Holborn Properties is offering prospective buyers a 'price protection program' for its upcoming Vesa condo building at the Little Mountain redevelopment in Vancouver. 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. The developer also pledged to complete three remaining social housing buildings by this summer.
Price Protection Program Details
Holborn anticipates that Vesa, a six-storey concrete building with 87 condo units, will be completed in 2028. The price protection program is designed to entice buyers in an uncertain market, offering them added certainty for a long-term investment. '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.
Social Housing Progress
Holborn updated the status of the development's non-market housing units this week. Two social housing buildings — one for seniors and one for families — have been completed, including 115 units. Three additional buildings, containing 167 homes geared toward a mix of individuals and families, are expected to be completed by June or August 2026.
Background of the Little Mountain Project
Holborn bought the Little Mountain property in 2008 from the provincial government for $334 million. At the time, Holborn pledged to replace the existing 224 social housing units by 2010. For years, the project was delayed because Holborn wasn't required to make a downpayment until 2013, and it was for a mere $40 million.
After the existing social housing buildings were vacated and demolished, replacement units were built at a glacial pace: 53 units in 2015 and only another 62 units a decade later in 2025.
Criticism and Controversy
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. 'How dare they use what they call 'non-market housing delivery' as a phrase, as part of their advertising campaign for the market housing,' he said. 'Remember, these are replacement units for what was there when this tragedy started. There were 224 units of social housing there.'
Holborn's update comes after years of criticism and failed efforts to accelerate the completion of the remaining social housing. 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, a deadline that was missed.
