65
Bank of Canada holds interest rate steady at 5%
(www.cbc.ca)
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this post was submitted on 06 Sep 2023
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That doesn't matter. If you truly believed in the housing market, you'd buy a house in another market that does fit your budgetary constraints. You don't have to live there. If living there is not in the cards you would rent it out and use the income from that rent to pay your own rent.
The reality is that housing is scary right now. A lot of people have backed away, if only temporarily, because it is not clear what's going to happen. If the market crashes, they don't want to be bag holders.
If I were to buy a house somewhere and rent it out, the rent would cover the mortgage not my own rent to live somewhere else.
Methinks you've not thought this through.
(Rental income - rental cost) - mortgage cost = (Rental income - mortgage cost) - rental cost