How do you manage out of province properties?

[Park Sunghyun]

Hello,

I am an aspiring real estate investor who is on my path to purchasing my first rental properties. I live in Ontario (GTA), and as you might know, the property values are really inflated. Given the tough situation, I am looking at out-of-pronvince properties, such as houses in New Brunsick or Alberta. My question is how do you purchase and manage out of province properties? I am really noob so any help would be much appreciated. 

[Zorya Belanger]

Quote from @Park Sunghyun:

Thank you very much for all your responses! I find it interesting how everyone who replied either owns a property in AB or NB. If I can ask a follow-up question, how do you go about researching a market out of province? Where do you normally find information? 

For Alberta check out the Owl put out by ATB Financial - an Alberta credit union. Population has increased big time in Alberta lately, making the economy strong, real estate market busy. Edmonton is still affordable but prices and rents will be increasing, to catch up to Calgary, which is typically 12-18 months ahead of Edmonton. There’s a bigger gap now between the cities then there usually is, so I don’t expect it to stay that way.

The biggest thing is that we’re short on housing, and will continue to be for a long time. Even with all the building planned, we will still be short, so come a build a 6plex with 5-10% down. It will be rented easily.  

Edmonton’s the place to be right now - there’s not much more research you need to do :)

From the Owl:
Thanks to the influx from other provinces, Alberta’s population continues to grow at a faster clip than all other provinces. In the third quarter alone, it expanded by 1.3%, reaching 4.76 million as of Oct 1, 2023. The quarterly gain of more than 61,000 is the highest on record.

Over the latest one-year period, Alberta’s population grew 4.3%, far exceeding the national increase of 3.2%. PEI ranked second at 4.0%. Alberta has not seen an annual growth rate this high since 1981. In absolute terms, this is the strongest year-over-year change Alberta has ever witnessed - a stunning 195,058 new residents in the last four quarters.