Her equity is half of whatever would be left after all the costs if you sold it today, no more. You will be paying realtor fees, mortagage penalties, and you'll lose all the money you paid CMHC. You guys are not in the position to be to gready with this one. Who's name is on the mortgage. If it's just one of you, the other should come up with a number, albeit very small, and buy the other out. If it's both of you, sell it and take your lumps. You'll pay more to keep it then you will walk away with.
I wouldn't be too broken up about walking away from the place, your not losing enough equity to make it worth all the stress. Starting over in this case isn't really that far a stretch and might be less stress in the long run.
Just my 2 cents.
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