I'd assume you're still deducting mortgage interest so I don't really see the benefit at these interest rates. You're probably better off plowing that money into TFSA's, RRSPs, or RESP for the little one.trick91 wrote: ↑Feb 15th, 2019 12:29 pmSorry to bring up an old topic, but I am looking to pay off my rental property faster with a lump sum payment this year. My situation is as follows:
1) No credit card debt
2) Primary residence mortgage paid off
3) Have a 9month old baby, not looking to retire anytime soon
Would it make sense for me to do a big payment? I have no plans to purchase another rental property. One is a headache enough lol.
Another option, based on your apparent frustration with landlording (I get it, been there), would be to use the cash to make capital improvements and then sell the property, but I'm guessing you don't want to sell into the Edmonton market right now.