Multiple QRD Development Sites Up for Sale

Across the Lower Mainland and Fraser Valley, Quarry Rock Development sites included townhouse developments, low-rise condominiums, mid-rise mixed-use buildings, industrial facilities, and resort-oriented projects. Some reached early construction. Others never moved beyond approvals. All were conceived in a low-interest-rate environment and encountered enforcement in a very different market. Now, they’ve headed into receivership or foreclosure.

The Willoughby, Langley: A Townhouse Project That Changed Hands

One of the most visible examples is the former Willoughby townhouse development in Langley Township.

This was a multi-phase, wood-frame townhouse project designed to deliver family-oriented housing in one of Metro Vancouver’s fastest-growing suburban districts. The site was serviced, approvals were in place, and construction had begun on the first phase. But progress stalled before the project could gain real momentum. Framing stopped, trades left, and the site entered receivership in late 2023.

Under court supervision, the project was sold to a new developer. The new owner reset the project and relaunched the same site under a new name: Addition+.

Langley Low-Rise Condo Sites: Buildings That Never Broke Ground

Other QRD sites in Langley followed a different path. Projects known as “The Graham” and “The Gordon” were planned as low-rise, wood-frame condominium buildings, typical of suburban centres transitioning from detached housing to moderate density.

These sites advanced through planning and rezoning but never reached construction. As carrying costs increased and financing options narrowed, lenders initiated foreclosure proceedings. The result is not half-built structures, but approved or near-approved land waiting for new developers.

From a market perspective, these are not obsolete projects. They are buildings that failed at the financing stage rather than the design or demand stage. In a healthier capital environment, they likely would have been delivered without notice. Instead, they now represent future supply that will likely re-enter the market through court-supervised sales or developer-to-developer transactions.

Port Coquitlam: A Mixed-Use Building That Could Not Bridge the Gap

In Port Coquitlam, we have “The Met“, a planned mid-rise mixed-use building intended to add residential density along with ground-floor commercial space.

This project progressed further than other suburban condo sites. Significant pre-development work was completed, and the site was positioned for construction. However, a failed purchase transaction and mounting secured debt led to receivership in 2024.

Richmond, Delta, Surrey, and Other Sites: Different Uses, Same Pressure

Quarry Rock properties also include townhouse developments in Richmond’s Hamilton area, an industrial cold-storage facility in Delta, a resort-oriented spa project in West Kelowna, and additional sites in Surrey and Langley.

These assets vary widely in use and geography, but they share a common vulnerability. Each required sustained access to capital during a period when interest costs rose sharply, lender risk tolerance declined, and refinancing assumptions changed faster than projects could adapt.

In several cases, foreclosure proceedings, rather than receivership, are the primary enforcement mechanism. This suggests lenders still see long-term value in the underlying land and buildings, even if short-term redemption is unlikely.

Receivership: a court-appointed receiver takes control of the project’s assets to protect secured creditors and, where applicable, conduct a court-ordered sales process.

Foreclosure: a creditor seeks to enforce its security by obtaining an order nisi (a court declaration of default and set redemption deadline), which can lead to a forced sale or transfer of title if the debt cannot be redeemed.

$17 Million Industrial Site Sold in Surrey

A 5.69-acre industrial site in Surrey’s South Westminster area has sold for $12.6 million below its BC Assessment, providing a clear data point on how industrial land values are being repriced in the current market.

The property, assessed at approximately $29.6 million, traded for roughly $17 million, translating to a sale price of just under $3 million per acre. What makes this deal notable is not the asset type, industrial land in Surrey remains fundamentally strong, but the gap between assessed value and executable pricing. Tax assessments are backward-looking, while lenders today are underwriting land against higher interest rates, longer development timelines, and greater entitlement risk.

The property was sold by RE/MAX Blueprint Realty.

