Plain and simple: When you are ready and you have the necessary financing in place. As the global economy has proven in recent months you cannot predict what the future will hold. All you can do is decide what you wish to do today, whether that be to pay your own mortgage (assuming you require financing) or pay your landlord’s mortgage. But, please do not get too concerned about the best time to buy as there is a time and a place to buy – and that is: when you are ready. On the flip side there is a time and a place to rent.
Here is a link to more info: Buying a home in Toronto