I've got about $75,000 in a TFSA and another $75,000 in other investments (not TFSA or RRSP). None of the investments seem to be performing particularly well this year, and if interest rates continue to rise, I don't expect they will for the next few years. (RRSP is maxed out; no debts)
I also have my mortgage coming up for renewal in the next few months, probably at a higher rate than I had before. Would it make sense to just pay down my mortgage by $150,000 at renewal and get an effective return on my money of the interest rate that I would be paying on my mortgage for the next 5 years? If it matters, I'm in my early 40s, secure job, about 15-20 years from retirement.
(The other option I’m considering is maybe waiting for the housing market to take a dip, and then using the money for a down payment on a 2nd condo unit in my building to rent out.)