I live in a condo in Coal Harbour. My Price to rent ratio is 29.76.
Price-to-Rent Ratio Definition | Investopedia
My Landlord is practically paying me to live there. I reinvest the difference in Index funds and ETFs. Sure I didn't get 30% yoy but I'm not losing sleep either.
So trade my "greedy landlord" for a "greedy market" which is likely at it's peak?
Stop trying to tell people what to do, just live your life and don't try to time the market. If you need a house, buy one. If you don't wait a bit.
Oh, regarding buyers on the sidelines - don't try to catch a falling knife.