Holborn Properties is offering prospective buyers a ‘price protection program’ — if a buyer re-sells a unit three to five years after the building’s completion, Holborn will cover any drop in the value of that condo
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After countless delays, local developer Holborn Properties says it expects to complete construction of three remaining social housing buildings by this summer at its 15-acre Little Mountain redevelopment near Queen Elizabeth Park in Vancouver.
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It will also be launching pre-sales associated with the first market condo building slated to go up on the site.
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Holborn says it anticipates that Vesa, a six-storey concrete building with 87 condo units, will be completed in 2028. Like most developers selling pre-sale units in an uncertain market, it is looking to entice would-be buyers with an incentive.
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It is offering prospective buyers a “price protection program”. Under the program, if a buyer re-sells a unit three to five years after the building’s completion, Holborn will cover any drop in the value of that condo.
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“This program reflects our confidence in Little Mountain and gives purchasers added certainty to make a long-term decision,” said company director of development Philip Jiang in a statement.
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Meanwhile, Holborn also updated the status of the development’s non-market housing units this week, saying two social housing buildings — one for seniors and one for families — have been completed, which include 115 units.
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Three additional buildings, containing 167 homes and geared toward a mix of individuals and families, are expected to be completed by June or August.
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Holborn bought the Little Mountain property in 2008 from the provincial government. The sale price was $334 million. At the time, Holborn pledged to replace the existing 224 social housing units by 2010.
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For years, the project was delayed because Holborn wasn’t required to make a downpayment until 2013 — and it was for a meagre $40 million.
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After the existing social housing buildings were vacated and demolished, the replacement units were built at a glacial pace, with 53 units in 2015 and then only another 62 units a decade later in 2025.
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David Chudnovsky, a former Vancouver MLA and founder of the municipal OneCity Vancouver party, has long dubbed Holborn’s purchase of the land “a sweetheart deal.” He was unimpressed with Holborn’s update on the project this week.
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“How dare they use the what they call ‘non-market housing delivery’ as a phrase, as part of their advertising campaign for the market housing,” he said.
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“Remember, these are replacement units for what was there when this tragedy started. There were 224 units of social housing there.”
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Holborn’s update this week comes after years of criticism and failed efforts to accelerate the completion of the remaining social housing.
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In 2021, the B.C. government signed an agreement with the City of Vancouver and Holborn where it agreed to complete the non-market housing units by December 2024.
