Months of supply below roughly four is typically read as a seller-favouring market, and 1.63 months is well under that line, meaning homes are moving faster relative to what is listed than a balanced market would show.
New listings are also up 12.3 percent year over year, so more competition is arriving even as sales stay strong, which means a well-priced, well-presented house benefits more than an overpriced one coasting on a strong headline market.
Whether now specifically suits your situation depends on your own timeline and what you are buying next, not only on the citywide numbers. Get your hand-reviewed valuation from Joel Dyck.