So there seems to be a lot of smart successful people here so i thought id ask a question i have been have been thinking about for a while now

I am about to buy my first home (new home). I already know the home i really want which is priced at 360,000. But i'm worried about a housing bubble. I have half of money for that home in cash. But i was wondering if a better thing to do would be this option

by a smaller cheaper town home now for 160,000 in cash. Wait a few years till when interest rates start to rise. See how the housing market reacts? I guess that way i could rent it out when im done with it and buy the more expensive home later.

The risk involved would be whether or not there is another oil boom. Being i live i'm alberta but how much higher can home prices really go? Risk is involved either way i guess. I just am unsure what the wisest course of action would be.

For the record i have no kids right now and i am in my mid 20's