Renting out a property is always a great way to build equity. Be aware that it can be a pain in the ass dealing with tenants though. You're also leaving yourself to the whims of the real estate market. In this case you've already one egg in that basket (your house) and would be adding a second.
Have you maxed out your TFSA and RRSP deductions yet? Those are also great options if plan on earning income for the foreseeable future.
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