Real Estate

Looking for advice

  • Last Updated:
  • Aug 2nd, 2020 10:58 pm
[OP]
Newbie
Sep 23, 2016
34 posts
12 upvotes

Looking for advice

Hello guys,

Looking for advice on a condo property in Edmonton, it's located in Silver berry area in south side.

I own a house already which is only 5 years old, I still have 16 years to go to finish mortgage on it, was looking for a property for my mother-in-law to move in (she's currently in Ontario and may move out here with us in 6 months) or maybe for rental investment. How's the rental market on south side? (if anyone has any experience and don't mind sharing)

Is it good time for purchasing condo/investment property? Property we are interested in is listed for $200K with $350 condo fees, Interest is going 2.04 or 1.99 for 5 year fixed (my mortgage is coming up for renewal as well)

I don't really have any other big investments at the moment, few grand in stocks, some in savings, some in TFSA, some in my parents savings (i deposit them in their account).

I am looking to pay 5% down and me and my wife we can afford to pay for the condo if it doesn't rent out (plus we dont want to rent to anyone/everyone, we can wait few months to get a good tenant).

Only debt we have is $15K for my car and $13K for my wife's car.

What would you do if you were in my situation.

Thanks for the input.
1 reply
Deal Expert
Aug 2, 2001
16500 posts
6647 upvotes
I personally would not recommend investing in a condo for rental income in Edmonton. Not only are there many issues with the provincial economy right now, there are also many condo's not doing well for value and build quality.

Buying a condo for personal use (such as your mother in law) is a different story because that is the primary purpose. But if the primary purpose is investment I would really rethink it.

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