I have $200,000 in cash and don’t know what to do with it.

I have a net worth of $260,000.
$60,000 in equity in one property, the other $200,000 sitting in cash account, earning 4.5% per year.

My goal has always been to invest in real estate. However since Covid, real estate prices in Canada have been ridiculous, and buying a cashflowing property is impossible.

Another thought would be to throw it all in the SP500. But with the economy the way it is today, that is a scary thought.

I’m inclined to keep sitting in cash earning 4.5% until there’s a stock market or real estate decline to deploy my capital. Is that a stupid idea? I would hate for the market to start rallying without me and lose on potential profits.

What should I do?