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So just on those calculations alone, it is pretty much impossible for a house to be worth more in inflation adjusted dollars once the mortgage is paid off. However, you did live in it (or rented it out) for those 25 years, so that is where the benefit comes in.
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Out of curiosity, if you had spent $300k on a home in Calgary in 1986 (25 years ago), how much would it be worth today? I honestly don't know the answer, but I suspect over that period the average home in Calgary has appreciated more than 100%, even after the market downturn of 2008.