The honest answer depends far more on your situation than on the market. But here is what the market is actually doing, updated with every CREB® release.
Those are the figures that actually describe market conditions, and they update automatically with each CREB® release, so what you are reading is current rather than whatever was true when this was written.
Almost nobody buys a home as a pure investment decision. People buy because a lease is ending, a family grew, a job moved, a relationship changed, or the stairs stopped working. In those situations the market is context, not the deciding factor.
The questions that actually determine whether you should buy now:
Four yeses and the market matters much less than you think. A no on any of them and a favourable market will not rescue the decision.
Waiting makes sense when you are close on the down payment and a few more months materially changes your position; when your employment is about to change; when you have just arrived in the city and do not yet know which community suits you; or when you would be buying at the absolute top of what you can carry.
Waiting to time the market is a different thing from waiting because you are not ready, and the second is a much better reason. In thirty years here we have watched far more people hurt by buying something they could not comfortably carry than by buying in the wrong quarter.
See also: how much house can I afford in Calgary?