Over the past 5 years a buyer had to hurry out at the first day of a listing to see a home and prepare an offer, then he went and competed against 3-6 other offers, and usually pay more than asking without the ablility to even have a building inspection, to see who would win the prize.
 Today they can go out and look at everything available, weigh their options, and make an informed choice. They can also have a chance at negotiating price, terms and conditions. They have much more flexibility.
 If you look at graphs of 1981-85 you will find that, although sales fell much like today,  the average price actually went up...and the same is happening today.
Market Watch says: "For 2008 as a whole, prices averaged $379,347, compared to the $376,236 recorded in 2007, and the $351,941 average recorded in 2006".(TREB)
So prices are up and will continue to rise. Why would anyone wait to pay a higher price by waiting? .
 A buyer has a choice, he can buy now while everything is in his favour or he can wait and take his chances as to how much the average price will go up before he jumps in, and when the choice will be lower, the conditions not in his favour.
 A buyers  motivation should be much stronger to buy right now than any time in the past 5-8 years, orm in the unknown future..

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