I would sell and not re-buy for a bit. We've had huge success here in Vancouver "liquidatind" real estate at huge discounts.
I can say with some certainty that Calgary will have to follow suit, as their situation is much worse then Van.
Developers will have to find a way to get rid of excess standing inventory and that will mean big price cuts in the near future. This is more so for condos, then detached housing, but if you're looking to get into a condo expect bigger price drops and good opportunity to buy soon.
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