I agree with claeren when it comes to selling your place. The sooner the better, you may have to move twice but if things go bad, and there is a very good chance they will you could save yourself 6 months or more of your salary on lost value alone.
The layoffs haven't show up in the real estate market yet. They won't untill people have have run out of credit or saving, which will vary but 4 -5 months without or with lower income will put a significant dent in most peoples savings/credit, especially if they were already stretched.
The layoffs will start of affect the market in calgary some time in April, and by May people will see the scope of the problem we have. If you list a house in april, as "Traditionally" was the most profitable time, this time around you will be selling your house, with a glut of normal listings, people who are forced to sell because of affordability, and the first "foreclosures" from the November-January job losses. Keep in mind this glut of homes will be pushed on a market where the number of people looking to and able to buy is significantly reduced. I see this upcomming "House season" as a perfect storm of events leading to significant downward price pressure and really bad consumer confidence.
Figure out what you think your house is worth, then take as much off it as you need to make your house, the best value off all the houses in your area. Make your house on the expensive end of affordable, to the people who are looking at the next tier of houses below yours, and "cheap" for the people looking at your level.
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