New listings rose 12.3 percent year-over-year, giving buyers more selection than a year ago, which is a real reason to wait if you specifically need more choice. It is not the same as evidence that prices are about to fall, and treating the two as the same bet can cost you the home you actually wanted.
The stronger question is affordability, not timing the bottom. CMHC guidelines cap housing costs at roughly 39 percent of gross income, and that ceiling, along with your down payment and rate, tells you what you can carry today regardless of where the benchmark sits next quarter.
Decide on affordability, not a forecast. Get your hand-reviewed valuation from Joel Dyck.