@cankosker Im can't tell you what to do, I got no idea, but thought I'll share my perspective. Take what you will from it.
My family and several other families who we're friends with all bought our first homes around the same time (mid 2021), things were going up super fast but not as crazy as early 2022. We all live in southern ontario in various cities circling around the GTA. Since then in these last two years half of my friends have given up against the continual rise in costs of everything and so sold their homes and went back to renting (but now they aren't much better off for it due the massive rise in rentals too). The rest of us are clenching our teeth and struggling onward.
One half of me is glad that I got in the market when I did (still not as lucky as those from 10 years ago). But the other half of me honestly wonders what is the point of it all? We pay an exorbitant sum every month toward mortgage and after utilities, car payment and food there isn't anything left to enjoy our lives with. Now and until its all paid off I am a slave to the bank. And thats if we can stay in this same house for the next 23 years. But life inevitably happens and should we have to move somewhere else we're still gonna be back to bidding on another house that is going to be much more expensive and likely a much longer amortization schedule. I don't want to be paying mortgage even after my retiring age but I fear that's where we're headed.
Like I mentioned earlier, selling the house and going back to renting doesnt make sense now either, its all gone crazy expensive. But both options leave you with no money to do anything to enjoy life with. Granted Im not a top earner but neither is the majority of us.
And please don't count on a crash. It will not happen. If it does somehow happen, don't be so sure you'll have the ability to buy since it will likely mean a terrible economic disaster has happened.