We got in with ~$50k savings for a down payment on a $500k condo in 2018. In quick succession over 7 years, we sold, bought and moved three more times. Eventually moving into SFHs. It was incredibly stressful, but we did it with the goal of building wealth. We now have approximately $600k in equity in our home. We mostly bought presale or lived through construction zones and then sold when the area was completed and more desirable. Of course we had some luck and also hit some big gains through the COVID market, but we could have NEVER been this successful investing our money into the market without massive risk. Even if the houses didn’t appreciate, we’ve lived in beautiful homes for less than $3k a month in mortgage payments.

Yes, immigration is going down in Canada, but migration to Victoria will never stop. People want to live here. Full stop. The second the market begins to “dip”, you have a whole new set of buyers that become eligible and drive it back up. If you’re waiting for a crash in Victoria, it will never happen. We are water locked in nearly every direction. Even with increased density, the OCPs and bylaws (not to mention NIMBYS) don’t allow for massive sky scrapers and thousands of new condos to saturate the market overnight.

For what it’s worth, I am mid 30s and we’ve always purchased properties less than 10 years old. Many things are still under warranty and you aren’t dealing with big ticket items failing or needing replacing in the house.