Holborn Properties is offering future condominium price protection on presales at its Little Mount development project in Vancouver, The Vancouver Sun reported.

The program would would cover any drop in condo value if purchasers resell their units three to five years after completion, according to the Sun

The incentive is tied to Vesa, a planned six-storey concrete building with 87 condo units that Holborn expects to complete in 2028.

“This program reflects our confidence in Little Mountain and gives purchasers added certainty to make a long-term decision,” Philip Jiang, the company’s development director, said in a statement to the Sun.

Holborn also also stated that it expects to complete construction of the three remaining social=housing buildings at the 15-acre redevelopment near Queen Elizabeth Park by this summer. Two social-housing buildings, one for seniors and one for families, containing 115 units, have already been completed.

The remaining three buildings will add 167 homes for individuals and families. One six-storey, 48-unit building to be operated by SUCCESS and Little Mountain Neighbourhood House will also include 69 childcare spaces and a public plaza. Two additional six-storey buildings with 70 and 49 units, respectively, are slated for completion in August.

Holborn purchased the Little Mountain property from the provincial government in 2008 for $334 million and had pledged at the time to replace the site’s existing 224 social housing units by 2010.

The project has faced years of delays as the company and city grappled over when market and non-market components would be built.. After the original social housing buildings were demolished, 53 replacement units were completed in 2015, followed by another 62 units in 2025.

Former Vancouver MLA David Chudnovsky criticized Holborn’s latest update and the use of the social housing component in marketing the market condos.

“How dare they use the what they call non-market housing delivery as a phrase, as part of their advertising campaign for the market housing,” he told the Sun. “Remember, these are replacement units for what was there when this tragedy started. There were 224 units of social housing there.”

In 2021, the B.C. government, city and Holborn signed an agreement requiring completion of the non-market housing units by December 2024. When progress stalled, Vancouver city council amended the housing agreement in 2023 to remove occupancy permit holds that would have required all social housing to be completed before market housing could proceed.

Holborn has pledged to complete all none market housing by summer 20206, but Chudnovsky questioned whether the timeline was accurate, the Sun reported.

Image: B+H Architects