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Should You Invest in Vancouver, Montreal or Laval?

Should You Invest in Vancouver, Montreal or Laval?

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Should You Invest in Vancouver, Montreal or Laval? Plus the 2 Numbers Wayne Uses to Analyze Deals Can you find a good rental property in Montreal or Laval? Should you invest in Vancouver? What numbers actually matter when analyzing a rental property? And if you already bought a bad deal, should you hold it and hope it recovers, or sell it and move on? Today's episode of the Canadian Real Estate Investing Morning Show is another investor Q&A covering exactly those questions. Wayne and Gabby break down how to evaluate a market, how borrowed down-payment funds affect cash flow, why Wayne would personally avoid certain provinces even when the numbers appear to work, and the two metrics he actually uses to compare real estate deals. The main message: Don't force a market to work. Find the market, property type and deal that actually fit your investment criteria. Can You Cash Flow in Montreal or Laval? A listener from Laval, Quebec asks whether it is realistic to find a property in Laval or Montreal that meets Wayne's cash-flow criteria. Wayne says it may be possible. But instead of starting with one predetermined property type, investors should study the entire market. Look at: Apartment condosTownhouse condosDuplexesSingle-family housesHouses with secondary suitesSmall multifamilyLarger multifamily Then compare purchase prices across different neighbourhoods with the rents those properties can realistically achieve. The goal is to become a master of the market. You need to know: What different property types cost. What different neighbourhoods cost. What tenants will pay. What areas attract stronger tenants. Which property types produce the best rent-to-price relationship. Only then can you determine which opportunities deserve deeper investigation. Don't Start With the Strategy and Force the Market The listener specifically mentions wanting to purchase a plex. Wayne's approach would be slightly different. Instead of deciding: "I want to buy a plex." Start with: "Which asset type in this city produces the best combination of cash flow, tenant profile, risk and long-term potential?" Maybe that is a plex. Maybe it is a townhouse. Maybe it is a suited house. Maybe it is something completely different. Do not force the property type. Follow the numbers. Borrowing Your Down Payment From Home Equity The listener is also considering borrowing against their existing home to fund the down payment. Wayne likes the concept of taking otherwise unused equity and redeploying it into another productive asset. But there is an obvious trade-off. Borrowing the down payment creates additional debt. Additional debt means additional monthly interest. That increases the risk. If the investment property itself produces $500 per month in cash flow but the borrowed down payment costs $300 per month to service, the investor's actual financial position is very different. That needs to be considered. Look at the Entire Portfolio When investors use equity from one property to fund another, Wayne sometimes prefers looking at the cash flow of the entire portfolio instead of judging only the new property in isolation. Maybe one property produces excellent cash flow. Another is tighter. Together, the portfolio may still be healthy. The question becomes: Does the entire portfolio still pass the cash-flow test and remain resilient? Borrowing money to scale increases potential profits. But it also increases risk. The goal is finding the right balance. Borrowed Investment Funds May Be Tax Deductible Gabby also points out an important tax consideration. When money is borrowed and used for qualifying investment purposes, the interest may be deductible. That can reduce the true after-tax cost of the borrowed funds. Investors should confirm the exact treatment with a qualified accountant based on their specific circumstances. Why Wayne Still Wouldn't Choose Quebec This is where Wayne's answer changes. Could somebody potentially find a property in Quebec that produces good cash flow? Yes. Would Wayne personally want to operate his rental-property business there? No. The issue is the landlord and tenant laws. Wayne views real estate as a business. And if the jurisdiction makes it unnecessarily difficult to operate that business, enforce agreements or manage risk, that becomes a major negative. Even if the numbers work. For Wayne, that can be enough to eliminate the market. A Great Deal in the Wrong Province Can Still Be the Wrong Deal Wayne compares Quebec with other provinces where investors have historically found strong deals. The purchase price might work. The rent might work. The appreciation potential might work. But if the operating environment creates significantly more landlord risk, the deal becomes less attractive. Wayne would rather invest in a market where: The property works. The cash flow works. The tenant profile works. The long-term fundamentals work. And the laws support the operation of the business. Wayne's "Ice Age" Theory ...
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