Or are you speculating about the unthinkable?

We are getting into the speculative portion of things but also trying to weigh the least crappy option here. 

It's always a good time to buy if you know your numbers.This is all speculation of course.

That's very rare and if you find it it's going be something highly speculative (so not a fit for the vast majority).

If you do try speculating and waiting for prices to drop it could be a long time before you buy anything if at all...

@Andrew Brown,That's a financial decision you'll have to make for yourself.Depending on appreciation is speculation (read: gambling), not "investing".

I'm sure there are plenty of real estate investors in your own backyard that are consistently making great returns year after year and are not speculators. 

I also understand Daniels frustrations at seeing some of the biggest speculators on credit get bailed out.

You can buy it as a speculation play, but it doesn't cash flow!

On Thursday, the Toronto Real Estate Board reported that July home prices in Canada’s largest city suffered their biggest monthly drop on record amid government efforts to cool the market and the near-collapse of Home Capital Group spooked speculators.