BUYERS' MARKET???? Is this really a news flash?
My belief is that it doesn't make sense to wait for the bottom to buy or the top to sell. You need somewhere to live and even if you buy near the top, on the next upswing you will probably be able to sell your home for more and in the meantime will have had a place to live. I think as soon as a renter can afford to buy, it makes sense to buy a principal residence. If one goes back to the 1960s, Vancouver's prices have continued on an upward climb with short downswings in between. Hopefully the announcement that now the market supply favours buyers more than it has in the past 10 years will help the fence sitters jump off and experience the satisfaction (and likely financial gain) associated with owning their own homes.
If you would like to discuss buying or selling a home or investment property, please let me know.