I spent $800K+ on a bungalow because I couldn't bear to play casino with an unfair rental market that was costing me $3k per month for housing. I was not enthusiastic about the housing market which is why I was out of it for decades. I still think it's going to crash and I don't care.
Rent is literally throwing your money away.
Even if there's a market correction in Toronto, it's the safest housing market in the country and a future-proof investment. Something like 70% of immigrants go to Toronto, so demand will always be there for many decades to come & they'll never be able to build houses fast enough to keep up (condos, well who knows, still doubtful).
Worst case is a correction, your house goes down in value, maybe you could renegotiate your mortgage for less, then value goes back up eventually. Market has cooled a bit so I think you're fine, and no correction is worth throwing away 36k a year on rent.
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