When it comes to owning real estate, letting go of the past is essential.

To make progress in uncertain times, let go of what you thought your real estate was worth. Value on paper is not real money. Real estate is always worth as much as a lender will extend in credit or a buyer will pay. Paper values may rise and fall, but you have no dollars and no loss until real estate is mortgaged to borrow against accumulated equity or it is sold to release equity.

That said, it's easy to get carried away. A paper gain can feel like actual wealth. A paper loss can seem as real as someone taking money out of your bank account, especially if your property is on the market when prices shift. Those who bought while prices neared the peak, can also feel the loss. The question for Canadians is, "How real is the paper loss?" In other words, are you reacting to a real situation or to your perception of what is going on outside your front door?

Canadians have watched in horror as their counterparts to the south were hit with wave upon wave of real estate devastation. Empathy for fellow property owners is mingled with fear that financial over-extension and housing stock over-construction may attack or erase gains created by the real estate boom in communities across the country. The continual electronic barrage of financial-crisis statistics turns your livingroom into ground-zero for the economic meltdown that has taken out millionaires, companies and stock markets. But are you over-reacting?

Statistics whiz by us from every medium, but how accurate are these figures and the impressions they create when viewed at the personal level? What steps have you taken to find out exactly what is going on?

• Have you spoken to at least one real estate professional who is familiar with your type of property and your neighbourhood's performance through a few real estate cycles? Have you had a close look at what is really happening on the streets that matter to you?

• Have you taken your plans into account? For many, selling at this time was never their intention. Those who can wait for five years or more will probably be selling into stronger markets. If a move is essential, the sell-buy market differential may be in your favour, so you'll lose little in quality and liveability when you buy your new home—you may even gain.

• Have you considered that properties and neighbourhoods, which the boom put out of your reach, may become available or affordable?

• Do you understand which, if any, financial vulnerabilities you face and what your alternatives are? Action is more effective than hoping and wishing. Act to gather information before problems arise. Debt counsellors, mortgage brokers, real estate brokers and many other professionals are in the business of providing solutions to problems you think are impossible to overcome.

The steady climb in prices has ended for this cycle, but that does not automatically spell disaster for everyone, in every market. Popular locations and high-value properties will maintain their worth and help to anchor local prices.

Many people, for a variety of reasons, are financially "frozen in the headlights" of world-scale economic uncertainty, so they're holding off on spending until they're sure about something -- their job, industry, investment portfolio, real estates ... so, there's less consumer activity in real estate and the economy in general. How are you using this lull to reevaluate your strengths and challenges?

Breathing Room for Mentally Moving On:

• It takes conscious effort to stop "if only I'd..." looping in your head, but stop it. Let the past go and concentrate on what can be done to improve your current situation. Call on local professional support, knowledge and creativity to expand possibilities and keep you up-to-date.

• Money costs less and debt can be managed more easily with interests rates down, but liquidity is an issue for all, from individuals and families to corporations and local governments. Take time to reevaluate existing household suppliers and contracts and search for savings. Expect local barter systems to emerge.

• Concentrate on staying healthy and safe. For instance, if you're stressed out, driving can be hazardous. Rethink how you use drive-time. Challenge yourself to consider your vehicle as an oasis of calm. Leave your troubles at the curb.

• Connect with local rate payer and community support groups to prepare for municipal struggles against budget-related service cutbacks and to unite against the provincial government in the battle over market-value property taxes.

• Revisit some of the suggestions published on RealtyTimes.com. Among my +500 articles in this column alone, there are a wide range of ideas and view points that will be useful in helping you think more productively about your real estate and your options.

The US Presidential Election is less than a week away as this article is filed. You know the outcome of that debated uncertainty as you read this. The full impact of the election, from Canada's point of view, may not be evident for quite a while, but the results will affect world markets. What can you do between now and then to improve your stability and choices, whatever the outcome?

Concentrate on what can be achieved each day. Extend your thinking beyond your property boundaries to include your community's strengths and challenges. Resilience and flexibility are constructive goals in both contexts. Strong neighbourhoods strengthen individual lives, and vice versa.

Let go and move on. Onward & Upward are the only directions that matter when starting fresh.

Published: November 4, 2008

Use of this article without permission is a violation of federal copyright laws.

Futurist and Strategist PJ Wade is "The Catalyst" - intent on "Challenging The Best to Become Even Better." PJ earned this title by translating the dynamic impact of Boomers and their multi-generation families into relevant insights that start people thinking and taking action—in business and in life. Author of 8 books and more than 1800 published articles, PJ encourages individuals to become their own futurist. PJ writes and speaks about the insight, knowledge and solid decision-making skills that professionals and their clients need to live and work in this vortex of change. For instance, since PJ knows that home is headquarters for the new decades-long "unretirement," she wrote the popular book "Reverse Mortgages: Best Friend, Worst Enemy...Your Choice!", which is filled with suggestions and cautions on protecting, building and managing home equity. Her new business book, "What's Your Point?: Cut The Crap, Hit The Mark & Stick!" will be published in 2012. As The Catalyst, PJ provides strategic communication, client appreciation and advanced education services to the financial, tourism, lifestyle and service sectors - and the clients they serve. A frequently-quoted financial and business commentator, PJ is a thought-provoking strategic speaker who offers practical, real-life suggestions on leaving "the box" behind and embracing Forward Thinking - a talent she regularly demonstrates in this column. For more on keynotes, blogs, books and information on a range of 21st-Century topics, visit TheCatalyst.com.