To be honest, there is no good enough answer to that question. I know many families who have built a sort of bridge to real estate. Moving from 1 bedroom downpayment to 3 bedroom downpayment to finally a single family home downpayment. All still depends upon one fact : house prices going up all the time. If they come down significantly, these folks are screwed.
Housing costs will never ever go down in Canada due to the certain factors:
- NDP and Liberals are not allowing further zoning for new constructions in major cities. Especially NDP is literally killing Vancouver with their irresponsibility by refusing new zoning requests. That's also why housing crisis is far less problematic in non-NDP/Liberal provinces like Alberta and Quebec,
- Canada doesn't have a functional construction sector. It simply can not build even the fraction of houses it needs in a year. Foreign construction firms from other countries should be invited. Russia, Gulf countries and some North African countries do that since their construction sectors are also quite weak.
- Lets assume not a single baby borns in Canada, and its population growth is fully dependent on immigration which is 400k people every year. Normally, a country needs new houses even if there is no population growth due to the aging houses in the country. Now think about 400k new people every single year coming to Canada, looking for a house. Does Canada build new houses every year which will at least accommodate 400.000 newcomers? Yup, you gussed it, it doesn't.
- Housing has become an 'investment' in Canada instead of a basic human-right. Some so called 'investment' companies own 37.000+ buildings in Canada and vast majority of those houses are not even occupied by a tenant. (It is just one company, and there are many like that company.) The companies are just sitting on them and waiting for them to become even more inflated.
2nd biggest country in the world by land-mass, but the dumb politicians can still make the housing unaffordable thanks to dumb-ass leftists.
Here some facts to understand Canadian housing crisis better:
Housing inflation is dividing our youth into two groups
85% housing inflation under Justin Trudeau.
Less debt. More housing. Here’s how: