Today: Prices out of sync with income (affordability)
1970s: Interest rates in the mid to upper teens (affordability)

There are very few "good" times - when the price is right, the market is right, and interest rates are right, to buy a house.  All other times is a huge gamble. 

The other thing that Carrick doesn't mention, is living in Sudbury, Halifax, St. John's (NF), or a host of other cities around the country.  You don't just have to live in the "metro" areas.