[tempestn]

You've pretty much got it. Still, while expensive, renting is still much more affordable than buying. The other problem is, decent SFH rentals are very difficult to come by. Here in Victoria, my friends who are looking for houses are all starting families and would like more space than most apartments offer. Many of them would be fine with renting as long as prices are unbalanced, but the rental market selection if you want something larger than a 2-bedroom apartment is really sparse. Plus, many of the places you can find are only there until the owners manage to sell them, which obviously isn't ideal if you're looking to settle down.

[branchless]

> renting is still much more affordable than buying

Because rent is constrained by wages. Land prices are constrained by fiat issuance. Fiat issuance is constrained by credibility.