Couch potato is many things. It gives excellent diversity of investments at low cost, it is simple, it should be efficient. It is not "fun" except seeing your stuff grow; and even when it falls, knowing it's falling slower than those who are trying to time the market, and slower than those paying 2+% MERs, and that it'll rise faster, too. IF you want to go with a bank-solution (the Tangerine mutual funds are pretty funky as a one-stop-shop, though their MER is 1%), you need to tell them you are very risk-happy else they'll keep you from investing in 'risky' assets like stocks (the irony being that investing in bonds is riskier over the long term as you lose vs inflation! Of course, if you invest in stocks and buy high/sell low you're fucked, ha).
Fill your TFSAs first (remembering to verify your contrib room - if you were non resident you don't get room for that year, AFAIK).
In terms of bubble... $200k is not a bad price at all for decent housing. If your pre-tax is $75k, the 'safe' rule is 3x gross income, you're really fine to buy. Put 20% down, get a 25 year, 5 year variable rate mortgage and see how you go.
Then stick the rest into RRSPs. Easy!
If you don't want to buy, renting is juuust fine. But remember one thing - assuming housing does go up over the next 25 years (it will), you get a nice tax benefit from a primary residence - no capital gain. A house isn't "an investment" but it certainly can be nice if you make a killing on it, all tax free...