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Keep in mind, based on 25% downpayment, you only spent $10,500 to purchase that $42,000 house. If you had held that property for 31 years you would have had the mortgage paid off in 25 years, and then been making an average of, what, 800 bucks a month from rent once the mortgage is paid off?
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Leverage is good when things are good, but you should not count on leverage to make an investment case, IMO. Currently, you cannot rent a property in Calgary at a price that "pays off" the mortgage. You can rent a standard bungalow for maybe $1500 in a nice neighborhood, and the mortgage is probably over $2000 with 25% down.
As the investor, you would have cash out of pocket every month, not to mention property tax, repairs, insurance, interest rate exposure, empty months, etc. Again, just my opinion, but buying today for rentals in Calgary will turn out to be a poor long-term investment. Two years ago, great, but this is akin to leveraging up in 2000 to buy the S&P index. Six years later, and you'd finally be back to even, ignoring inflation.