Quote:
Originally Posted by firebug
How large was your deposit?
It may be better off for you just to walk away from it if the price of equivalent condos have dropped enough.
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It's basically 30 grand. While Im not sure if the value has really gone down too much (basically paid 290k for a 600sq-foot 1 bedroom in a pretty desirable location on 1st street), I do think in the mid/long term it's better to rent it out then walk away. I would most likely have to pay $300-400 ontop of the mortgage/fees....which is basically about 1/1.5% value of the home per year. One would think the appreciation on a condo in Calgary will be higher than that once it gets over this hump, no?