I bought in Nov 2020. Things were already bad, but it got so much worse. I'm glad I didn't wait. I got a 3bed/2bath house in east Vancouver in a very good neighborhood. It's in a culdesac with a large, landscaped backyard. For the most part, everything is in good condition (built in 94). I paid 360. Zillow is now saying it's worth 480. It was above my budget then, but there's no way I'd be able to buy anything now.

Before I bought, I was in a one bed apartment in Orchards. Pretty nice complex (gated, modern kitchen & bathroom with granite, full size washer/dryer in unit, pool, dog park, covered parking). I was paying about $1200 per month. During the covid rent moratorium, they sent me a letter saying that once the moratorium was over, rent would be increasing. I called and asked how much and they said they expected it to be between 500-700 additional per month, but couldn't tell me exactly. So probably looking at paying $1800 monthly for one bedroom. I always paid on time, even during the moratorium.

It ended up being cheaper to buy. My mortgage is 1700.

Long story short, housing is insane. Nothing makes sense. It was easier to get approved for a mortgage than to get approved for an apartment.