Eagle View Heights: two fixed-price budgets to finish 63 homes in Gibsons

The land runs from Eaglecrest Drive down to Winn Road and Stewart Road, about 4.7 acres of Gibsons hillside, and the first buyers signed for homes on it in 2019. Phase One of Eagle View Heights is 63 homes in 12 buildings: four upper buildings, each with two four-bedroom townhomes and two garden suites; eight three-storey condominium buildings over a concrete parkade, each served by a private elevator; and an amenity building with a pool and hot tub, meant also to serve a second phase of 24 homes, according to the Affidavit #1 of Jun Bi, June 5, 2026, paras. 22, 28–32. Jun Bi, a director of the partnership's general partner and of the company that holds the land, swore that all 63 units have been built and that the outstanding work is "primarily related to finishing": deficiency corrections, touch-ups, commissioning of building systems and elevators, landscaping, inspections and occupancy approvals. Construction stopped in February 2026, and he put completion at three months from a restart, subject to funding, per the Affidavit #1 of Jun Bi, June 5, 2026, paras. 7, 9, 40, 43.

By September 4 it had not restarted. The monitor's second report, filed that day, records $162,015 spent on hard costs in the 13 weeks to August 28, against $3,626,397 forecast, and no draw on the $6.75 million interim facility beyond the first $1.8 million, because construction activity had not resumed. The summer went to deciding who would do the finishing, and at what price, per the Second Report of the Monitor, Sept. 4, 2026, paras. 12, 47, 50. On September 8, Justice Milman extended the stay to January 15, 2027, per the Stay Extension Order, Sept. 8, 2026, para. 2.

How the budget reached $66 million

The petitioners are three entities built around one project: 464 Eaglecrest Drive Limited Partnership, formed in August 2018 to acquire, build and sell it; its general partner, TCD Developments (Gibsons) Ltd.; and 464 Eaglecrest Drive Properties Ltd., which holds the land as bare trustee. The principals are Mr. Bi and Robert Chetner, who also direct Kind Development Group Ltd., the project manager. The petitioners employ no one directly; the people on site work for subcontractors of the general contractor, Kindred Construction Ltd., per the Affidavit #1 of Jun Bi, June 5, 2026, paras. 12–18.

The affidavit attributes the petitioners' liquidity constraints to "cost overruns and other factors." Kindred's initial hard-cost budget was approximately $48 million. Escalation claims, procurement and trade cost increases, change orders, drawing revisions and delay costs followed; a four-month pause in December 2021, while final construction financing was arranged, became a "retendering" in which Kindred presented further increases. The budget stood at approximately $54,000,000 by the end of 2023 and is now estimated at approximately $66 million. Disagreements over the budget arose in December 2025, and trade creditors filed construction liens, per the Affidavit #1 of Jun Bi, June 5, 2026, paras. 8, 24, 51–54. Related parties had funded the overruns until, the petitioners told the proposed monitor, no more related-party money was available, and a search for other financing failed, per the Pre-Filing Report of the Proposed Monitor, June 5, 2026, para. 19. On the construction holdback account, which Kindred holds, Mr. Bi deposed that the petitioners have been "under capitalized for quite some time" and at times redirected money that should have gone into the account to project costs, that all construction loan draws went to the project's hard and soft costs, and that the account was short $256,568.40 at May 31, 2026, per the Affidavit #1 of Jun Bi, June 5, 2026, paras. 75–77.

The lender is Envision Financial, a division of Tru Cooperative Bank, formerly First West Credit Union. Its October 20, 2021 commitment was a $46,296,000 interim construction loan at prime plus 1.75% for 36 months, secured by a mortgage on the land. Under the loan agreement, TCD, the land-holding company, Kind Development and both principals are indemnitors, and Kind Development gave a security agreement under which its own insolvency filing is a default. Envision demanded payment on May 5, 2026, with notice of intention to enforce its security, when the petitioners owed it approximately $48.3 million. Registered lien claims come to about $6.5 million, "although the Lien Claims involve overlapping claims involving Kindred and other contractors," and unsecured creditors are owed about $691,136, per the Affidavit #1 of Jun Bi, June 5, 2026, paras. 55–62, 64. The proposed monitor put the total owed at approximately $55.6 million, per the Pre-Filing Report of the Proposed Monitor, June 5, 2026, para. 21.

Sixty of the 63 homes are pre-sold, for a total contracted value of approximately $59,862,392; 15 were bought "in bulk" for investment or resale, and the three unsold homes carry prices of about $4.5 million. Deposits total $12,099,927.96, of which $7,340,449.48 is cash, and the latest amendment to the disclosure statement set August 3, 2026 as the outside date for completing Phase One, per the Affidavit #1 of Jun Bi, June 5, 2026, paras. 48–50.

An order that reaches the buyers and the project manager

Justice Milman granted the initial order on June 8 and appointed FTI Consulting Canada Inc. as monitor with enhanced powers: to exercise any power of the petitioners' boards, to control receipts and disbursements, and to take control of funds held as holdback, per the Initial Order, June 8, 2026, paras. 20–21. Those powers were "a condition of Envision supporting these proceedings," Mr. Bi deposed, per the Affidavit #1 of Jun Bi, June 5, 2026, para. 88.

Two provisions reach past the petitioners. The stay covers proceedings against Kind Development in connection with the petitioners, their property or their business; the affidavit's reason is that the filing could disrupt Kind Development's operations, including by triggering termination or disruption of its other project loans. And while the stay runs, the Superintendent of Real Estate may not require a new disclosure statement under s. 16(2) of the Real Estate Development Marketing Act or take steps that would trigger a purchaser's right of rescission, and purchasers' rights to rescind their pre-sale contracts are stayed, per the Initial Order, June 8, 2026, paras. 11, 13 and the Affidavit #1 of Jun Bi, June 5, 2026, para. 21.

The order ranks an administration charge of $200,000 first and Tru's interim lender's charge, up to $6,750,000 plus interest and charges, second, both ahead of all other encumbrances save claims under s. 11.8(8) of the CCAA. The interim lender's charge also secures one obligation that predates the filing, $281,276.54 Tru paid on May 28, 2026 for the project's insurance, which the order deems paid from the interim facility. The petitioners may pay up to $1,000,000 of pre-filing claims of critical suppliers with the monitor's consent, per the Initial Order, June 8, 2026, paras. 6(b), 29, 33, 36–37. The facility carries interest at prime plus 6%, a $150,000 commitment fee taken from the first advance, a $110,000 interest reserve and a six-month term, which the proposed monitor described as "within the range of market comparable transactions," per the Pre-Filing Report of the Proposed Monitor, June 5, 2026, paras. 28, 31. An amended and restated initial order on June 18 extended the stay to September 8, per the Amended and Restated Initial Order, June 18, 2026, para. 11.