I haven't done any thorough research and my comment was not about the entire Canadian market, I can notice some correction in my local market anecdotally.

It’s been my observation that a lot of today’s real estate investors have not been through a market correction, therefore they're still being aggressive because they haven’t faced any consequences of being too aggressive at the wrong time.

This will also afford you the opportunity to go over to the property and see how things are maintained overall with your renters.

Look at houses maintained by homeowners with this mindset and you'll see how much can be done to repair what you already have and how decent repairs can last a long time and be perfectly suitable especially for a rental and often at a small fraction of the replacement price.

Real estate markets correct themselves and normally on a localized level.

Correct, think of the IRA as a separate person.

The correct way to measure the overall performance of the investment would be through a Cumulative Return or Compounded Annual Growth Rate (CAGR).

I think you did the correct thing here. 

In my experience, maintaining a checklist and staying organized is the key to mitigating risks and avoiding costly mistakes.

Hi Alex,You're correct about the 2 out of 5 year rule.