Why do we buy things? I think broadly speaking it's for one of two reasons:

• We buy things because we need them.
• We buy things because we want them.

There are things in life that are required, like food to eat and clothes to wear and basic toiletries to keep us at least somewhat sanitary. And there are things we desire, like plasma TVs and nice cars (and better food, designer clothes and more expensive toiletries) -- things that make us happy to have them.

Of course, the best things bought are the ones that serve both purposes, when what we need and what we want are the same thing. I can't think of a lot of times that actually happens, but I would argue buying a house is one of them. It is the confluence of humankind's basic requirement of shelter and one of our greatest aspirations -- to own our own little piece of the world for ourselves. There may be bigger existential decisions to be made in life, like marriage and your career path, but there is no more important purchase you will ever make. Nothing will even come close.

Buying a home marks the true end of youthhood. You're ready to put down roots now, to establish yourself, to mark your territory. Maybe build a family. And what you've come to realize is that, in life, you need love and friendship (and some money), and after that you need a place to come home to that's yours and no one else's. A place that is comfortable, safe and hopefully happy, and also a place that by virtue of its cost and size alone proves you're actually making something out of yourself. It makes all the insipid, scarring, pointless things we have to do to get by more palatable because the reward for doing those things is you get to live in your house. If you were still young, you'd probably be too dumb and idealistic to realize this.

But have you seen what a modest house in a barely decent neighbourhood anywhere even remotely near a metropolitan area costs these days? It's kind of ridiculous. There is no way you have anywhere near that much money, which means you have to borrow, a lot, from the bank. Sure, people say prices are inflated, that the bursting of the bubble is imminent. You could wait. But, then again, they've been saying that for a while now and the bubble hasn't burst yet, which make you wonder if it ever will -- whether current housing prices really are disproportionate or they're just getting less affordable because, generally speaking, everything is getting less affordable.

I'm not here to excuse homebuyers who have trouble paying their mortgages, and the 72 per cent of respondents to a new BMO survey who say even a small increase in lending rates would put them in a serious financial hole. But I think I can at least explain their thinking -- what exactly it is a house gives them that makes it worth the financial burden. The point is that while buying a house -- or condo -- is quite clearly a momentous financial exercise, it is very much an emotional one, too -- I would argue more so.

And besides is it really irresponsible to buy a $750K McMansion you can barely, or can't exactly, afford? I don't know. I mean, even the most fiscally prudent of homeowners are but a prolonged illness, job loss in a crap job market or string of bad investments away from feeling the strain. In other words, because life is filled with uncertainty, signing on the dotted line to pay this much money for anything is always going to be a risky proposition. The difference between the supposedly secure homeowner and the barely surviving one is a matter of degree, not principle -- in reality, most of us can't be completely sure we'll be able to pay back all that money. At some point, you just have to take the plunge and hope it works out.

I'm aware I've painted an overly romantic portrait of homeownership. And I acknowledged for some people buying a house isn't that at all -- it's just something to do because other people are doing it, or a bank told them they could. But I'd like to think a good many homeowners recognize buying a home is the most meaningful purchase (superseded only by an engagement ring) they are likely to ever make, and so it is a decision not to be made lightly. It's risky and terrifying, it's a massive leap, but then again I think we come to know that's what most good things in life -- and all the best ones -- are.

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• Newfoundland: $2.5 Million

  This surprisingly modest house at 34 Battery Road in St. John's is a historic property dating back to the 1870s. The six-bedroom, 3,500-square-foot house overlooks St. John's Harbour and suggests that, on the Rock, even the wealthy are down-to-earth. Source: <a href="http://remax.nf.ca/">Re/Max</a>

• Newfoundland: $2.5 Million

  This surprisingly modest house at 34 Battery Road in St. John's is a historic property dating back to the 1870s. The six-bedroom, 3,500-square-foot house overlooks St. John's Harbour and suggests that, on the Rock, even the wealthy are down-to-earth. Source: <a href="http://remax.nf.ca/">Re/Max</a>

• Newfoundland: $2.5 Million

  This surprisingly modest house at 34 Battery Road in St. John's is a historic property dating back to the 1870s. The six-bedroom, 3,500-square-foot house overlooks St. John's Harbour and suggests that, on the Rock, even the wealthy are down-to-earth. Source: <a href="http://remax.nf.ca/">Re/Max</a>

• Prince Edward Island: $6.9 Million

  If Anne of Green Gables were around today sh'ed probably want to switch up her seven-gabled house for this 13,000-square-foot home that overlooks the red-earth bluffs of P.E.I.'s north coast. Six bedrooms and nine bathrooms feature in this house that sits on 11 acres of land. Source: <a href="http://www.century21pei.com/">Century 21 Northumberland</a>

