Hello everybody. I'm almost new to this forum and real estate investing. I've done lots of research though and apparently I can't seem to be able to make a decision because the more I read online the more it gets complicated for me.
I have always wanted to invest in rental properties but generally speaking I'm not the kind of person who just hear about something, make a quick decision and jump in. I'm particularly very cautious nowadays because I find there's lots of uncertainty in the market due to a couple factors.
A few years ago I was getting ready to buy in Alberta, Edmonton or Calgary. But as I was moving forward the oil crisis started to emerge and It held me back.
So now I shifted my research to other areas in Canada and I decided that Vancouver and Toronto don't fit into my criteria because they are already very expensive. I researched more and I found that Hamilton could be the closest fit as it has been hot for the last few years and still not as expensive as Toronto but the thing is it has appreciated so quickly as well that I am now afraid it might have topped out already.
So now I started thinking back about Edmonton or Calgary but I am very confused because I keep hearing that the oil price will never go back to where it was before maybe a bit higher than what it is today but that's it and in this situation if I buy and the economy doesn't pick up as hoped in the long term then I might not benefit from long term growth in price which I'm interested in.
And speaking of Hamilton or other surrounding cities in Ontario like Brantford or Kitchener I am worried of a potential correction in price that could happen in Toronto and have a spillover effect into the other surrounding cities.
I don't think I'm caught in what some people call analysis paralysis but like I said with the different factors affecting the different cities in Canada and with me doing my due diligence I've come to a conclusion that I need the advice of those of you long term members who have a long experience in the Canadian market and who are savvy investors that can shed some light as far as what the best option or decision could be.
Would you recommend Edmonton, Calgary or Hamilton or the surrounding areas or maybe some other city that didn't come to mind?
If a correction happens in Toronto do you think it will happen in the other surrounding cities like Hamilton and if yes do you think it would be in the same magnitude or less?
BTW I have a long term plan like ten years and over but still this doesn't mean I will jump tomorrow regardless of what could happen because if I got stuck in a correction it would reduce my long term profitability which I would prefer to avoid if I could.
I would appreciate your help.
I have always wanted to invest in rental properties but generally speaking I'm not the kind of person who just hear about something, make a quick decision and jump in. I'm particularly very cautious nowadays because I find there's lots of uncertainty in the market due to a couple factors.
A few years ago I was getting ready to buy in Alberta, Edmonton or Calgary. But as I was moving forward the oil crisis started to emerge and It held me back.
So now I shifted my research to other areas in Canada and I decided that Vancouver and Toronto don't fit into my criteria because they are already very expensive. I researched more and I found that Hamilton could be the closest fit as it has been hot for the last few years and still not as expensive as Toronto but the thing is it has appreciated so quickly as well that I am now afraid it might have topped out already.
So now I started thinking back about Edmonton or Calgary but I am very confused because I keep hearing that the oil price will never go back to where it was before maybe a bit higher than what it is today but that's it and in this situation if I buy and the economy doesn't pick up as hoped in the long term then I might not benefit from long term growth in price which I'm interested in.
And speaking of Hamilton or other surrounding cities in Ontario like Brantford or Kitchener I am worried of a potential correction in price that could happen in Toronto and have a spillover effect into the other surrounding cities.
I don't think I'm caught in what some people call analysis paralysis but like I said with the different factors affecting the different cities in Canada and with me doing my due diligence I've come to a conclusion that I need the advice of those of you long term members who have a long experience in the Canadian market and who are savvy investors that can shed some light as far as what the best option or decision could be.
Would you recommend Edmonton, Calgary or Hamilton or the surrounding areas or maybe some other city that didn't come to mind?
If a correction happens in Toronto do you think it will happen in the other surrounding cities like Hamilton and if yes do you think it would be in the same magnitude or less?
BTW I have a long term plan like ten years and over but still this doesn't mean I will jump tomorrow regardless of what could happen because if I got stuck in a correction it would reduce my long term profitability which I would prefer to avoid if I could.
I would appreciate your help.