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The mortgage market is fucked.
I was just approved to refinance my house in Ottawa (I'm renting it, I have about $110K of equity in it and wanted some of it to have a downpayment for a new place) at 80% of the current value.
Usually current value is done with an appraisal, yet the mortgage company did some research in my area and was comfortable giving me $10K less than what I guessed my house was worth (so $100K equity, not $110K).
My house could be a complete disaster, or not what I said, yet the mortgage company was willing to take it sight unseen.
This is why we're fucked.
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