Your're in Toronto? Isn't Toronto, along with Vancouver, one of the two Canadian cities worst affected by the real estate boom? I have relatives in Vancouver and they told me that quite ordinary houses in the Vancouver Metropolitan Area cost seven figures at present. We also have Love it or List it Vancouver on television here. The situation is making it impossible for the young generation to stay in Vancouver once they graduate from college. I have seven second cousins there, in high school, in college or recently graduated. All the independent ones have moved out. One lives in Montreal, another is in the petroleum industry in Alberta and one is a geology major, and probably will relocate to another province, too.
RE: How the next recession may unfold
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How the next recession may unfold
Yes, housing prices are very high. Fortunately, we bought into the market a few years ago, and own our home. I'm often tempted to sell it, semi-retire, and move my family to a small town. But we're quite settled here, with our families nearby, so it's a no go... for now.
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If I were you, I wouldn't move unless I had to. Uprooting yourself and your family and moving elsewhere (outside the commuting area) is no small matter. But if you, say, became seriously ill and unable to work, the possibility of cashing in on the house would be an option.
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Sounds like you speak from experience. Noted.
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That's true. My wife and I had to move two hours away from the city that I grew up in because she couldn't find work any closer. This is not a bad place to live. But I didn't enjoy the transition at all. If a few million euros fell on my lap, I'd seriously consider moving back despite my wife having little to no job prospects in her profession up there.
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