Hottest market in decades. Buy now, or wait it out?

[Christopher Bebbington]

Hey Bigger Pockets,

I live on the East Coast of Canada, specifically Nova Scotia. As anyone in the areas knows, the housing market in Halifax has gone absolutely ballistic over the last year or so, way beyond anything it's ever seen before. At least part of it seems to be fuelled by people fleeing more populous, richer provinces, like Ontario, for an area that has been relatively spared by COVID. Things are flying off the market at prices waaaay over asking, sometimes 30-40% over. 

It just so happens that I hit a point financially where I have the money and interest to purchase some investments properties, but I'm wondering if waiting for things to calm down a bit may be better than diving in in the middle of the hottest market the city has ever seen. The risk, of course, is that even if things slow down a little, the prices won't really dip, meaning that delaying just results in me paying more. 

Thoughts? Any one else looking at the Halifax market? Anyone else with a similar experience elsewhere?

Thanks in advance.