2167 Dundas Street: a receiver, more than a year after a 3.15% loan matured

Behind the three-storey building at 2163 and 2167 Dundas Street in Vancouver stands a detached character house. In its lender's description, the main building's 34 residential units are a mix of micro-residential units with access to common washrooms, bachelor units, one-bedroom units and a two-bedroom unit; the character home at the rear "features a large three-bedroom suite plus a one-bedroom suite in the basement"; and approximately one-third of the units have shared bathrooms, according to the Notice of Application, Sept. 25, 2026, Part 2, para. 10.

The rent roll the lender received from the sole director of 0973001 B.C. Ltd., dated February 1, 2026, lists rents from $442 to $2,200 for the main building's units and $2,074 and $1,500 for the two suites in what it calls the coach house. Beside most of the rents is a note of how they are paid, and some read "SA". Asked by the lender's manager of commercial special accounts whether that meant social assistance, the director replied by email on April 30, 2026: "You are correct, 'SA' indicates the rent is received from the Province," per the Affidavit #2 of Lori Cooke, Sept. 16, 2026, paras. 25, 27 and Exs. "K", "L".

That lender, Beem Credit Union, formerly BlueShore Financial Credit Union, holds the first mortgage, and it asked the Supreme Court of British Columbia for a receiver. On October 16, 2026, in No. H260844 at the Vancouver Registry, Justice Loo appointed D. Manning & Associates Inc. receiver, without security, of all the assets, undertakings and properties of 0973001 B.C. Ltd., the land's registered owner, and 2167 Dundas Street Holdings Ltd., its beneficial owner, under s. 243(1) of the Bankruptcy and Insolvency Act and s. 39 of the Law and Equity Act. The order was entered the same day, per the Order Made After Application, Oct. 16, 2026, p. 1 and para. 1 and the Notice of Application, Sept. 25, 2026, Part 2, paras. 1–3.

A refinancing at 3.15%, and a renewal refused

BlueShore's offer of credit of August 10, 2020, accepted a week later, approved up to $4,500,000 to refinance the property over a five-year term and a 30-year amortization, with blended payments of $19,290.00 a month. "The Interest rate is to be fixed at 3.15% or 5Year Canadian Bond Rate plus 2.80% with a floor rate of 3.15%," it said, per the Affidavit #2 of Lori Cooke, Sept. 16, 2026, para. 3 and Ex. "A", ss. 1, 4–5, 7–9. The lender's security included a first mortgage and assignment of rents, a general security agreement over both companies' personal property, and an indemnity from the director and a corporate indemnitor, per the Notice of Application, Sept. 25, 2026, Part 2, paras. 4–7. The second mortgagee, Success Realty & Insurance Services Ltd., postponed and subordinated its mortgage to the credit union's security under a priority agreement dated for reference September 15, 2020, per the Affidavit #2 of Lori Cooke, Sept. 16, 2026, para. 23 and Ex. "I".

Beem's evidence includes emails asking for the borrowers' financial statements from as early as October 19, 2022. On July 24, 2025, two months before the loan matured, BlueShore wrote to the borrowers and the director, as personal indemnitor, that it was "unable to offer a mortgage renewal at this time," citing among its reasons "Numerous instances of non-sufficient funds (NSF) activity" and "Failure to provide the necessary documentation required by regulatory authorities to complete the annual review process." Unless the borrowers submitted the documents it required for a renewal review, among them their most recent financial statements, it asked that the mortgage be "paid out in full on or before the maturity date noted above." The letter put the outstanding balance at $4,045,551.02, per the Affidavit #2 of Lori Cooke, Sept. 16, 2026, paras. 15–16 and Ex. "E".

The loan matured on September 23, 2025, and Beem says the borrowers are in default, including by reason of that maturity, unpaid monthly instalments and unpaid property taxes. On May 14, 2026 it delivered a notice of intention to enforce its security under s. 244 of the BIA, which put the debt at $4,064,899.67 as of May 12; the ten-day notice period elapsed without cure, and the borrowers "refused or neglected to pay despite demand," Beem says. By September 3, 2026, Beem says, it was owed $4,199,319.45, with interest accruing at 7.20% a year compounded semi-annually, or $785.12 a day, a figure that excludes penalties, legal costs, bonuses and other costs of the default, per the Notice of Application, Sept. 25, 2026, Part 2, paras. 11–12, 14 and the Affidavit #2 of Lori Cooke, Sept. 16, 2026, Ex. "B". According to Beem, the borrowers acknowledged that the mortgage and general security agreement are in default and did not contest their validity or enforceability, per the Notice of Application, Sept. 25, 2026, Part 2, para. 13.

Taxes, and the charge behind Beem's

The City of Vancouver's tax certificate for the parcel, printed July 28, 2026, put the taxes owing at $143,175.31: $32,824.90 delinquent from 2023, arrears of $42,190.61 for 2024 and $39,164.47 for 2025, $21,457.66 for 2026, $5,851.49 of interest and $1,686.18 of penalties. Unpaid metered utilities of $13,093.47 were also outstanding. On August 24, 2026 Beem paid $34,780.77 toward the taxes "to prevent the Lands from proceeding to tax sale," per the Affidavit #2 of Lori Cooke, Sept. 16, 2026, paras. 20–21 and Ex. "G".

Beem says its mortgage prohibits the borrowers from creating or permitting any subsequent mortgage, lien or charge without its prior written consent, and that its priority agreement with Success Realty "permits the second mortgage but does not permit any such increases without Beem's consent," per the Notice of Application, Sept. 25, 2026, Part 2, paras. 25–26. The increase in question is modification application CB2635642, which the Land Title Office's copy shows received on February 23, 2026. Its amendment, effective January 15, 2026, records $775,000 owing to Success Realty at that date, raises the principal to $850,000 from January 16, 2026, and extends the term to January 15, 2027, with interest at 8% until then and 12% from and after that date, per the Affidavit #2 of Lori Cooke, Sept. 16, 2026, para. 24 and Ex. "J", recital D and ss. 1.1, 2.1, 3. Beem says the increase was made without its consent and "dilutes Beem's first mortgagee security in direct breach of the Mortgage terms and the priority agreement." Success Realty's response to the petition, filed July 17, 2026 according to the notice of application, is not in the record read for this piece, per the Notice of Application, Sept. 25, 2026, Part 2, paras. 26–27 and Part 4, para. 5.