Canadian’s Real Estate market is one of the most overvalued market among developed countries. According to the Deutsche Bank data, overvaluation for residence and housing is 63%. Canada is ahead of such countries with expensive housing, as New Leland (56%) and Belgium (53%)
According to economy statistic, the relativity of total debt of Canadians to their net income is 162.6%. In other words, for every owed dollar a Canadian have to return one dollar and almost 63 cents.
Nevertheless, in Canada, real estate demand is growing. In GTA demand is higher then supply, and yearly sales growing by 38%. Since the demand for real estate in Toronto and GTA is high, houses are not sitting long on MLS , but selling quickly and often with over asking price.
You can find more about how to battle mortgage https://nersessianm.wordpress.com/2014/12/30/how-to-battle-mortgage/ and options for the first time buyers https://nersessianm.wordpress.com/2015/01/07/options-for-the-first-time-buyers/
Mikhail Nersessian 416-910-4632