Re-invest or pay off?

[Jason Bouthillier]

Hey all, 

Currently own a rental property that has been great for the most part from a tenant perspective and maintenance perspective. I’ve owned this property since 2015 and am coming up on my second renewal in July 2025. 

Throughout my ownership I’ve always thought that the best play is to pay off the property and then have the cash flow as income after doing so, to date I’ve never really been cash flow positive but always paying the maximum I can on the mortgage while having the rent cover all of those expenses. 

I have quite a bit of equity in this home now and haven’t touched it, which is starting to feel like a waste of money at this point. Curious what my best options would be given our current economy with interest rates and home prices in Canada. 

Do I stay on course and keep paying it down, or pull equity and get another rental property and snowball that into multiple? Any and all advice appreciated!