The Sophia, a planned nine-storey rental building in Vancouver, faces foreclosure proceedings due to financial difficulties. Owned by 0793231 BC Ltd., a company owned mostly by individuals from Hong Kong, the project was going to be developed by Vancouver-based Cape Group. Despite approval in November 2021, construction never commenced on the site, currently occupied by warehouses from the 1930s and 1970s. Foreclosure was initiated by Gulf and Fraser Fishermen’s Credit Union, claiming over $11 million owed since March 2020.

Since the redemption date passed on March 21 without the debt being paid, Beem Credit Union (formed through Gulf & Fraser and Interior Savings merger) has been authorized to sell the property. Though not listed yet, BC Assessment values the property at over $19 million. The sale of the property will require approval from the Supreme Court.