Tldr, housing prices in Canada never came down from the us 2008 crash. It never happened in Canada to correct the market. In fact it hasn't slowed down AT ALL. Boomers have all their retirement funds tied up in real estate and none of the political parties wants to be the one to cause a collapse and lose voters. So just wait for boomers to die off the right? Wrong. with over a million new people coming in each year looking for a place to live bidding wars will continue to happen as prospective investors will continue having a constant supply of people to rent to. Also over 30% of politicians in canada own real estate property which creates an obvious conflict of interest benefitting them.
As a young canadian, there's literally no point anymore unless you come from a rich family.