07-04-2008, 02:52 PM
^^ I understand completely what you're saying, and I'm making sure that's not the situation I wind up in.
I live just north of Toronto, and things aren't that terrible here. There are seedier areas for sure, but I stay well away from those. Right now I rent an apartment in a nice quiet village surrounded by the "city" that the greater toronto area has become. This place is development as far as the eye can see. But for now I'm in a nice pocket with a nice apartment and cheap rent. In a few years, I'm gonna go a little further north, farther away from the city core. We have some nice developing towns here now because Toronto just keeps growing. In a two years, the prices won't be rock bottom like they are in the posted article, but there will be a dip in prices, enough to make it worth while.
Best case scenario, I find a nice house in a developing area (as opposed to one that's run its course and is in decline) and save 50K on it. Then in the next 5-10 years, maybe I'll be able to take care of it and resell it for a marginal profit and get the place I'd really like to be in long term.
Ontario, Canada, is on the verge of economic decline right now, so thing are going to get a little tougher, but I don't think things will degrade to the point where I need to fear my surroundings. The federal government would never let that happen in this area, since it's one of the places they can "show off" to the rest of the world. the trick is staying out of the core where congestion is way too much and all the transients find a living on the street. 40 minutes north of downtown is a prime place to be right now!
I live just north of Toronto, and things aren't that terrible here. There are seedier areas for sure, but I stay well away from those. Right now I rent an apartment in a nice quiet village surrounded by the "city" that the greater toronto area has become. This place is development as far as the eye can see. But for now I'm in a nice pocket with a nice apartment and cheap rent. In a few years, I'm gonna go a little further north, farther away from the city core. We have some nice developing towns here now because Toronto just keeps growing. In a two years, the prices won't be rock bottom like they are in the posted article, but there will be a dip in prices, enough to make it worth while.
Best case scenario, I find a nice house in a developing area (as opposed to one that's run its course and is in decline) and save 50K on it. Then in the next 5-10 years, maybe I'll be able to take care of it and resell it for a marginal profit and get the place I'd really like to be in long term.
Ontario, Canada, is on the verge of economic decline right now, so thing are going to get a little tougher, but I don't think things will degrade to the point where I need to fear my surroundings. The federal government would never let that happen in this area, since it's one of the places they can "show off" to the rest of the world. the trick is staying out of the core where congestion is way too much and all the transients find a living on the street. 40 minutes north of downtown is a prime place to be right now!