From what I can tell prices seem to be about even to what they were 18 months ago... 8-9 months ago the prices seem to have peaked, and have been on the decline since. That doesn't mean they are at the bottom or they won't go up tomorrow. Seems that the market is bringing the prices back to more reasonable levels in a fairly controlled way.
If you see a property that fits, you like it and more importantly you can afford it you don't have to wait for the market to hit bottom. You can definatly be more picky but houses are still moving expecially in the "entry level" houses market. (1200 -1500 sf)
I'm also seeing alot more movement out of people from out of province, seems that quite a few people buying the entry level stuff are from BC, Ont and Qu. I agree with wookie in that it's not all doom and gloom, but there are alot of people who purchased in that 18 month range that are on the Gloom side of the scale right now.
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