Winter 2025-26 Court Activity (As Of 12/12/2025)

ADDRESS	CITY	FIRM	COURT PRICE	COURT DATE
204 3925 KINGSWAY STREET	Burnaby	Royal Lepage Wolstencroft	SOLD- Contact for Sale Price	December 4
209 3925 KINGSWAY STREET	Burnaby	Royal Lepage Wolstencroft	SOLD- Contact for Sale Price	December 4
330 22020 49 AVENUE	Langley	RE/MAX Treeland Realty	SOLD- Contact for Sale Price	December 8
6369 NORWEST BAY ROAD	Sechelt	RE/MAX City Realty	SOLD- Contact for Sale Price	December 11
13028 19A AVENUE	Surrey	Sutton Group-West Coast Realty	SOLD- Contact for Sale Price	December 11
2502 323 JERVIS STREET	Vancouver	The Partners Real Estate	SOLD- Contact for Sale Price	December 11
14165 PARK DRIVE	Surrey	Royal Lepage West Real Estate Services	Asking $1,099,000 Contact for A/O	December 15
2709 1008 CAMBIE STREET	Vancouver	Multiple Realty Ltd.	Asking $617,000 Contact for A/O	December 15
3005 1028 BARCLAY STREET	Vancouver	Oakwyn Realty Ltd.	Asking $1,165,000 Contact for A/O	December 15
4641 WOODBURN ROAD	West Vancouver	Nationwide Realty Corp.	Asking $2,200,000 Contact for A/O	December 15
12599 62B AVENUE	Surrey	Sutton Group-Alliance R.E.S.	Asking $1,474,000 Contact for A/O	December 17
11 8181 135A STREET	Surrey	Sutton Premier Realty	Asking $849,900 Contact for A/O	December 17
1542 W 28TH AVENUE	Vancouver	Macdonald Realty	Asking $5,688,000 Contact for A/O	December 18
2 & 3 BATTANI CREEK ROAD (Land Only)	West Vancouver	NAI Commercial	Asking $1,050,000 Contact for A/O	December 18
11132 PATRICIA DRIVE	Delta	RE/MAX Crest Realty	Asking $1,290,000 Contact for A/O	December 19
1003 2221 E 30TH AVENUE	Sechelt	RE/MAX City Realty	Asking $449,000 Contact for A/O	January 8, 2026
908 13380 108 AVENUE	Surrey	RE/MAX City Realty	Asking $449,900	January 9, 2026
213 3217 BLUEBERRY DRIVE	Whistler	Whistler Real Estate Company Ltd.	Asking $1,599,000 Contact for A/O	January 12, 2026
2175 LYNDEN STREET	Abbotsford	RE/MAX 2000 Realty	Asking $985,000 Contact for A/O	January 30, 2026
25394 88 AVENUE	Langley	RE/MAX Masters Realty	Asking $2,188,000 Contact for A/O	Court Date Pending – As of 12/12/25
26521 LOUGHEED HIGHWAY	Maple Ridge	RE/MAX Lifestyles Realty	Asking $1,750,000 Contact for A/O	Court Date Pending – As of 12/12/25
9294 126A STREET	Surrey	YPA Your Property Agent	Asking $1,799,000 Contact for A/O	Court Date Pending – As of 12/12/25
101 6420 BUSWELL STREET	Richmond	RE/MAX Westcoast	Asking $309,900 Contact for A/O	Court Date Pending – As of 12/12/25

364 ACTIVE Court Ordered Listings in the Lower Mainland

• Greater Vancouver Actives: 66 Detached + 82 Attached + 1 Multifamily + 10 Land Only (12/12/2025)
• Fraser Valley Actives: 107 Detached + 39 Attached + 0 Multifamily + 24 Land Only (12/12/2025)
• Chilliwack & Area Actives: 8 Detached + 2 Attached + 0 Multifamily + 25 Land Only (12/12/2025)

Foreclosure Series

• Foreclosure 101: What BC Homebuyers Need to Know (December 7, 2025)
• Foreclosures Have Doubled Since 2022… (December 5, 2025)