The trouble for Burnaby-based real estate development company Thind Properties started on October 11, 2024, when Toronto-based private equity real estate investment firm KingSett Capital filed a receivership application against Thind's District Northwest project in Surrey.
Then the floodgates opened.
Within the next three months, insolvency proceedings were launched against all of Thind Properties' remaining projects: the completed 48-storey Highline Metrotown that was home to many unsold units, the Minoru Square project that had failed to get off the ground, the newly-acquired 6677 Silver Avenue project, and the 34-storey Eclipse Brentwood that was nearing completion.
In between those, however, was an insolvency proceeding that hit much closer to home for Thind Properties Founder & CEO Daljit Thind, as this proceeding was a foreclosure against both the primary residence in Vancouver that he shared with his wife as well as a secondary home they owned.
The Foreclosure
Foreclosure proceedings were initiated by Earlston Mortgage Corp, also known as Earlston Investments Corp, on December 23, 2024, and was pertaining to a general security agreement the two sides entered into in June 2023. The charge was registered against 3138 W 51st Avenue and 1542 W 28th Avenue in Vancouver. The registered owner of both homes was Daljit Thind's wife, Harinder Thind, while Daljit Thind and D-Thind Development Ltd. served as the guarantor in the agreement, and Earlston's filing notes that there were also second and third mortgages registered against the properties.
In a court filing, the Thinds stated that 3138 W 51st Avenue had been their primary residence for nearly 12 years and that the 1542 W 28th Avenue property was a secondary home that had been rented out to a tenant who vacated the property in January 2025. In its initial court filing, Earlston said that Thind defaulted on the general security agreement and that they issued a demand for payment on September 17, 2024 — before any insolvency proceedings had been initiated against Thind Properties' projects — but then reached a forbearance agreement on November 5, 2024 that delayed enforcement until March 17, 2025.
As part of the forbearance agreement, the Thinds were to list and market the W 28th Ave property, authorize the lender to communicate with their broker, and not amend any leases pertaining to the property. The Thinds stated in a court filing that because the W 51st Ave property was their primary residence, they preferred to sell the W 28th Ave property first and then refinance their W 51st Ave home.
However, according to the lender, the Thinds defaulted on the forbearance agreement almost immediately, saying that the Thinds had "barred entry to the broker to West 28th and prevented showings thereon" and then "amended the Lease by extending the term thereof by 20 months and accepting 20 months’ prepaid rent."
Upon those defaults, the lender initiated the foreclosure proceedings and the Supreme Court granted an order nisi of foreclosure on April 3, 2025, confirming the outstanding debt at $17,125,891.27, with interest accruing at a daily rate of $7,820.52. The order nisi also set the redemption date — the day by which the debtor can pay off the debt to halt the foreclosure — at June 16 of this year.
1542 W 28th Avenue
Although the lender says the Thinds obstructed the sale, the Thinds say they continued to try to sell the W 28th Ave property. They say they entered into a listing agreement for both the W 28th Ave and W 51st Ave properties on March 31 and secured an offer of $6,080,000 for the W 28th Ave property on May 1. The offer was then negotiated up to $6,500,000, but the transaction did not complete.
On June 18, the Thinds received an offer of $6,600,000 and accepted it. However, after paying the initial deposit, the buyer did not pay the second deposit and exercised their right to rescission, as allowed under the "cooling-off period" policy introduced by the Province in 2023.
The Thinds were unable to redeem the mortgage by the redemption date and Earlston obtained a court order on June 19 allowing them to sell both properties in order to recover the debt.
1542 W 28th Avenue was then listed for sale by Whitney Lewis and Heather Jones of Macdonald Realty with an asking price of $6,798,000. BC Assessment values the property at $7,748,000. The home was built in 2012 and includes five bedrooms, seven bathrooms, and 6,519 sq. ft of living space. The price was recently reduced to $6,398,000 on September 2 and an open house was held on September 6.
3138 W 51st Avenue
The 3138 W 51st Avenue property was listed for sale by Whitney Lewis and Simon Clayton of Macdonald Realty with an asking price of $14,500,000. BC Assessment values the property at $14,573,000.
After being listed in June, a buyer with an offer of $12,000,000 was found in July. Earlston countered with $13,000,000, the buyers responded with $12,050,000, Earlston countered with $12,250,000, the buyers responded with $12,060,000, and the offer was accepted on July 25.
The lender submitted an application to the court for approval of the sale, but the application was challenged by the Thinds, who argued that the price was approximately $2,000,000 below the value of the home and that the property had not been marketed for enough time.
Nonetheless, the lender's application was heard on September 4. However, the sale that was ultimately approved by the court was for a purchase price of $13,600,000, according to both court records and Zealty.ca. The court order approving the sale is currently unavailable, so details about the transaction are unknown, but the court allows bids to be made on foreclosed properties on the spot at the final court hearing, similar to an auction.
The home at 3138 W 51st Avenue was originally built in 1990 and includes five bedrooms, seven bathrooms, and just over 8,000 sq. ft of living space. It sits on a 2.5-acre parcel of land that also includes a swimming pool and a tennis court. Here's a look at the property:
3138 W 51st Avenue in Vancouver. / Macdonald Realty
3138 W 51st Avenue in Vancouver. / Macdonald Realty
3138 W 51st Avenue in Vancouver. / Macdonald Realty
3138 W 51st Avenue in Vancouver. / Macdonald Realty
3138 W 51st Avenue in Vancouver. / Macdonald Realty
3138 W 51st Avenue in Vancouver. / Macdonald Realty
