Friends are rich from Toronto housing

Stop being full of envy.

That is where you begin. Schadenfreude didn't make anyone money.

Money begets money.

You're renting which wastes money to begin with.
Find either a condo in a great location (harbor front 1 bedroom) or on the subway line with direct access OR a single family home or townhouse near public transit (i.e. near Go Train station).

Buy it with a mortgage.

Just do the deed. As per the Nike saying, JUST DO IT. You'll be laughing in a few years. Stop comparing.

My advice? Penny wise and pound foolish never got anyone wealthy.

You can consult an accountant and see if you pay the CMHC fee, and buy a place NOW and pay into your own mortgage, will you end up making more money than renting forever and trying to save money.

Toronto salaries don't escalate as fast as home prices do.

/r/PersonalFinanceCanada Thread