I think you're confusing the US with Calgary, yeah the Calgarys market is high but we don't have near the issues the US has which has lead people, particularily in California, to be walking away from their homes.
For people to start walking away the market needs to take a massive dive, people don't walk when their house is worth 10k less then their mortgage, they walk when it's 50k+ less then their mortgage.
When you consider at very least as far as i know in Canada even with a high ratio mortgage you need to put 5% down, you already have built in equity so the market needs to drop 70k for your 400k house to be worth 50k less then your mortgage.
The US real estate crash was as result of bad lending policies from the banks, such problems are not nearly as prevalent in Canada. subprimes loans were a great option to start but then suddenly your rate jumps and your payments bloom and people couldn't afford them anymore, this lead to a glut of houses on the market as people who couldn't afford their payments tried to dump their homes. Then you've got people with 100% financed loans who have no equity in the house at all.
If you seriously expect the Calgary home market to take such a hit people are just walking away from their homes I think you need to get your head examined, Calgary is not experiencing all the same downward pressures that the US has.
Regardless(irregardless??
), this thread is worthy of a bookmark so 6 months from now we can serve out some crow pie al a mode whoevers right
