Does it make sense to buy?
Some are thinking the prices have declined enough that the cost of owning, even if the market might head down further isn't too bad. David Leonhardt's piece is good read.
I'd have to say I feel the same, that I don't need to buy a home at the lowest price, but a reasonable price. I got into the housing market at a top, and it hurt. I left at another top, and it was helpful. Will I be a home owner again? Not at the crazy prices in Vancouver. The affordability index of average home cost to average wage is something crazy like 8. I'd consider being a buyer again at somewhere around 4-5 even though that is considered moderately unaffordable.