Life After Debt?

I'm 35 years old. My wife is 26 years old. Between the two of us we have roughly $25k in total debt. We're knocking that out as quick as we can along the lines of about $2k per month.

We just moved up here to Victoria, British Columbia and we're living with her parents until we finish handling our debt. Then we'll be looking at purchasing some form of permanent shelter. Unfortunately, the cost of living up here is RIDICULOUS! Like $300k for a 1,000 sq. ft. condo ridiculous.

Life on the island is phenomenal and we're very happy here. However, I'm concerned about a SHTF situation where we would need to bug-out (think earthquake or economic collapse). Which leads me to the big debate the two of us have been having.

Once we're out of debt, do we jump back into debt and buy a house/condo or do we rent a place and stay out of debt?

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Life After Debt?