I just bought a 450K house in Victoria knowing I'll take a haircut. The problem with timing the market is it simply hasn't crashed and I'm out of time - it's time to start a family.
You didn't need to purchase a house to do that. You can rent houses in victoria. Buying a house doesn't mean you'll keep it if economic bad times hit.
450K for a house seems cheap. In the GTA, you won't even get a townhouse for that much. A townhome (with monthly fees) probably goes for over 650K :'( I don't understand it.