Correct. And had you asked that question ten years ago the answers would have been the same. In the meantime, .com has grown and .ca has become more pervasive. The trend will not stop. Some new extensions could take off to some extent, but they won't catch up.
As such it's not relevant. The majority of people don't need a domain name, even in developed countries. Even among domainers, a lot use gmail rather than a domain name of their own.
In general domain names are used for business. For domain usage to grow, there has to be more businesses going online, that's it
People who don't want to pay more than regfee for a domain already have plenty of options:
- a longer .com
- their ccTLD
- a brandable domain
- ...
Some people don't want to pay more than regfee (it's not business lost to domainers anyway), some people don't want to pay more than $1000 for a one-time purchase. Everybody has different needs and means, but everybody will find something hopefully. There is a market for all price ranges
And if some extensions take off and a secondary market develops, domainers will adjust accordingly. Domainers just invest in the stuff that is demand.