So currently he is down only about 20k in the sense of offer accepted on the sunday, market crashed on the monday and by the time they cashed out the equities portion of their down payment they are down about 20k. However, if the real estate market corrects, say, 10%, then the fact they bought on literally the market peak day could mean well over 100k loss.
It got them a 1300 sqfoot 2013 townhouse 2.5 bedroom thingy with a roofdeck and shared garage in a middle quality neighbourhood. I can't decide if I should be happy or not. I spent half the amount on 2000sq foot townhouse in victoria instead which feels cheap....except that it still FAR more than I would have spent in cincinnati where I was living a year ago