This post is not about my views but a help.

I know this guy and his wife from India. This couple has 4 yrs old daughter. They came to Calgary 6 yrs back then start everything fro scratch like mostly immigrant do. They bought home in 2003 (right time, location and 220k) and enjoying the life. Wife started working after diploma here in Calgary. Then my friend starts working as part time REALTOR from 2005. Then he bought brand new home in NW from builder at 450K in 2006. He arranged the down payment of new home by refinance current home.

When we hit market highest in 2007 he put his new home on sale for 499K but bad luck or whatever deal did not work out. We met in Aug 2007 when things start falling in Calgary. He was very bullying on RE, oil price, AB future, China/India needs oil and we are different. I advised him in 2008 that you should sell new home and move back to older home as things start falling. He was still bully about RE, RE is always good for long term. He mentioned me that they are living pretty much paycheck to paycheck but that is way we can make long term investment.

Last month, his wife met my wife in downtown for lunch and she told they are completely broke. She switched from full time to part time. She asked help from us to talk to his husband. I asked him to sell his home immediately. Then he told me that builder is throwing same new home in 400K. He can not sale in 390K. Who's going to pay 50K difference? He can not sale older home too as he took the loan against that for new home at peak time.

Worst things happen last week.. He lost his engineering job and wife is working part time. It's not easy to get job in Calgary especially in oil & gas. I and my wife are completely in shock. I knew these guys from last 15 yrs. Their daughter is so cute if I see her face and their parent face then I don’t know what to say. I am speechless. We are meeting this weekend for lunch.

Just wondering, what is best advice at this time? This post is not about my views but a help.

Is the cause of engineering job loss and shift from full time to part time having bought a bigger house?

If yes, please explain how so people can advise you better.

If not, why are you connecting two things?

There might be quite a few people here who have lost jobs but they are not in trouble as you seem to potray even with a house and mortgage (my neighbour is one of them). At the same time, there are quite a few people who are running hand to mouth with jobs and no mortgage to pay, but simply renting.

Unless you define how you connect them, it is difficult to advise.

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Chandresh

Advice is free – lessons I charge for!!