Inflation is not an issue for the time being. Canadian economy is definitely bad. It might take a long time for the US stock market to recover; does S&P 500 index will go to another big dive? I do not think so. Fundamentals are ultimately important; but behavioral factors should also be considered. In terms of housing market, Ottawa is a totally different story. I did see a very slow new home sale. As long as I get the nice lot and have mortgage rate locked up, I do not care about the new home price. Why? Because I put a protective price clause into my purchase agreement: if new home price drops or designer bonus increases, my purchase price will be adjusted for that.
BTW, people are talking about Bank of Canada increasing interest rate next summer. It is not about the Bank's promise; just, at some point, the interest rate should be increased. For those who always talks about Canadian economy, you should know the "some point" means.
In this forum, there have been a few good threads about purchase of homes. To me, the discussion on Ottawa housing market makes no sense. Have you noticed? People with nice homes do not sell; they hold their homes until housing price recovers. You might find cheaper houses; but you could barely find nicer houses.
Another note: once you have a house, put some time on it. My neighbor (who is also a Chinese) piled all kinds of things in his backyard. The home is huge, but looks like still being under construction. What a home owner!!