Its a proven fact that the closer you are to the downtown core of any major city, the more square footage will cost. The same goes for the further you move away the more value your dollar will get you. The question then becomes what is your time worth?
Some people want to live in a detached house. Depending on what amount you make a year, you might have to move very far to afford a detached house these days. The reason being, there is very little room for these types of houses and builders would rather build condos or townhouses where they can build up and sell units for more money. Once you build a house you cannot use the space above it to cash it.
So you might have to move to a suburb. Depending on the suburb, there may not be building any more there as well, so you must most further north, west, east.
This is where the question remain, do you value your time to get the city if you work downtown. Would you travel for 2 hours a day to get to work. What is that 2 hours worth. Would you take the subway or Train?
The reason why Condos in Toronto are so popular is that many people are looking at a smaller dwelling as a viable option and throwing their car away for public transit. Many people are moving back to the city, and are saving hours a day on their commute. While others who want to have big houses and big land are saying that they are willing to move far away into a new development and say bye bye to the city.
At this point you can also think about what type of life are you willing to live. Are you ok with being so far from major entertainment, sporting events, multitude of dining experiences, nightlife etc, and if you want to do those things you then must go back into the city, so again I ask, What’s your time worth?