There is a real estate thread already with tons of info.
http://forum.calgarypuck.com/showthr...=52710&page=25
Real Estate is going to continue to PLUNGE in Calgary and Canada and the world over the next 2 years and into the future beyond that. I would guess another 15% drop to start but could easily see scenarios where prices drop 30%. (Just read a report out of the USA that homes prices could easily drop ANOTHER 20% next year, taking them roughly 50% off of peak.)
Whatever you do I would be very careful and would be cautious as to whose advice I sought -- people with a vested interest like Real Estate Agents or Home Builders are the WORST people to listen too yet are at the top of a lot of peoples list when seeking advice, which is brutal. (And also explains the mindless logic behind the bubble we just saw in the world real estate market.)
The people waiting for the 'spring bump' are going to get even more thrashed this coming year than last.
The hilarious part is how rents are now finally starting to plunge. You can get fantastic brand new highend 2-bedroom condos downtown that were priced $600,000+ at the peak for $1595/month ALL inclusive right now! (I have seen people offering stereos, plasma TVs, free internet, etc on top of that!) The mortgage + carrying costs on that unit would be many times that, the condo fees alone are likely $400-$600/month.
Likewise, you can get fantastic never lived in homes for $1400/month in areas like you want to live. Why not rent and save $1000/month (or much more?) right into your savings and not lose equity all the way down as the market collapses?
Assuming you could sell your house for a fraction of the price you think you can....
Claeren.