I personally can't see too many people walking away from
their homes in Calgary, especially those with 20% equity. I think what you are going to see instead is people willing to walk away from homes with pretty much zero equity. As house prices have dropped some there are a good number of people right now that have negative equity in their homes. That combined with the high mortgages on these houses along with possible job losses I think will cause a good number of people to walk away.
http://calgaryherald.com/storyline/fortney-are-calgary-homeowners-really-on-the-brink
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