Sudip Sehgall’s dream of owning a townhouse in South Surrey turned into a financial nightmare when he was unable to close the deal and lost his $82,000 deposit. Sehgall, a Canadian resident for five years, had invested in a two-bedroom home in The Boroughs project by StreetSide Developments. His inability to sell his property in India, due to legal changes, left him unable to fund the $820,000 property purchase. Despite finding potential buyers, the developer refused to allow him to reassign the unit. This case is symptomatic of the broader challenges in Canada’s pre-sale housing market, exacerbated by rising interest rates post-pandemic. The market’s volatility is particularly risky for first-time homebuyers who now struggle to secure mortgages due to the higher interest rates. This situation has led to increasing instances of insolvency and bankruptcy, as buyers find themselves unable to close deals on pre-sale units they committed to years earlier. Sehgall, without the means to even afford legal assistance, continues to fight for justice and the return of his life savings.

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