• Prince Edward Island: $6.9 Million

  If Anne of Green Gables were around today sh'ed probably want to switch up her seven-gabled house for this 13,000-square-foot home that overlooks the red-earth bluffs of P.E.I.'s north coast. Six bedrooms and nine bathrooms feature in this house that sits on 11 acres of land. Source: <a href="http://www.century21pei.com/">Century 21 Northumberland</a>

• Prince Edward Island: $6.9 Million

  If Anne of Green Gables were around today sh'ed probably want to switch up her seven-gabled house for this 13,000-square-foot home that overlooks the red-earth bluffs of P.E.I.'s north coast. Six bedrooms and nine bathrooms feature in this house that sits on 11 acres of land. Source: <a href="http://www.century21pei.com/">Century 21 Northumberland</a>

• Prince Edward Island: $6.9 Million

  If Anne of Green Gables were around today sh'ed probably want to switch up her seven-gabled house for this 13,000-square-foot home that overlooks the red-earth bluffs of P.E.I.'s north coast. Six bedrooms and nine bathrooms feature in this house that sits on 11 acres of land. Source: <a href="http://www.century21pei.com/">Century 21 Northumberland</a>

• New Brunswick: $2.5 Million

  You can really get some space for your money in New Brunswick. This 20-bedroom, 11-bathroom resort in Alma, N.B. — composed of three buildings including a chalet — sits on no fewer than 450 acres of land, next to Fundy National Park. There is a 40-acre man-made lake on the property, as well as four islands, picnic areas, row boats, paddle boats, tennis courts amd two garages. Source: <a href="http://www.monctonroyallepage.ca/">Royal LePage Moncton</a>

• New Brunswick: $2.5 Million

  You can really get some space for your money in New Brunswick. This 20-bedroom, 11-bathroom resort in Alma, N.B. — composed of three buildings including a chalet — sits on no fewer than 450 acres of land, next to Fundy National Park. There is a 40-acre man-made lake on the property, as well as four islands, picnic areas, row boats, paddle boats, tennis courts amd two garages. Source: <a href="http://www.monctonroyallepage.ca/">Royal LePage Moncton</a>

• New Brunswick: $2.5 Million

  You can really get some space for your money in New Brunswick. This 20-bedroom, 11-bathroom resort in Alma, N.B. — composed of three buildings including a chalet — sits on no fewer than 450 acres of land, next to Fundy National Park. There is a 40-acre man-made lake on the property, as well as four islands, picnic areas, row boats, paddle boats, tennis courts amd two garages. Source: <a href="http://www.monctonroyallepage.ca/">Royal LePage Moncton</a>

• New Brunswick: $2.5 Million

  You can really get some space for your money in New Brunswick. This 20-bedroom, 11-bathroom resort in Alma, N.B. — composed of three buildings including a chalet — sits on no fewer than 450 acres of land, next to Fundy National Park. There is a 40-acre man-made lake on the property, as well as four islands, picnic areas, row boats, paddle boats, tennis courts amd two garages. Source: <a href="http://www.monctonroyallepage.ca/">Royal LePage Moncton</a>

• Nova Scotia: $6.7 Million

  This newly-built, 6,000-square-foot house in Ketch Harbour, N.S., sits on the granite shoreline of the Atlantic Ocean and features "a series of interlocking pavilions constructed of reinforced concrete and window walls of star fire glass to capture the amazing, endless ocean views," as the realtor describes it. Only three bedrooms in this house, but what a view. Source: <a href="http://www.tradewindsrealty.com/">Tradewinds Realty</a>

• Nova Scotia: $6.7 Million

  This newly-built, 6,000-square-foot house in Ketch Harbour, N.S., sits on the granite shoreline of the Atlantic Ocean and features "a series of interlocking pavilions constructed of reinforced concrete and window walls of star fire glass to capture the amazing, endless ocean views," as the realtor describes it. Only three bedrooms in this house, but what a view. Source: <a href="http://www.tradewindsrealty.com/">Tradewinds Realty</a>

• Nova Scotia: $6.7 Million

  This newly-built, 6,000-square-foot house in Ketch Harbour, N.S., sits on the granite shoreline of the Atlantic Ocean and features "a series of interlocking pavilions constructed of reinforced concrete and window walls of star fire glass to capture the amazing, endless ocean views," as the realtor describes it. Only three bedrooms in this house, but what a view. Source: <a href="http://www.tradewindsrealty.com/">Tradewinds Realty</a>

