The Canadian housing market in 2025 is in unfamiliar territory: Price growth has slowed, listings are staying up longer and uncertainty is keeping both buyers and sellers in a tense standoff. With interest rates still relatively high and affordability at historic lows, many would-be homeowners are asking a question that feels more relevant than ever: Is now a good time to buy, or is it smarter to wait?
This very question recently sparked a heated and wide-ranging conversation on the /r/RealEstateCanada subreddit. The original poster in a thread titled “Is anyone else holding off buying right now to see how far the market falls?” shared their frustration over $1.4 million price tags for unrenovated homes in the suburbs and posed the question plainly: What if we all just waited? The responses revealed a country deeply divided on real estate — not just as an investment, but as a way of life.
For some, the math simply doesn’t work right now.
“I just can’t justify trading my $2,000/month rent for a $4,000/month mortgage,” wrote u/Hello_itsme-. “I do want to enter the market, but I want to be financially responsible about it. Meanwhile, I’m putting the extra $2K in investments.”
This sentiment is grounded in reality. According to RBC’s latest Housing Affordability Report, it now takes 60% of a household’s income to carry a mortgage on an average home, near record highs. Even with prices softening in places like Toronto and Vancouver, affordability hasn’t significantly improved because higher borrowing costs are offsetting price declines.
But not everyone sees renting as the better deal. u/kguenett countered that “a significant portion on that $4K goes into an asset that probably appreciates similar to stocks.” It’s a classic rent-vs-buy debate — one that depends on time horizon, risk tolerance and location.
Some Redditors believe the floor has been reached. “Prices are not going to drop any more than they already have because no one is willing to take that much of a negative on their house,” argued u/WeHateArsenal.
But that’s not what everyone is seeing on the ground. Especially in Ontario, cracks are forming.
“Speaking for Ontario, I’m seeing LOTS of big losses here from people who bought at peak,” said u/Beginning_Paint7966. “Most will avoid if they can, but don’t forget about divorces, deaths, job loss, interest rate hikes… these situations cause more desperation.”
Their point? Sellers don’t always have the luxury of waiting. “Of course every seller wants top dollar, but if they can’t wait years to sell, and fewer buyers are willing to pay top dollar — then SOME sellers will accept a lower price,” they added. “And over time, that keeps decreasing comps.”