@Jacob PerezI'm by no mean an economists, but from what I've learned from Don Campbell, it makes me think that just "demand" cannot be a fundamental economic driver.

Trying to understand how do we go about finding the right place to invest which meets the fundamentals. 

A proper market research and a belief that real estate investing in Canada still makes sense is very important to us before both of us take such fundamental steps.Can anyone advice where would you start in this situation?

You will definitely find the fundamentals of your education here.

I've read about and understand the basic fundamental differences between both, but I'm looking for some practical advice and opinions.  

With that said, there is nothing fundamentally wrong with an up/down style. 

I've been hearing that for decades.That said, the fundamentals driving multifamily are strong, especially in some markets.  

I want to master the fundamentals of valuing SFR and small multi-family properties.

@Hayden Wright higher cap rate is not always better, capture initial equity through value-add, reserves should be substantial and you will likely use them, if you buy off of a long-time owner be sure to budget for insurance and property taxes to be a lot more than they’ve been paying, buy in an area where rents and property values are going up (good market fundamentals like lots of jobs in diverse fields, affordability (wages can pay the rent), population growth, good schools, low crime etc.).

well hate to tell you but BP has been around a lot longer than that and REI has been a fundamental wealth builder for over 100 years.