Food for thought...

"I bought my first home in Vancouver in December 2008. According to the media, that wasn't wise because they predicted prices would continue falling throughout the spring of 2009. Well, the complete opposite happened; prices kept rising and rising so I actually bought at the most ideal part of the down turn.

I think the lesson overall is that you should buy a home when you are ready — when you have been able to save for a downpayment and have your finances/debt in control and you aren't borrowing the maximum mortgage youve been approved for. Rates will always rise and fall, but you should account for that and be able to absorb an increase in your monthly costs if need be. (Buying at a time of record low rates, I knew that at some point the cost of owning my home was going to increase.)"

—Alltalknoaction