Waterfront Belcarra property sells at steep discount following foreclosure battle

A B.C. Supreme Court judge has approved the court-ordered sale of a waterfront Belcarra property, finding that despite higher appraisals and assessments, the market had effectively “spoken.”

After more than a year of unsuccessful attempts to sell the home, the final $3.2-million offer of the Robson Road property located in Belcarra’s Whiskey Cove met the legal test of being a “provident” transaction, ruled associate judge Terry Vos on Feb. 23.

In approving the sale, Vos emphasized that lengthy exposure to the market, combined with a lack of competing offers, outweighed higher appraisals.

“It is one of those cases where the market has spoken,” she said.

The case stems from a foreclosure proceeding brought by Antrim Balanced Mortgage Fund Ltd. against property owner Davina Tang. The lender held the first mortgage on the property, while a second mortgage of roughly $500,000 was held by Chico Holdings Inc.

A provisional order was granted in May 2024, setting the amount required to redeem the mortgage at more than $2.57 million at the time, with interest accruing at roughly $668 per day. The redemption period expired in November 2024, and the lender was granted conduct of sale in early 2025.

The Belcarra property itself consists of two side-by-side waterfront lots – one vacant and the other containing a roughly 2,900-square-foot home built in 1969, along with a private dock.

Despite its location in one of the Tri-Cities’ most exclusive waterfront areas, the court heard the property struggled to attract buyers in what realtors described as one of the slowest residential markets in Greater Vancouver in recent years, particularly for high-end waterfront homes.

The home had been listed multiple times since 2022, first for more than $5 million, before a series of price tag cuts. Even after the lender took over the sale and listed the property at $4.2 million in early 2025, only one offer – the final $3.2 million bid – was ever received.

Tang opposed the sale, arguing the price did not reflect fair market value. She pointed to a 2025 appraisal estimating the property at nearly $4 million, a 2026 BC Assessment of nearly $4.7 million, as well as a nearby Belcarra Bay Road property that sold for $4.8 million earlier this year.

However, the court found those comparisons unpersuasive, noting the neighbouring property was significantly newer and more developed. Evidence showed a prospective buyer had viewed both homes and ultimately chose the newer property, citing the Robson Road home’s age and required repairs.

The court also noted that delaying the sale in hopes of securing a higher offer would likely worsen the financial position, as interest continued to accrue and property taxes remained unpaid.

The municipality had warned that unpaid taxes could trigger a tax sale as early as September 2026.

The approved sale will still leave a shortfall on the first mortgage and no recovery for the second mortgage holder.