Investing in the Maritimes
Hi all,
I really appreciate all the wisdom that is shared so freely here on BP!
I’ve recently had a rental property expropriated that I’ve owned for many years in the Montréal area (expropriation was a bizarre experience!). I’ve since been searching for an area to build a rental portfolio. I’ve visited NB and NS many times and have always been attracted to it, to add to that, the cash flow from properties there seems to be far more interesting than anything I can find around Montreal. My thoughts are to build a portfolio of rental properties with the idea of moving there in a couple of years. I’ve read quite a bit about the demographic challenges that parts of the Maritimes face so I wouldn’t expect significant price appreciation in the foreseeable future, but I’ve always focused more on the cash flow and viewed any appreciation as a bonus.
I’m exploring properties in Saint John and Moncton but I’m open to suggestions if you have other areas that you think warrant investigation. I visited Sydney, NS about a year ago, the properties certainly are cheap but the demographics are troubling. I like Halifax, but I have the impression that prices are a bit high based on the cash flow potential.
I’ve been reading everything I can find on BP related to investing in the Maritimes and saw some reference to how some investors “from away” have been buying properties and not doing so well, is that because of vacancies? Inaccurate cash flow estimates? Difficulties with property management? If they do their due diligence and verify the numbers prior to purchase, what are the surprises that get them? Any suggestions on what I should be looking for to avoid that outcome?
I’d love to hear about some of your views/experiences investing in these areas (or other areas you think I should be considering!)
Thank you!