Is now a good time to BUY my first home? (Toronto, Canada)

[Daniel Ghaffar]

Times are tough but my business has not seen the slowdown that many have (yet). I am accustomed to working from home as I have been doing so since I started my company a few years back. I have saved up enough for a large down payment and have been looking for a home since Jan/Feb 2020 but now that everything is the way it is, I'm wondering if I should wait for more "adjusting" in prices or act now before spring / summer brings on a new wave of buyers. Would anyone have advice for where they see the Toronto GTA (DURHAM) region market going for single family detached homes? I'm looking to purchase a home to be my primary residence and just would like to know if this is the right time or if there is a reason I should want for the market to go though further adjusting. From what I have noticed, there is very little inventory on the market and homes are selling for asking price or a few thousand less. Only 5% of homes are selling for above asking (given they have something special about them).