[Torture]

First-time homebuyer Gurcharan Rehal agreed in October 2021 to pay $1.959 million, plus $90,000 in upgrades, for a single-detached home that would house himself, his wife, their two children and his mother.

We thought, if we live hand-to-mouth, we can still afford it, Rehal, an Uber driver, told CBC News.

But with his closing date approaching next month, he's so far been unable to secure a mortgage.

An appraisal recently estimated the home's value at $1.7 million — more than $300,000 less than what he agreed to pay for it. On top of that, he says the mortgage rate he was pre-approved for would have required monthly payments of $5,000, but now he's being quoted amounts between $12,000 and $15,000 per month.

Coming up with hundreds of thousands of dollars to cover the difference upon closing — in addition to the $260,000 down payment he's already made — and making exorbitant monthly payments is something his family simply can't afford.

*head explodes*