Looking for advice - canada bc

[Sean Harrington]

Hello everyone. 

looking for generic 2 cents anyone can provide me. 

currently i have a house that i bought in BC a few years back at a steal of a deal 1mil.

fastforward to today a death has provided me 2 extra paid off homes. Im thinking it makes the most sense to move into one of the homes so the 1mil homes mortgage can be a tax write off. After looking at this i had a realator come they think in this market i could get 1.4 mil for it. 

I would be looking at a 300k tax free or so profit once all fees paid, would this be dumb?

the alternate is to rent it out for the next 30yrs replacing roof ect and hopefully value goes up alot more but apart of me thinks the quick money might be worth it. 

renting it with my variable mortgage (i know dumb) pays the bills, most my family say its smart to keep rates will go down and it becomes a heavy cash flow.

[Stevo Sun]

I think you are in a great position and it would be a personal choice at this point. Do you want to manage a rental property? BC has seen crazy appreciation and will probably see more in the future. But if you can cash in 300k tax free you can put that into some other investment that could be less hassle. You would also have 2 other properties (sounds like?) so you can still take advantage of the real estate market. 

I think it's up to you, personally I would probably cash in 300k and max out TFSA/RRSP etc. But if you are already maxed in those accounts, then it's really up to you and how much work you want to do.