It is true; unless you have saved a considerable amount of money or plan to raise it by selling existing assets before landing in Canada you stand no chance of buying a condo or even an apartment, especially if you plan to be in any of the big cities (GTA, Van). Even places like Calgary and Montreal are getting expensive. Rental situation is also terrible; if you don't have a stable job or credit history getting a decent apartment is difficult, unless you go through local contacts or networks. Besides this, your saving capacity is also restricted by ridiculous grocery prices, sky high data plans, etc! Everything in Canada is much more expensive than you thinkBuying a house in Canada is a scam anyway. What they are saying in the news is that even rents will not come down to pre-pandemic levels which means a 1BR will be minimum 2300+ (it's going for 2600 - 2800 where I live) even if the interest rates come down which is completely unaffordable for new immigrants.