Conversation about RE is almost impossible because no two pieces are exactly equal. The guy across the street can be living in an identical house. I'm in Beverly Hills , he's in Los Angeles. Two very different school systems, fire/police response times etc, etc. To the casual observer it all looks the same. You should know the area well. Socio econ backround , where it was , where it is, where it's going. Human migration patterns control value. What's the reason for buying , raise a family, investment? You mentioned Toronto. If memory serves Canada doesn't have liar loans because they demand 20% down on all. They also don't allow interest deductions so people buy homes to live in , not tax deductions. All that said if the area didn't fluctuate much in value then I'd buy. The downside risk will be small, maybe bounce along a bottom for a few yrs but you will be happily locked into low rate.
