I bought my house in 96 (It was a total fixer upper. It needed EVERYTHING)
The last Toronto real estate peak was in 2008. The previous peak was in 1989. It wasn't until 1999 that prices went back to 1989 levels (10 years).
The next peak will be in 2018.
You bought your house for 5 times your salary. Is that the normal ratio? Don't spend more than 5 times your salary to buy a house?
Actually, if you adjust for inflation, housing prices are still not where they were in 1989, even at their 2007 peak.
http://www.torontohomes-for-sale.com/4a_custpage_2578.html
If history repeats itself, it will take 5 or 6 years for housing prices just to bottom out.
Who the hell knows.