There is a time to buy, hold, sell every asset. Some assets are uninvestable. There is no short position that can be taken in SFH.
Holding a SFH in Fraser Valley is destined to be a cash suck. Yields are too low, maintenance and cyclicals too high. Investing like this is going to basing your return 120% on appreciation because you will probably lose 20% of your capital during operating and selling the asset. So the question is how deeply are you willing to bet on appreciation as your sole , completely undiversified source of return?
Thomas is correct as he often is.
My five cents is ....
There's never a wrong time to buy real estate regardless the location.
There's is a wrong time to sell.
As long you aren't in a hurry it always (or typically) pays off over a long period of time.
I agree with Carla. I bought a property in 2008 that I paid 360,000 for. It’s valued at 320,000 right now, but in 10 years I have paid the mortgage down and have had positive cash flow from day 1 (with 20% down). I don’t need to sell it. I will sell when the market improves or when the mortgage is paid off. I have pretty much bought properties every year since 1982 in Edmonton. I have yet to lose money on any property in Edmonton because I have a long term vision (let’s not talk about the property I bought in Brandon Manitoba...)