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The best time to buy is when you need to, it's hard to time the market and if you are going to stay there for a long time all that matters is can you afford it. Where I live they sure seem overvalued, but when we bought our house I was sure it was overpriced and the theoretical value now is 2x that amount not even 5 years later, WTF? So my guess is we will see a downturn, especially with the new government, but really the best time to buy doesn't always align with the best price.
Remember that maintenance on a house is expensive too, build that into your affordability calculation.