The last year was also a bit of an anomaly. I know a few people who cashed out and moved back to Manitoba or Saskatchewan and bought a house free and clear. I could have done that too, but the problem is my type of work pays a lot less back east; to the point where the drop in pay would be greater than what my current mortgage payment is.
However if somebody had a job that paid a consistant salary like a nurse (for example); it could seem to be an attractive move.
But now house prices have settled here, and gone up in other markets. So where I for example was looking at selling my $370K house here and buying the same thing in Winnipeg for $160K, now I'd be looking at selling my 350K house and buying one there for $225K.
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