Current Topic: We bought this house for a pittance of what it was worth. We were hoping for a quick renovation and then rent the house for partial income. The house was purchased through Canadian Mortgage Insurance (CMHC). That means that the previous owner had less interest in the house then it's current resale value. Thus 'default' (on the loan) was more attractive. Meaning: The repair cost plus the mortgage was way more than the resale value. No wonder with the decades of poor (cheap) repairs and renovations. This house was really ready for tear down and replace.