The national real estate market has entered into balance and as RBC describes in their affordability report, it is a Goldilocks market – not too hot, not too cold, but just right. But not all cities are created equally. As a real estate investor, what are the top performing cities should you consider?

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We all seem to understand that it is not how much you make that matters, it is how much you keep (just look at the deductions on your last paycheque), yet not many people consider the importance of understanding the tax implications of their investments.

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Never, ever, ever use a legal representative that also represents the other side of a deal. EVER! This is true when you buy in Canada and is doubly important when buying outside of the country.

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The first step in this rule is to find out what restrictions are put on a foreign property holder. Don’t assume that what occurs here in Canada will look anything like what occurs in another country. Tax laws, ownership laws, immigration laws, – they ALL affect you!

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Remember, when buying outside of Canada, you are always at the whim of the currency markets, so make sure that you investigate that side of the equation. Find out how the currency performs.

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“Make sure you’re buying not because it is cheap, but because it has potential.” Part of any due diligence is investigating what else is out there. Discover what your competition may be and what other opportunities you can uncover that may be cheaper or provide better return.

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Never buy property at a distance, especially in another country, without seeing it for yourself. You work hard for your money in Canada, why would you throw your money at a potential property without knowing the reality behind the dream?

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Due to the combination of a strong Canadian dollar (and economy), the lack of buyers (and poor economy) in the US, and the huge commissions that are paid to promoters, Canadians are currently being inundated with sales pitches for vacation & tropical real estate – and frankly these pitches are done so well that they are quite compelling.

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Starting next week, I will be presenting a 6-part blog series that will tell YOU what you must do if purchasing property outside Canada. Doing your due diligence is incredibly important, and becomes even MORE important when you venture outside our borders.

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The mayor of Maple Ridge, Ernie Daykin, isn’t shy about talking up his community, which lies at the northeastern edge of the Lower Mainland past Port Coquitlam and Pitt Meadows. Not surprisingly, the real estate is less expensive there.

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