I finally bought my first Toronto home after three years of looking. What happened next changed how I see the housing crisis

After three years of searching, a young couple finally landed their first home in Toronto. They’d faced bids falling through, bidding wars, and brutal competition in an unforgiving market. When their offer was finally accepted and the deal closed, it felt like a triumph—but what happened next helped them see the housing crisis in a new light.

Very soon after moving in, they realized they weren’t the only ones living a new reality. Many neighbours were in the same boat—new homeowners wrestling with mortgage shock and a constant fear of evacuation or rent hikes. That shared unease drove home how fragile housing stability really is in Toronto today.

Owning a home brought relief from the unpredictability of renting—eviction threats, surprise rent increases, or landlords suddenly needing rooms for personal use. But it also revealed the weight of financial commitment: steep monthly mortgage payments left little wiggle room, even before counting upkeep or unexpected repairs.

Living in their own place opened their eyes to the longer story of Canada’s housing crisis. They saw how apartment seekers, renters, and first-time buyers compete for limited supply. They saw how investors and tighter mortgage rules shift demand in ways that don’t necessarily ease pressure for regular families.

In Toronto especially, the cost of homes remains sky-high even as interest rates soften. Experts say that despite rate cuts, affordability may not return for years—maybe a decade—because incomes haven’t kept pace with rising prices and mortgage costs remain steep. And developers are hesitant too: pre-construction condo sales are down, meaning fewer homes are being built and supply remains tight.

Now settled, the couple reflects on their journey and realizes their experience is part of a bigger national problem. Buying a home brought safety and belonging—but also highlighted how uneven the market is. Their story underlined that the housing crisis isn’t just about numbers; it’s about people feeling squeezed out by the cost and uncertainty no matter where they stand.