June 2017 TREB Chart Showing Average Resale Home Prices

The above bar chart shows the average home resale prices up to last month June for 2017 as well as for the full year for 3 years to 2014.
 I dashed a red line at the top of each bar for 2017 and a blue line for 2016 so that a seasonal trend can be readily seen. Now note this:

• Red line- the sharp rise from January to past May is indicative of the unusual buying frenzy we just experienced where prices rose as high as 20% monthly where bidding was the norm frustrating a lot of buyers. Then the curve turns downward indicating a drop in prices.
• Blue line- follows the seasonal price trend for 2016. Note that the curve closely matches those of the previous years.

The downward red curve past May to date is more likely a market correction of the sharp rise starting from the beginning of the year to mid-May when government imposed more stringent regulations on buying and the realization by buyers that such a sharp rise is not really sustainable . The red dotted line is a more likely prediction of what the future months will be like price wise as borne by top of each bar in previous years but higher.

Should you delay buying as prices are going down? I won't count on it is my guess. Even with the recent monthly drop in prices, the dollar values of homes are still higher than last years.