Why purchase out of province?  Let’s face it the best area to buy might not be where you live!  Prices could be too high, no appreciation or cash flow.  Sometimes opportunities present themselves in other locations.  Back in 2008 the US housing market crashed.  Our dollar was at par, and it was a great time to buy.  One of the best real estate investments that I ever made at the time.  Maybe you are looking for a vacation property in a sunny destination that you can Airbnb when you are not there.  I would not rule out another country.

Let’s look at other provinces.  The eastern provinces are attracting immigrants, students and retirees.  Prices are still low; cash flow is great, and the housing growth is still there.  This is a great way to start and have a cash flowing property.  Ontario is very difficult to cash flow but has a high potential for appreciation.  An even better opportunity with the market correcting.  Alberta is very oil driven.  The market is stable and growing, rental market is good, cash flow is good.  When oil comes back it could potentially lead the country in appreciation making it a really good spot to look into.  Not to mention more people are flocking to Alberta for the lower taxes, jobs and home prices.  

Depending on what you want to achieve leave yourself open.  Keep in mind this is an investment.  There are property manager companies to take care of your property.  Make sure you do it the right way with the right people.  Buying out of Province can be easy if done correctly but very costly if not.