Good cash flow, but in a cooling market

[John Yeung]

I'm looking at the feasibility of buying my first property in Canada. In recent years, cities like Toronto and Vancouver have seen a rapid rise in property prices, and they're near the top of UBS' Global Real Estate Bubble Index. 

In this case, if I can find a property with positive monthly cash flow, but anticipate a decline some time in the future (not sure when), is the right move to take the deal or to wait? Both options seem to be justified logically 

Please advise