'A colossal failure': Secret deal for prime Vancouver real estate that saw low-income families evicted finally public
For years former MLA David Chudnovsky made it a crusade to obtain the sales contract of Little Mountain social housing in Vancouver, and on Tuesday morning he proudly held up the document in front of television cameras and reporters.
“Here it is. The contract we’ve been asking for,” Chudnovdky said, admitting he didn’t like the details in the purchase-and-sale agreement, calling it a “sweetheart deal” for the developer.
The circumstances around sale of the prime land near Queen Elizabeth Park have been a mystery since Holborn Properties Ltd. purchased the land in 2008.
The 15-acre parcel was bought for $344 million. Hundreds of low-income families were evicted and their old homes destroyed.
Holborn promised to build more social housing, but so far only a few dozen new units have been built.
The contract obtained by CTV News through the Freedom of Information process, shows the developer received a loan from the province of $211 million, which is interest-free until Dec. 31, 2026. There also appeared to be no clear deadline as to when most of the development needs to be complete.
“Where'd they get that money? They got it from us, the people of British Columbia,” said Chudnovsky. “This Holborn development has been a colossal failure, an embarrassment to the people of Vancouver, and an insult to homeless and under-housed people in B.C.”
The agreement was negotiated by the provincial government at the time, the B.C. Liberals.
“British Columbians expect government to work with municipalities and the industry to create supportive housing. That was the goal of this project and, while proceeds of the sale were used to develop more than 2,100 new supportive housing units across B.C., clearly the intended outcomes have not been met to date,” wrote Interim B.C. Liberal leader Shirley Bond in a statement issued Tuesday.
“We need to understand why this lack of progress, which is far too common, occurred and how we ensure that all levels of government can improve to prevent significant delays from happening.”
CTV News reached out to Holborn Properties Ltd, but the company has not responded.
Chudnovsky called for a public inquiry and wants the sale renegotiated.
CTVNews.ca Top Stories
Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
Northern Ont. lawyer who abandoned clients in child protection cases disbarred
A North Bay, Ont., lawyer who abandoned 15 clients – many of them child protection cases – has lost his licence to practise law.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Maple Leafs fall to Bruins in Game 3, trail series 2-1
Brad Marchand scored twice, including the winner in the third period, and added an assist as the Boston Bruins downed the Toronto Maple Leafs 4-2 to take a 2-1 lead in their first-round playoff series Wednesday
Cuban government apologizes to Montreal-area family after delivering wrong body
Cuba's foreign affairs minister has apologized to a Montreal-area family after they were sent the wrong body following the death of a loved one.
'It was instant karma': Viral video captures failed theft attempt in Nanaimo, B.C.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
What is changing about Canada's capital gains tax and how does it impact me?
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
New Indigenous loan guarantee program a 'really big deal,' Freeland says at Toronto conference
Canada's Deputy Prime Minister Chrystia Freeland was among the 1,700 delegates attending the two-day First Nations Major Projects Coalition (FNMPC) conference that concluded Tuesday in Toronto.
'Life was not fair to him': Daughter of N.B. man exonerated of murder remembers him as a kind soul
The daughter of a New Brunswick man recently exonerated from murder, is remembering her father as somebody who, despite a wrongful conviction, never became bitter or angry.