• Quebec: $18.9 Million

  The realtor selling this property suggests you may want to build a heliport to get to this 200-acre estate located in a secluded corner of Quebec's eastern townships. There are several houses on this site, the main one being built in 1927. Another building is described as a "three-season chalet" and is located next to the 120-foot dock on Lake Mephramagog. The property features multiple garages, including a 40-foot-long one. The whole place is so ritzy that a barn on the property was declared a historical site. Source: <a href="http://passerelle.centris.ca/Redirect2.aspx?CodeDest=JMONTANARO&NoMls=MT10764029&Source=WWW.REALTOR.CA&Langue=E">Centris</a>

• Quebec: $18.9 Million

  The realtor selling this property suggests you may want to build a heliport to get to this 200-acre estate located in a secluded corner of Quebec's eastern townships. There are several houses on this site, the main one being built in 1927. Another building is described as a "three-season chalet" and is located next to the 120-foot dock on Lake Mephramagog. The property features multiple garages, including a 40-foot-long one. The whole place is so ritzy that a barn on the property was declared a historical site. Source: <a href="http://passerelle.centris.ca/Redirect2.aspx?CodeDest=JMONTANARO&NoMls=MT10764029&Source=WWW.REALTOR.CA&Langue=E">Centris</a>

• Quebec: $18.9 Million

  The realtor selling this property suggests you may want to build a heliport to get to this 200-acre estate located in a secluded corner of Quebec's eastern townships. There are several houses on this site, the main one being built in 1927. Another building is described as a "three-season chalet" and is located next to the 120-foot dock on Lake Mephramagog. The property features multiple garages, including a 40-foot-long one. The whole place is so ritzy that a barn on the property was declared a historical site. Source: <a href="http://passerelle.centris.ca/Redirect2.aspx?CodeDest=JMONTANARO&NoMls=MT10764029&Source=WWW.REALTOR.CA&Langue=E">Centris</a>

• Ontario: $17.9 Million

  This six-bedroom house sits on the shores of Lake Ontario in Oakville, near Toronto. Situated on 3.2 acres, it has 185 feet of waterfront and a boat house. The property features a triple car garage, a foyer of Italian limestone and a two-story living room. Security cameras can be controlled by way of a security panel. And the view from the back-yard pool can't be beat. Source: <a href="http://www.remaxaboutowne.com/">Re/Max Aboutowne</a>

• Ontario: $17.9 Million

  This six-bedroom house sits on the shores of Lake Ontario in Oakville, near Toronto. Situated on 3.2 acres, it has 185 feet of waterfront and a boat house. The property features a triple car garage, a foyer of Italian limestone and a two-story living room. Security cameras can be controlled by way of a security panel. And the view from the back-yard pool can't be beat. Source: <a href="http://www.remaxaboutowne.com/">Re/Max Aboutowne</a>

• Ontario: $17.9 Million

  This six-bedroom house sits on the shores of Lake Ontario in Oakville, near Toronto. Situated on 3.2 acres, it has 185 feet of waterfront and a boat house. The property features a triple car garage, a foyer of Italian limestone and a two-story living room. Security cameras can be controlled by way of a security panel. And the view from the back-yard pool can't be beat. Source: <a href="http://www.remaxaboutowne.com/">Re/Max Aboutowne</a>

• Manitoba: $2.9 Million

  That this 6,000-square-foot house is listed at $2.9 million is a testament to the (relative) affordability of Winnipeg real estate. "On entry you are greeted by an impressive foyer, soaring ceilings, curved staircase and grand principal rooms that are perfectly suited to entertaining," the realtor fawns. The four-bedroom house features an office and a media room, among many other amenities. Source: <a href="http://agents.royallepage.ca/winnipeg">Royal LePage Dynamic</a>

• Manitoba: $2.9 Million

  That this 6,000-square-foot house is listed at $2.9 million is a testament to the (relative) affordability of Winnipeg real estate. "On entry you are greeted by an impressive foyer, soaring ceilings, curved staircase and grand principal rooms that are perfectly suited to entertaining," the realtor fawns. The four-bedroom house features an office and a media room, among many other amenities. Source: <a href="http://agents.royallepage.ca/winnipeg">Royal LePage Dynamic</a>

• Manitoba: $2.9 Million

  That this 6,000-square-foot house is listed at $2.9 million is a testament to the (relative) affordability of Winnipeg real estate. "On entry you are greeted by an impressive foyer, soaring ceilings, curved staircase and grand principal rooms that are perfectly suited to entertaining," the realtor fawns. The four-bedroom house features an office and a media room, among many other amenities. Source: <a href="http://agents.royallepage.ca/winnipeg">Royal LePage Dynamic</a>

