Born and raised in Southern Ontario. I love it here, and would only leave if there were no jobs for me here.
As for where I live in Southern Ontario, Toronto is the choice because mostly, commuting into Toronto is insane. I'd rather live here. Plus, I've bought rather than renting, so the surging housing prices here can only help me.
The surging housing prices also seem to be very good for my community. The rising prices mean gentrification of previously untouched areas is now possible. The taxes are bringing in more money than ever, and we're FINALLY starting to see some transit funding (hopefully with more to come). I really don't understand CARBIZ's comment about Toronto falling apart - I think it's looking more promising than ever. They've even got enough money to rebuild (and are rebuilding) Regent Park. Regent Park is Canada's biggest project. When the reconstruction is done they should be better connected to the community, to reduce the 'us vs them' mentality which is brought about by the current segregated nature of the Regent Park community.
Do I want to stay in Toronto all my life? Definitely not. I want a house some day, and there's no way I can afford one here. There's also no way I'm living in suburban hell, where everything revolves around the car. I don't want the car crisis that will come in 20 years to be my nightmare. When the oil runs out, I wish Mississauga, Oshawa, Brampton, etc all good luck, they're going to need it. Cities that stand on their own will fare much better. Toronto itself is the best example, but there are others around Southern Ontario, such as Ottawa, Kingston, Hamilton, Kitchener-Waterloo, London, and Windsor. I'd like to live in one of those cities some day. They seem about the right size for me.