Home Prices have been steadily rising in the GTA and homes are becoming less affordable to many purchasers. This has resulted in many new developments occurring outside of the city core and immediate suburbs where land prices are much less. The result is that purchasers are getting far more house for a much smaller financial investment. I too have debated the possibility of moving to places like Ancaster or Grimsby because the prices are remarkable. Without getting too deep into psychology, humans have a tendency to focus on money as the driving factor for most decisions. The thing that we can sometimes tend to forget is how much money is our time worth? If we are working to afford ourselves more freedom then moving further away can sometimes become more stressful than paying the premium to live in the GTA.
One of the main things to ask yourself is where you are employed and how your travel time to work will be affected. If you are adding on an additional 1.5 hours in travel time a day you are technically working 7.5 hours more per week AND if we get down to the exact numbers, that is 375 additional hours per year. Multiply that by your hourly rate and that is how much your time is worth in dollars.
The next question to ask is what your time is worth personally? Will you miss out being home by 5:30pm and spending time with your family, or waking up and having breakfast with them. The financial benefit of moving further away will have a euphoric effect for a while, but eventually these questions will come to mind. Evaluate your personal situation and try not to go off what other people are saying because you know yourself best.
Moving further away is a good investment if it fits your lifestyle. If you work from home, if you have an online business or have a great opportunity in a small town it is an amazing opportunity. If you can get the benefit of having a small town atmosphere without having to deal with the potential stresses, then it is a great choice. As with every big decision, make sure you are taking the proper time to evaluate the full situation and are fully confident you are making the right choice. Have a great week!