Court appoints receiver for Westbank company over cancelled West End condo project
A BC Supreme Court judge has put a receiver in charge of four companies tied to Westbank after they stopped paying a $36 million loan for a cancelled 40-storey tower at Alberni and Bidwell streets.
Reported. A news outlet found this. voche.me names the outlet and links its report. Read the original report on ctvnews.ca.
A BC Supreme Court judge appointed a receiver for four companies linked to Vancouver developer Westbank on Wednesday, after the companies stopped paying a $36 million loan tied to a cancelled 40-storey condo project in the West End.
Justice Kevin D. Loo's decision, issued November 4, puts a receiver in charge of four companies: 700 Bidwell Holdings Inc., 700 Bidwell Limited Partnership, 700 Bidwell Property Inc. and Westbank Holdings Ltd., CTV News reported Thursday. The receivership covers only those companies' interest in one project at 1668 and 1684 Alberni Street in the West End.
What the court decided
Justice Loo found that the companies owe Bank of Montreal more than $36 million, and that they stopped making interest payments in at least September 2025, according to CTV News's report of the decision.
"The respondents concede that they have made no proposals to pay the debt, despite earlier promises to that effect," the decision reads, as quoted by CTV News. "Interest is accruing at a rate of approximately $5,150 per day. More than $300,000 in interest has accrued since this petition was filed on Aug. 12, 2026."
The receiver was appointed effective immediately. BMO applied under a clause in the loan agreement, and the court sided with the bank. The judge set February 13, 2027 as the earliest date the receiver can sell the properties, giving Westbank about four months to refinance and pay off the debt.
The project
The site was approved for rezoning in May 2022 to replace two smaller towers with a 40-storey building containing 128 condo units. The development permit application was cancelled in September 2025, and payments to BMO stopped around the same time, according to the court decision reported by CTV News.
Both buildings at 1668 and 1684 Alberni are currently operated as rentals. The court decision noted that rents collected from tenants had not been paid to BMO as required under the loan agreement.
Westbank's position
After the ruling, Westbank sent CTV News a brief statement: "There is no basis for this filing and we will be submitting an appeal. We have no further comment." The company left unanswered questions about why payments stopped and why the development permit application was cancelled.
The judge applied the order narrowly, covering only Westbank's interest in the Alberni Street project.
What comes next
The receiver cannot put the properties up for sale before February 13, 2027. If Westbank does not refinance and pay off the debt by then, the receiver could proceed with a sale. The court noted that any sale would be complicated, because the buildings are subdivided into strata units but currently run as rentals.
For the 128 condo units the city rezoned the site for in 2022, the cancelled development permit means that project does not move forward unless new applications are submitted. The City of Vancouver's rezoning approval from May 2022 is a separate matter from the receivership.
Westbank has said it plans to appeal the ruling.
Questions this story answers
What did the BC Supreme Court decide about Westbank?
On Wednesday, November 4, 2026, Justice Kevin D. Loo appointed a receiver for four companies: 700 Bidwell Holdings Inc., 700 Bidwell Limited Partnership, 700 Bidwell Property Inc. and Westbank Holdings Ltd. The receivership covers only those companies' interest in the Alberni Street project, not Westbank's overall finances.
What project is at the centre of the court decision?
The project is a proposed 40-storey tower at 1668 and 1684 Alberni Street in Vancouver's West End. The rezoning was approved in May 2022, but the development permit application was cancelled in September 2025. The building that received the permit approval was to contain 128 condo units, replacing two smaller towers.
How much money does Westbank owe to BMO?
According to Justice Loo's decision, the companies owe Bank of Montreal more than $36 million. They stopped making interest payments in at least September 2025. As of the filing date of August 12, 2026, interest had been accruing at about $5,150 per day, and more than $300,000 in interest had accumulated since then.
What can Westbank do now?
The receiver was appointed effective immediately, but the judge set February 13, 2027, as the earliest date the receiver can sell the properties. This gives Westbank and the other companies about four months to refinance and pay off the debt. Westbank says it plans to appeal the ruling.
What are the properties at 1668 and 1684 Alberni Street worth now?
The court decision noted no market value evidence was before it. BC Assessment figures cited by CTV News list assessed values totalling about $37.5 million for the strata units across both buildings. Both towers are currently operated as rentals, not as the strata units they are legally subdivided into.
What happens to tenants currently living in the buildings?
The court noted that rents collected from tenants had not been paid to BMO as required under the loan agreement. With a receiver now in place, the receiver takes over management of the companies' interest in the properties. Any sale cannot happen before February 13, 2027, while the redemption period runs.
What is Westbank's response to the court order?
Westbank sent CTV News a brief statement: 'There is no basis for this filing and we will be submitting an appeal. We have no further comment.' The company left unanswered questions about why the development permit application was cancelled and why payments stopped.
How does this affect Vancouver's housing supply?
The cancelled development would have added 128 condo units to the West End. The project's rezoning was approved in May 2022, but the development permit was cancelled in September 2025. The site at Alberni and Bidwell remains two smaller rental towers for now. City Council's rezoning approval from 2022 is a separate matter from the receiver's actions.
Sources
The pages this story draws on. Open one to check a claim yourself.
Found an error? Tell the editors with the corrections form. A correction is noted on the story it changes. Read our standards.
