Ottawa Real Estate

Enough has already been written by countless others about the Canadian housing market, so I wont ramble on about how overpriced houses in Canada are. Canadians now hold a household debt-to-income ratio of 163.4% (up from 162.1% in the first quarter of 2013). Following are some charts from The Economist, comparing the historical real estate prices between Canada and US since 1975.
My wife and I are currently renting an apartment in Ottawa, Canada and are considering buying a house for the past few months. We are thinking about buying a house in a year or two (2014-2015), but the state of the market just leaves me in disbelief. The Ottawa real estate board states that the average home prices are $346K (source). The inclusion of suburbia, the remote outskirts and the rougher parts of town bring down the average prices as any good house in the city has a listing price of $500K-$800K.

Canada Real Estate

Canada Real Estate

Canada Real Estate

Canada Real Estate

Canada Real Estate
The 4th chart is really interesting which shows that with the current state, its much cheaper to rent than to buy a house. But having considered all, the big question still remains: Do we wait for a correction or just buy in while the interest rates are down? 
What are your thoughts?

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