@Lord & Pino. Exactly. The question as it is posed now is akin to asking, Is buying real estate in Canada a good idea? Pretty loaded question. You need to analyze all aspects of your potential purchase and ask yourself; Am I a pure investor, am I a flipper, is this my first buy (on the road to many more purchases down the road), is this for me to live in alone, is this for myself and a larger immediate family and/or extended family (ie proximity to schools, retailers, transit, hospitals, etc)?
Buying real estate is not like buying a simple commodity or a financial instrument such as a bond or stock. Real estate is complex and is highly personal and emotional, especially if you plan to live in the property. One thing you also need to consider - if prices drop significantly in the short term - can you whether the storm and continue making monthly payments without it severely hampering your quality of living...
Don't get bogged down in analysis paralysis, but .....you must analyse nonetheless! For most people this is the biggest purchase they will ever make in their lives - so treat it as such.
