Purchase a home or investment property?
Hi everyone,
I'm currently living in Calgary and looking to purchase my first home. I've been looking mainly at 2-bedroom condos in Vancouver since around April, and am really split on whether or not it's a good time to buy. On one hand, I'd like to put my rental money into equity instead of the 1.2k I'm paying monthly right now, but on the other hand, the condo prices in Vancouver proper just seem so inflated. The prices for what I'm looking for range from around $550k to $700k (newer than 2010 2-bed near transit and reasonably central). In Calgary I can get a decent detached in a nice area for that much easily. I'm open to purchasing in Calgary as well, but ideally I would like to settle down in Vancouver. I'm aware condos won't appreciate that much, but for me it would be mainly just a place to settle down so as long as the prices remain steady I'm good.
My other option is to invest into a couple of less expensive places in a city with a healthy rental market and just live abroad for a year or two. I'm in a unique situation where I'm a computer engineer who works from home, so really I can move anywhere that would provide me with a visa and has a good internet connection.
I'd really appreciate any feedback that you guys can give me, I've been stressing about this for nearly half a year now. Got the idea of investing and/or living abroad from all those International House Hunter episodes on HGTV. :)