This advice might be prudent for other markets, but in the GTA this is rubbish.  I have yet to meet a renter who has come out ahead of a buyer, ever, let alone over the long term.  I know many people who bought just a year or two ago who have made far more than just enough to cover the cost of selling, and others who waiting thinking they would save up more for a house, who have been completely priced out of the market.  Not only will they be renters for life now, rents have gone up so much since then that they can't really afford to rent a decent place either, forget saving up.  I see families where they have paid rent for 20-30 years or more, and what do they have to show for it?  Nothing, just ever more expensive rental options.  If you can buy, buy.