For a seller, a tighter months-of-supply reading generally means less competition from other listings and a shorter path to a serious offer, though the benchmark price, currently $444,700, still needs to be checked against comparable sold homes in your specific neighbourhood rather than the citywide number alone.
For a buyer, more supply means more choice and more negotiating room on condition and price, while a tighter market like today's rewards being pre-approved and ready to move quickly on a home that fits.
Market timing matters less than most people think next to your own deadline and the specific home. Get your hand-reviewed valuation from Joel Dyck.