Thind Properties, a Burnaby-based real estate developer, is currently facing significant financial and legal challenges across multiple projects in Metro Vancouver. The key issues include:
Receiverships and Creditor Protection:
District Northwest (Surrey): In November 2024, the B.C. Supreme Court appointed a receiver for this project after lender KingSett Mortgage Corp. claimed it was owed over $85 million. The development, planned to feature two residential towers with 1,023 units, had pre-sold approximately 85% of its units before construction halted.
Highline (Burnaby) and Minoru Square (Richmond): In December 2024, these projects were placed into receivership following petitions by KingSett, which stated that Thind owed over $220 million across these developments. Highline is a completed but largely unsold tower, while Minoru Square was planned as a mixed-use community but had not commenced construction.
Eclipse Brentwood (Burnaby): In January 2025, KingSett sought creditor protection for this nearly completed project, citing debts of approximately $189 million.
Legal Actions and Unpaid Debts:
Unpaid Contractors and Service Providers: Several contractors and service providers have filed lawsuits against Thind Properties for unpaid services. Notably, Group Security Services Ltd. claims it is owed about $145,000 for security services provided to the Highline property.
Strata Fee Disputes: The strata corporation for the Highline project alleges that Thind owes $1.1 million in unpaid strata fees and related amounts for 119 unsold units.
City of Burnaby Lawsuit: The City has sued Thind for $1.3 million in unpaid interest related to the Maywood project, stemming from deferred density bonus payments agreed upon during rezoning.
What Does This Mean For You?
For buyers who purchased or already own condos from Thind Properties, the current financial and legal troubles can create a lot of uncertainty. Here’s what it means depending on your situation:
If You Bought a Pre-Sale Condo (Not Yet Completed):
1. Project Delays or Cancellations
Projects like District Northwest, Minoru Square, and Eclipse Brentwood are either halted or in receivership.
If construction hasn’t started or is incomplete, there’s a risk the project could be delayed indefinitely, cancelled, or sold to another developer.
2. Your Deposit
Pre-sale deposits are usually held in trust and protected, but:
If the developer goes bankrupt and the project is cancelled, your deposit should be refunded, but it might take time.
Legal processes can drag on, and buyers might need to file claims to get their money back.
3. Uncertainty About Final Ownership or Changes
If another developer takes over, they may choose to renegotiate terms, change layouts, or increase prices.
In rare cases, buyers could lose their unit and need to start the home search over.
If You Own a Condo in a Thind-Built Building (e.g. Highline):
1. Strata Issues and Maintenance Concerns
Thind reportedly owes over $1 million in strata fees for unsold units in Highline.
That means your strata corporation is missing revenue, possibly impacting building upkeep, maintenance, and services.
2. Impact on Resale Value
The building’s connection to a troubled developer could hurt property values short-term due to buyer hesitancy.
Future buyers might be wary of structural quality, financial issues, or legal entanglements.
3. Possible Legal Actions
The strata council (or even individual owners) may consider or be part of legal action against Thind for unpaid fees or construction defects.
Owners might face higher strata fees temporarily if the shortfall isn’t recovered quickly.
Bottom Line:
Pre-sale buyers should stay in close contact with their REALTOR®, lawyer, or mortgage broker to monitor the project's status and prepare for possible delays or refunds.
Current owners should work with their strata council and keep an eye on any legal actions, fee increases, or updates from receivers managing the unsold units.
Disclaimer:
Details shared here are based on current info as of April 2025, but things are changing fast. If you're directly affected or have concerns, it’s best to check with a lawyer, mortgage professional, or directly with the project representatives for the latest updates.