The developer’s second receivership in months raises hard questions about Vancouver’s condo future
A BC Supreme Court judge has placed a stalled West End condo development under receivership – the second Westbank Holdings Ltd. project to face such action in 2026.
Justice Kevin D. Loo appointed MNP Ltd. as receiver on November 4, after a credit agreement dating to 2016 collapsed under the weight of mounting unpaid debt owed to Bank of Montreal (BMO).
The proceeding, docketed as Bank of Montreal v 700 Bidwell Holdings Inc. (2026 BCSC 2149), names 700 Bidwell Holdings Inc., 700 Bidwell Limited Partnership, 700 Bidwell Property Inc., and Westbank Holdings Ltd.
It follows the April 2026 receivership of Joyce 2, a separate Westbank project.
A decade in the making
The site at 1668 and 1684 Alberni Street in Vancouver’s West End has been in development since August 2017, when a rezoning application was filed for a proposed 40-storey tower containing 128 strata units.
Vancouver City Council approved the rezoning in May 2022, but a development permit application was cancelled in September 2025, the same period in which interest payments under the BMO credit agreement ceased.
Justice Loo set out the financial damage in blunt terms in his written reasons.
“The respondents owe the bank more than $36 million. The respondents have failed to make interest payments when due since at least September 2025, and they have failed to repay the outstanding debt following a demand on January 26, 2026. Since issuance of that demand, the bank debt has increased by over $914,850 in accrued interest, plus costs.”
“At the end of the day, it is clear in this case that the debt is not being paid,” Loo concluded.
The respondents conceded they had made no proposals to repay what was owed, despite earlier promises to do so, and acknowledged the bank had extended repeated opportunities to resolve the defaults, none of which were acted upon.
Interest was accruing at approximately $5,150 per day, with more than $300,000 accumulating since the petition was filed on August 12, 2026. Rental income collected from tenants in the existing buildings had also not been remitted to BMO as required under the agreement.
Loo also flagged the complexity of any potential sale.
“I can infer, despite the paltry evidence in this regard, that any transaction with respect to the lands will not be simple.”
Receiverships rising as Vancouver’s condo market stalls
The ruling arrives as real estate receiverships surge nationally. Lauren White, executive vice-president of CBRE’s land services group in Toronto, identified the structural cause: “These projects that are under construction, they’ve seen such a rise in prices that they just, they run out of money.”
Investor activity in Metro Vancouver’s pre-construction market collapsed from roughly 50% of buyers between 2020 and 2023 to just 7% by 2025, according to Rennie Intelligence data.
“Right now, the market is out of gas,” Ryan Berlin, head economist and vice-president at Rennie Intelligence in Vancouver, previously said.
“Nothing is working for developers. It’s not really working for buyers. So, we’re just kind of stagnating right now.”
Justice Loo gave the respondents until February 13, 2027, to refinance before MNP Ltd. can proceed with any sale.
Westbank says it will appeal. “There is no basis for this filing and we will be submitting an appeal,” the company told CTV News.
“We have no further comment.”
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