Toronto, CA Condo - Potential sale for re-investment

[Joe Renton]

Hi everyone,

Big fan of this forum, so thank you everyone in advance.

Hoping to get some advice and guidance from the seasoned investors in here, especially with Ontario knowledge. 

I own a condo in downtown Toronto that is rented to good tenants while I live outside of the city. I'm debating on selling it now (Property is cashflow neutral now, have only earned equity based on appreciation the past few years, rent is good but HOA fees, high property tax and high mortgage are a killer). I'd be able to walk away with around $80-90k after commissions, penalties etc. etc.

I'm not sure if its a smart to walk away from a property that's always going to be in a in-demand market, but being able to start buying cash flow properties with that much cash on hand would likely give me a much better return on that equity? 

End goal is to pick up 3-5 small cash-flowing multi-family homes in Southern Ontario in the next 5 years. 

Appreciate any advice!