More power to your friend if he sells now. Im fearful for the folks here or in Canada that will be on their butts when it hits the brakes. I read that one of Canadas largest morgage lenders took line of credit (essentially a bailout). Good luck my friend.
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Home Trust was the mortgage lender that needed a bail out. I have a client who has GIC's from Home Trust in his Brokerage account, he was able to get out of one of them but there was no buyer for the other one...he is concerned about getting his money but it should be insured if the funds are not there when it comes up in December for renewal...time will tell , i think it is the tip of the iceberg...