Sounds like you're talking about downtown Toronto, which means we're in a very similar situation, so I'll share my plan with you.

I ran some numbers into this spreadsheet: http://www.moneygeek.ca/weblog/2014/04/17/ultimate-buy-vs-rent-calculator/

You have to make some assumptions when you fill that spreadsheet out (like the projected growth in value of real estate in Toronto) so your result might be different than mine, but from what I gathered, it really only makes sense to buy downtown if you can put 20% down (to avoid the CMHC insurance costs). Also, your income is high enough that you'll be able to save that amount relatively quickly. If you have less than 20% in this city, you may as well rent (unless you think the value of condos will rise quickly).

A downtown toronto condo is a minimum of 400k, so you'll probably need about 80k minimum for a down payment. Definitely open a TFSA, be careful not to over-contribute.

Looks like you need to save another 65k, and if you save 12k a year, your time horizon is just over 5 years, which means if you're investing, you should limit your equity exposure. Personally, I would hold VAB for that time period, which carries small amounts of risk, but also small returns that more or less equal inflation (2% on average). It's important to keep these in a TFSA, because otherwise you're losing money after tax and inflation.

If you're willing to tolerate more risk, and you think it might take longer than 5-6 years to save 65k, you can buy some equities as well (XAW and VCN are good choices. If you're worried about the Canadian economy, don't buy too much VCN). If you want to buy faster, you can use an RRSP HBP as well, which should give you an extra 10k, at the cost of possibly costing you more in after tax dollars when you repay it.