• Manitoba: $2.9 Million

  That this 6,000-square-foot house is listed at $2.9 million is a testament to the (relative) affordability of Winnipeg real estate. "On entry you are greeted by an impressive foyer, soaring ceilings, curved staircase and grand principal rooms that are perfectly suited to entertaining," the realtor fawns. The four-bedroom house features an office and a media room, among many other amenities. Source: <a href="http://agents.royallepage.ca/winnipeg">Royal LePage Dynamic</a>

• Saskatchewan: $2.7 Million

  Four bedrooms, seven bathrooms and three outdoor decks feature in this 4,600-square-foot home in Saskatoon. The coolest feature in this house may be the split staircase to second floor. The basement media room features an ornate bar and a huge projection screen. Source: <a href="http://www.suttonsaskatoon.com/">Sutton Group Saskatoon</a>

• Saskatchewan: $2.7 Million

  Four bedrooms, seven bathrooms and three outdoor decks feature in this 4,600-square-foot home in Saskatoon. The coolest feature in this house may be the split staircase to second floor. The basement media room features an ornate bar and a huge projection screen. Source: <a href="http://www.suttonsaskatoon.com/">Sutton Group Saskatoon</a>

• Saskatchewan: $2.7 Million

  Four bedrooms, seven bathrooms and three outdoor decks feature in this 4,600-square-foot home in Saskatoon. The coolest feature in this house may be the split staircase to second floor. The basement media room features an ornate bar and a huge projection screen. Source: <a href="http://www.suttonsaskatoon.com/">Sutton Group Saskatoon</a>

• Saskatchewan: $2.7 Million

  Four bedrooms, seven bathrooms and three outdoor decks feature in this 4,600-square-foot home in Saskatoon. The coolest feature in this house may be the split staircase to second floor. The basement media room features an ornate bar and a huge projection screen. Source: <a href="http://www.suttonsaskatoon.com/">Sutton Group Saskatoon</a>

• Alberta: $12.7 Million

  This house, featured in Architectural Digest, sits in beautiful Canmore, on the edge of the Rockies, and has six bedrooms and 10 baths. The property features multiple "outdoor living rooms" (think ornate decks) to enjoy the view. For those into medieval intrigue, there is a hidden staircase running to the underground wine cellar. Source: <a href="http://www.rlfoothills.com/">Royal LePage Foothills</a>

• Alberta: $12.7 Million

  This house, featured in Architectural Digest, sits in beautiful Canmore, on the edge of the Rockies, and has six bedrooms and 10 baths. The property features multiple "outdoor living rooms" (think ornate decks) to enjoy the view. For those into medieval intrigue, there is a hidden staircase running to the underground wine cellar. Source: <a href="http://www.rlfoothills.com/">Royal LePage Foothills</a>

• Alberta: $12.7 Million

  This house, featured in Architectural Digest, sits in beautiful Canmore, on the edge of the Rockies, and has six bedrooms and 10 baths. The property features multiple "outdoor living rooms" (think ornate decks) to enjoy the view. For those into medieval intrigue, there is a hidden staircase running to the underground wine cellar. Source: <a href="http://www.rlfoothills.com/">Royal LePage Foothills</a>

• British Columbia: $34 Million

  The most expensive house in Canada's priciest (and fastest-falling) real estate market features four bedrooms and six baths on 8,500 square feet, as well as a very cool boat house. But in a sign of the weakening of Vancouver's housing market, this property in ritzy West Vancouver has been on the market for some time — it featured as the most expensive house for sale in all of Canada the last time we put together this survey, in June 2012. Source: <a href="http://www.angellhasman.ca/">Angell Hasman Realty</a>

• British Columbia: $34 Million

  The most expensive house in Canada's priciest (and fastest-falling) real estate market features four bedrooms and six baths on 8,500 square feet, as well as a very cool boat house. But in a sign of the weakening of Vancouver's housing market, this property in ritzy West Vancouver has been on the market for some time — it featured as the most expensive house for sale in all of Canada the last time we put together this survey, in June 2012. Source: <a href="http://www.angellhasman.ca/">Angell Hasman Realty</a>

• British Columbia: $34 Million

  The most expensive house in Canada's priciest (and fastest-falling) real estate market features four bedrooms and six baths on 8,500 square feet, as well as a very cool boat house. But in a sign of the weakening of Vancouver's housing market, this property in ritzy West Vancouver has been on the market for some time — it featured as the most expensive house for sale in all of Canada the last time we put together this survey, in June 2012. Source: <a href="http://www.angellhasman.ca/">Angell Hasman Realty</a>

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