Pete area but you have to be careful, like Miami you can have a great area bordered by a not so great area. 

I think the house prices will rise even more so people who pay a premium now will at least get to break-even, but that is gambling in my opinion and not a way an investor works. 

Any thoughts on whether this is more of a gamble than an investment would be much appreciated. 

I am also thinking of maybe exploring Thunderbay, (the prices there seem good, quite a bit of the properties work with the math, and there is always a shortage of rentals due to the student population), but another part of me thinks of exploring across the border down in the US.

After overcoming the huge obstacle that cross border investing has in terms of being double taxed, I've had a great experience virtually investing in US real estate. 

That is a losing gamble in my opinion.I agree that a recession is in our future, but I don't think it will be a house buying opportunity.

client of mine just purchased in Edmonds (on the Lynnwood border) and I think he'll do very well too.I just saw an off-market duplex in Everett for under $400,000. 

Couldn't pay me to gamble on the outcome of that mess.

Silver Spring, MD (Montgomery County, MD) is on the border of DC, Downtown Silver Spring is great to live in as well, also recently gentrified.

I live on the Bushwick/Ridgewood border, right near the Jackie Robinson, so I'm similarly open to parts of Queens and the Bronx as target areas.