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Not really. Job prospects are likely limited to non-existent, winters are long and harsh (and dark), education opportunities very limited, very few entertainment options, the availability and price of fresh food will be poor, it's a 2 hour drive to the nearest city (North Bay with a population of 50 000), 5+ hours to a "real" city (Ottawa or Toronto). I could go on...

I'm sure some of the residents love their hometown, but there's a reason the real estate is so cheap. Personally you would probably have to pay me a lot of money to move my family there.

To be fair, the latitude is less than even Paris, France. The winters may be colder than Paris, but there is more seasonal darkness/lightness change in Paris than in Cobalt

Most people in that town are probably living off wellfare.

Yes, it's cheap, but there aren't many good job opportunities around a ghost town.

...did you see the house?