Mortgages in Canada are generally “full recourse”. The property will be sold under power of sale and if the net proceeds are less than your mortgage debt plus costs of the sale, you remain responsible for the shortfall

hmmm.

That sound a little ugly.
I might just keep the place.

If you are really under water and you can wait it out long term, that’s usually best. If you can’t service the mortgage, you are usually better off selling it yourself. You will probably get a better price than the bank, and you won’t be responsible for the lender’s enforcement costs.

I sold a commercial property right after a real estate crash/recession in the early 1990's and was fortunate to break even. Ironically, I could have made a $60 K profit if I had taken an offer six months earlier before the crash but at the time I thought the offer was way too low ball. Then the entire real estate market crashed. You know what they say about hindsight.....

Walk away and you're still responsible for paying the mortgage. If you don't your credit rating will be shot. You are still responsible for any shortfall if you do sell it for less than you owe. Might as well declare bankruptcy if you walk away from your mortgage. You'd get rid of all your debts but you'd be a nobody for at least three years as far as lending institutions are concerned and a full seven before its off your record. You had better sell it. You can maximize profit by selling it yourself rather than using a real estate agent. A number of sites online will help you with this. Would renting it out cover your mortgage? This could be an option until the market returns. Or could you rent out the basement as an apartment or take in a boarder to help with cash flow as a temporary measure?

Just looked into it a little bit.

Apparently (needs full verification) the mortgage (In Saskatchewan) is a non-recourse mortgage.

Yeah, well, Saskatchewan can be weird

So do you have other assets that they can go after, which I believe is what happens with a non-recourse mortgage? They get access to your other assets, but nothing further.

What market crashed? The housing market?

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How does Danny Hart sit down with balls that big?

The housing market in Saskatchewan crashed?

Is it your principal residence and is it CMHC insured ?