Honest question here - why not just rent and wait it out?
edit/from the article; Rentals are hard to come by, and just as unaffordable. The vacancy rate of 0.8 percent is one of the lowest in the country, and the average monthly rent of C$937 for a bachelor suite is tied at highest with the cost in Toronto, according to Canada Mortgage and Housing Corp. Rents for newly built units and renovated basement suites are pricier.
You've pretty much got it. Still, while expensive, renting is still much more affordable than buying. The other problem is, decent SFH rentals are very difficult to come by. Here in Victoria, my friends who are looking for houses are all starting families and would like more space than most apartments offer. Many of them would be fine with renting as long as prices are unbalanced, but the rental market selection if you want something larger than a 2-bedroom apartment is really sparse. Plus, many of the places you can find are only there until the owners manage to sell them, which obviously isn't ideal if you're looking to settle down.
edit/from the article; Rentals are hard to come by, and just as unaffordable. The vacancy rate of 0.8 percent is one of the lowest in the country, and the average monthly rent of C$937 for a bachelor suite is tied at highest with the cost in Toronto, according to Canada Mortgage and Housing Corp. Rents for newly built units and renovated basement suites are pricier.