Definitely not a good time to buy right now. It is a sellers market. If however you need a place to live and plan on being there for a long time, then do what you have to. From an investment perspective, I would only purchase if my plan was to sell the property within 2 - 3 years, thus capitalizing on the market while it is hot.
The upward trend will continue for a couple years at least. But in reality will not sustain this type of growth forever. Oil and gas markets will stabalize to a reasonable level within a few years and although it may not crash like the early 80's, the real estate market will come to a lull.
I have done a few purchases on yet to be developed condos, homes, etc. Once built I immediately sold them off for a nice profit. That is the only way that I would even fathom purchasing now. However, I have recently purchased in Edmonton myself, so we will see how that goes as well.
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