Real Estate Agent · Abbotsford, BC · Member since 2017 · 78 posts · 9 votes
Hi BP!
I'm looking to do a flip in Canada sometime soon. Looking at Edmonton or possibly winnipeg. One thing I've always struggled with is looking up comps for potential flips online. Redfin works for some cities when looking up recently sold properties, but not for others. Is there something I'm missing? Is there another platform Canadian investors are using to find their comps?
In addition to what Roy said, look at realtor.ca to see what places are selling for. Talk to local realtors who work with investors to see what the market is like.
Investor · Vancouver, Canada · Member since 2017 · 25 posts · 16 votes
6y
Access to sold prices are exclusive to Realtors having access to the MLS. I would get in touch with a realtor in the area you're looking at with the intention of having them find properties for you to buy, given your criteria. Along with that, you can ask for sales comps.
You can readily find the listing price of similar units, but that's only the listing price, which may not have any correlation to the sale price.
In BC, you can look up the BC Assessment of the property, which will give you the Government's assessment for tax purposes, (usually in July). This gives you an idea of how close a property is listed for against it's assessed value. Again, just a ballpark.
Rental Property Investor · Port Coquitlam, BC · Member since 2017 · 520 posts · 527 votes
6y
@Conor Kelly you make it sound like you can parachute into a market (Edmonton, Winnipeg ?) and make money 'flipping'... that's a great recipe for losing your shirt. You really can't flip remotely; you have to fully understand your market and be able to weed through hundreds of listings to find the one (or maybe two) that work. Any REI success relies on local knowledge. This is your best defense against failure.... get boots on the ground and build a team for success.
Flips work best in a rising market, and I haven’t heard someone describe Winnipeg as rising for a looooooong time. Edmonton overall is also extremely stagnant. Basically anything west of the horseshoe and east of lower mainland is on pause for the foreseeable future.
Rental Property Investor · Calgary (Rental in Kihei Maui, HI) · Member since 2019 · 23 posts · 13 votes
5y
@Kris H.
Flips can work in flat markets if you find the right neighbourhoods that are changing over. Especially if you can find the property off market. Calgary overall is basically flat or down depending on the housing type but flips are still profitable in lots of neighbourhoods.
Specialist · Kelowna, BC · Member since 2018 · 34 posts · 15 votes
5y
@Marcel B. The real estate agents and their organizations created the MLS system. That is why they have maintained a grip on it. It is frustrating, but if I developed something like that don't think I would do anything different. It was a brilliant strategy to control the market