The grass may not be greener outside the city

Leaving Toronto may offer savings, but if it doesn't match your lifestyle you may not be coming out on top

- MARISA COULTON

Brandon McCready never really wanted to buy a house, but his family managed to convince him.

"(My family) thought it was a smart investment for the sake of my future," McCready said. When he entered his early thirties, his father started sending him listings. "What about this one?" he'd ask.

Like many Canadians, McCready's parents view home ownership as a path to a stable, financially prosperous life. Canada is a "society of homeowners"; more than half of Canadians McCready's parents included own their own home, according to recent census data.

But single-family homes in Toronto have become financially out of reach for many. Home prices have risen a whopping 42.8 per cent in the past five years to a benchmark price of $1,065,800, according to a recent report, compared with just $809,600 in Hamilton-Burlington. Many have made the decision to leave the city to pursue their dreams of home ownership.

McCready bought a home outside of Toronto, joining the 22,845 renters ages 25 to 44 who leave the city annually, according to Statistics Canada census data compiled for the Star. A recent Angus Reid poll found that 44 per cent of downtown Toronto residents are considering leaving.

While the exodus of young workers from Toronto due to the high cost of living has been grabbing headlines, little has been said about what's in store for them once they've settled into their new lives outside the city, prompting people like McCready to wonder whether the departure is worth it.

Many people leave the city only to realize that home ownership isn't all it's cracked up to be. It's expensive even in the suburbs, said McCready, and it may require moving far from family and friends, which could affect your quality of life significantly.

McCready acknowledges how fortunate he is to be able to afford a home in the GTA, one of the most expensive regions in the country. He also knows that his investment will pay dividends in the long run.