Absolute Conundrum:
Background:
I work for a very profitable environmental firm. My wife is a housewife. We have no children. We are young (my wife 21, me 31). I have been out west many times (I love it). My wife has never been west of Ontario.
The Set up:
My wifes mother offered to loan us $30,000 bucks as a down payment on a house (we have been renting) with small easy to make monthly payments.
My employer offered my a position a the Toronto office (right now I am based in London, ON) for a salary of $40,000 a year plus perks, bonuses and benefits.
I am a credit risk and only qualify for a Conventional Mortgage not a High Ratio Mortgage. Meaning, we need to have 25% or more down on whatever house we want to buy in order for the banks to Mortgage us.
My wife and I can only afford a place at about $100,000.00. There is nothing within 1 1/2 hours of Toronto in the price range worth looking at.
Decision Time:
Do my wife and I take the job in Toronto and decline a once in a lifetime loan (it won't happen again) and continue renting.
or
Do my wife and I throw caution to the wind and move to Alberta (where we can afford a place) and find work there?
**The option of staying where we are currently is not applicible as my company is transfering my department to Toronto.
What would you do any why?
BTW .. we have family and friends in both places we care about equally.
Edit: We have also thought about buying where we are now... but favour the idea of moving as work greatly restricts staying.
Background:
I work for a very profitable environmental firm. My wife is a housewife. We have no children. We are young (my wife 21, me 31). I have been out west many times (I love it). My wife has never been west of Ontario.
The Set up:
My wifes mother offered to loan us $30,000 bucks as a down payment on a house (we have been renting) with small easy to make monthly payments.
My employer offered my a position a the Toronto office (right now I am based in London, ON) for a salary of $40,000 a year plus perks, bonuses and benefits.
I am a credit risk and only qualify for a Conventional Mortgage not a High Ratio Mortgage. Meaning, we need to have 25% or more down on whatever house we want to buy in order for the banks to Mortgage us.
My wife and I can only afford a place at about $100,000.00. There is nothing within 1 1/2 hours of Toronto in the price range worth looking at.
Decision Time:
Do my wife and I take the job in Toronto and decline a once in a lifetime loan (it won't happen again) and continue renting.
or
Do my wife and I throw caution to the wind and move to Alberta (where we can afford a place) and find work there?
**The option of staying where we are currently is not applicible as my company is transfering my department to Toronto.
What would you do any why?
BTW .. we have family and friends in both places we care about equally.
Edit: We have also thought about buying where we are now... but favour the idea of moving as work greatly restricts staying.
