Leaving the city (and the big mortgage) behind

Financial Post | Business

Slightly more than three years ago, I sat down with my wife after a lousy commute and discussed why we were still in Toronto.

Sure, she had a good job in the city, but I was freelance, and with two young children in elementary school, we pondered whether there were other options.

The positives were clear — if we left the city it would change our financial position dramatically. We could trade our Scarborough rebuild in an up-and-coming part of the city for a house in the best area of a city like London, Ont., where we both went to school.

And the best part? We could buy that house in London, with more room in a better area for about 60% of the value of our Scarborough home, which saw its price skyrocket in the seven years we owned it.

It wasn’t that tough a decision; in 2012 we…

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