors of "lists": mortgage arrears, foreclosures (in those provinces which use them - Nova Scotia is one), estates, etc. in Canada, but I have not spent much time looking for them.  

Each province sets its own minimum wage.There has been a movement - perhaps not as strong as it once was - to replace the minimum wage with a living wage.  

Do you think the house prices are going to decline throughout the whole province or just in Calgary?

And if so, is that the same for all provinces?

@Paul Choate  as province would have it I am buying your sister park.old house  apartment 15 piece of crap mobiles 3 are condemned .the reason we went for it was price point its on sewer and water and only 3 miles from the U of O so we can reposition it... current income is 4500 a month at least scheduled LOL.. we picked it up for 80... from a burnt out landlord I think I can just get it cleared out and have the pads ready to go to mainly RV types and get 300 a month NP for the pads 750 for the house and 400 for the apartment. 

For starters, since the prices of Real Estate here is insane, the only options I see is either invest really far from Vancouver, like a 2 1/2 hour drive from it or invest out of province (state).