“Update on the friend I spent the day trying to talk out of buying a house for $238k, with 5% down, on a 33k/year salary. Must be something working in the system these days, she didn’t get the financing required for the house (big surprise). They said she needs a cosigner to get that amount of mortgage. The relative she hit up said “No go”. And the CMHC owned house they bid on? Got an offer higher than asking, so they lost the bid. Another greater fool averted.”
– pricedoutfornow at VCI 21 Sep 2012 8:53pm
Some people will not be allowed onboard, even though they had the full intention to buy.
This will turn out to have been in their favour, fortune triumphing over judgement.