There have been a lot of casualties of the tighter mortgage regulations, but the hardest hit have probably been those who purchased condos pre-construction as much as five years ago, and are trying to close on them now.
Several years ago, you could buy a condo with 20% down, even if you were self-employed or had somewhat impaired credit. With the way the rules have changed, many lenders now require much higher down payments, and have made it much more difficult to qualify if you are not employed by a third party, with good credit. Many buyers have been left scrambling, a matter of weeks before the closing date, because the bank that had approved them several years ago now cannot because of the changes. Some have had to get loans from private lenders at considerably higher interest rates; some have had to borrow significantly from family, or against another home if this was to be an investment; and some have had to simply walk away from a high deposit because they can’t close.
If you are thinking of buying anything pre-construction, but especially a condo in a tower that could take years to build, you should prepare for every possible outcome. Walking away from a $20,000+ deposit is never an attractive option.