Wow. What a ride. You have definitely increased your equity if you bought your downtown condo before 2007. The real estate prices have been fairly stable with little change in the last two months. The average MLS® price per sq.foot for January was $262.72, much more affordable compared to January 2008 at $322.76 ! At the current interest rates with 5% down and the prices of properties, you are much better off buying a home than renting, something you could not afford last year. You may notice that our data refers to condos under 500K - the big dollar penthouse sales tend to throw off the averages which I would like to keep more realistic.