First time homebuyers - it's time to buy now. The economy in Canada is nowhere near as bad as the US. If you have a job and you're secure there, then think about this:
A $250,000 home in Jan/Feb 2008 with 95% financing was $1,581.69/month
Today, that same home in Jan/Feb 2009 with 95% financing is $1,333.07/month
That's a difference of $248.62 every month or a total of $14,917.20 over the typical 5 year term.
If you also take in to account the fact that many homes in the mid to high 200's are down in price by $30,000 to $40,000, these homes now carry for about $450.00 per month less than just a year ago. If you're thinking of buying and have been putting it off, don't put it off any longer.