Your down payment matters as much as the price. The minimum is 5 percent on the first $500,000 of the purchase price and 10 percent on any amount above that, and anything below 20 percent adds a mortgage insurance premium plus provincial sales tax on that premium at closing.
Renting still wins for anyone unsure where they will be living in two years, since selling within that window usually means legal fees, moving costs and a mortgage that has barely started paying down principal, which can erase any gain from rising prices.
If your income is steady and you can see yourself in the same city for several years, buying in this market is a reasonable decision; if either of those is uncertain, renting buys you time to decide. Get your hand-reviewed valuation from Joel Dyck.