Abstract: In order to test whether the "livable Chongqing" causes the changes of real estate wealth effect in Chongqing, the wealth effects model with an important time dummy variable is built under the life cycle theory. Based on the monthly data from September 2004 to December 2010, the empirical research is done by using cointegration analysis and Chow’s breakpoint testing. The results show that the wealth effect of Chongqing real estate is weaker negative, and the negative wealth effect becomes much smaller under "livable Chongqing ". It implies that the sustained changes in regional factors will lead to the change of wealth effect.