Agreed. The question is what does a young person do? Take on an asset that is known to be overvalued or wait for the rate climate to change. As a data point, c

Agreed. The question is what does a young person do? Take on an asset that is known to be overvalued or wait for the rate climate to change. As a data point, condos in Toronto (condos in Toronto are generally tiny and not the most desirable place to raise 2 kids) appreciated by 9-10% this year despite continuous bubble talk by various levels of govt. You and I both know this will not stop until rates rise; and they won't - at least in canada - because of a significant problems in the oil sector of our economy. Is the right thing to do to buy into this "ponzi" scheme and try to time the exit? Or continue to hold the course of staying out of it and waiting for rates to rise. I have rented since 2008 when I graduated and I'm tired of shoveling my money into the fire :'(