Observation: GTA housing Market pretty much renders TFSA/RRSP/RESP useless
1. fill RRSP to 25k only(for first time home buyers)
2. instead of TFSA, they will "park" the money in TFSA, and will use all of it for downpay when they are ready
3. instead of RESP, they put all the money into house downpay (and plan to take out a HELOC later @ prime+0.5% when kids are in college)
the goal is to get the biggest house possible: renters want condo, condo owners want TH/Semi, TH/Semi owners want detached, detached owners want bigger detached. everyone wants to jump from their current level to the next one up.
and get the biggest appreciation possible, when retired just sell tax free and downsize, then give their children a big downpay.
I believe this summarizes most people's strategy in GTA.
and I think all of the above makes sense, principle residence is tax free, which beats all of other form of investment at 10-20% yr/yr and 1:4 leveraged (25% down),
therefore you want the biggest house for maximum gain. and for those who bought 5-10 years ago they truly have 0 fear, even if the house price go down 20-30% for a bit they are still up a significant portion from when they bought. they could not care one bit.
the demand, and desire for housing is truly unprecedented, that explains the GTA market, just too much demand and too little supply.