Yup we just went through the same thing. To sum it up, a house we bought in Airdrie four years ago was appraised for 120,000 more than we paid for it. We just consolidated a bunch of other debts and now have one loan payment, the remainder of the equity we used to buy recreational property at Gleniffer Lake. (Line of credit, interest only payments for now.)
I don't think I would have done it normally, but the deal we got at the lake was too good to pass up, and it is something my wife can enjoy even when I work away from home. She would not tow the holiday trailer herself. Talking with others at the resort, property prices have been steadily increasing, so hopefully it can pay some dividends down the road.
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