We're definitely seeing prices start to decline.  Although it's not a "bubble about to burst" the market will indeed do some correcting.  Some local analysts predict about 10% over the next 2-3 years.  Keep in mind this won't be a plunge so to speak, but a gradual balancing out.  With this in mind it's the perfect time for you buyers out there with interest rates being so low to dive in.

There's a saying in the industry - don't wait to invest in Real Estate, invest in Real Estate and wait.  The market will always be cyclical, but the sooner you get in, the sooner you start building equity.  The key point here is to make sure you have a plan when investing, an exit strategy, etc.  You want to avoid selling in a valley of course, so get that crystal ball out and try to give yourself options for when the time comes to sell - if the market is down - you should have a way to avoid selling until it bounces back.  Ex. - extending the tenancy agreement, using funds from somewhere else, etc.

Hope this helps everyone, don't hesitate to contact me with any related questions or concerns! 
Have a great summer,

Brad.