There are so many Canadians waiting on the sidelines with their down payment ready to be deployed and are out competed year after year.
The pent up demand for housing is enormous. Even with the high interest rates.
Hell, with the rumors of interest rates going down, there is a frenzy to BUY now, suck up the high interest and get a relief in a few years, because people are afraid that if the rates go down, more people will qualify for a mortgage and it will bring more pressure, so better to buy now if you can.
I am convinced it will not go down in my life time ever. Too much demand, not enough supply.