Pretty loaded question. Real estate is location specific - within Toronto, like here in Vancouver, you buy location within location. Someone once said the best time to buy real estate is today, the best time to sell is never...
Careful (especially in a low interest era such as today), but leverage used wisely can be a good thing! Where the trouble starts is when people pay with 5% down, then the property goes down in the short term 6% ... and they panic!
Long term though, in a good location, a very wise investment. Make sure you have a substantial down payment (at least 20%) and you can weather any uptick in interest rates - which is inevitable.