Even today, the real estate industry shows resilience in the face of a global pandemic. While a few sectors suffered, such as retail real estate, there have been visible gains in the Canadian property market. For instance, the demand for medical office spaces are rising for healthcare services that can’t be transitioned to a digital platform.

Meanwhile, Canadians are moving out of the main districts and into properties within suburban areas. What people are looking for in an ideal space is an environment where they can ‘combine life, work and play elements’, according to a recent survey. Additionally, experts say that industrial real estate is booming alongside e-commerce and there is a surge in demand for warehouse spaces.

Clearly, there is still a lot of potential in the real estate sector. If you’re considering building a real estate portfolio, below are a few options to consider:

• Invest in stocks or REITs

Not all investors have hundreds of thousands lying around to invest in a property, especially young or beginner investors. One way to gain exposure to the market is to open a brokerage account which is basically a checking or trading account for securities. Brokerage accounts also let you buy into the real estate market by purchasing shares of a real estate company, for example. While you don’t own the properties, you can profit from the real estate market by being a shareholder.

You can also invest in Real Estate Investment Trusts (REITs) through your account. These are like a basket of different properties managed by the same trust with your capital going into the purchase, development, and management of those properties. The profits they earn will be paid to you in the form of dividends. The advantage of these types of investments is capital. Compared to other real estate investments, you only need a small amount to open a brokerage account and purchase real estate related securities.

• Purchase a property (or several) for rent

The next best thing is to buy a property and rent it out! As mentioned, there are different types of properties, all of which come with their own potential for earning… as well as risks. What Sandy Yong and Albert Ho suggested in a podcast episode on growing your money from real estate is to start small.

Look for properties in areas with a lot of potential for growth and that are affordable to you and prospective tenants. You can also consider timeshare properties if you eye at sharing ownership and maintenance costs. Look for all the procedures like agreement, costs, cancellation policy. Also, make sure to hire experts and look into wesley financial group reviews before choosing a professional and make sure to attain answers to your questions before canceling the agreement. After your first purchase and successful lease, you can consider growing your portfolio by looking for other properties. Diversify the type of property and location too, to minimize your risk and protect your income streams.

• Buy a house and flip it

Some investors aren’t too excited by the idea of a passive income on rentals because it also entails long-term property management. Instead of buying and holding properties, there are investors who flip houses. This means to renovate properties and resell them for a higher value. Masters of Flip hosts says that the key is to keep the timeline as short as possible, otherwise you will be paying a mortgage for a house you’re not going to keep. The faster it finishes and sells, the quicker you can jump on to a new money-making project..

There are other crucial considerations too, such as the location of the house which needs to be in an attractive neighborhood, and hiring the right contractors and designers to renovate and redecorate the house.

Properties appreciate overtime and hedge against inflation, they are tangible assets with passive income potential, and owning real estate comes with certain tax advantages. With these considerations in mind, there’s no reason you can’t benefit from what many still consider as the superior form of investment.

Sean Cooper is the bestselling author of the book, Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians, available now on Amazon and at Chapters, Indigo and major bookstores, and as an Audiobook on Amazon, Audible and iTunes.