The social housing that was demolished at Vancouver’s controversial Little Mountain site 12 years ago will all be replaced by the end of 2024 at the latest, according to an announcement Friday by the province and developer.

But there is no deadline for the other part of the much-criticized agreement – payment for the $211-million still owing on the $334-million property sale. The deal was signed in 2008 by the then Liberal government and developer Holborn Properties.

Holborn, which has paid a deposit of $35-million and built some social housing so far as part of the sale agreement, is not required to start making payments on the remainder owing until it gets occupancy permits for its market-rate apartments, whose construction timeline is still undefined.

B.C. deal gave developer more than $200-million in interest-free loans, newly released contract reveals

Nor is there any likelihood of an inquiry into the deal or a take-back of the property by the province, said Attorney-General and Housing Minister David Eby as he provided details on his government’s efforts to fix what he has repeatedly called a disastrous deal.

“There is no option where we can take back Little Mountain without paying hundreds of millions to the developer,” said Mr. Eby, who criticized the previous government over the contract, calling it negligent and a giveaway. He also said it would be better to focus on making improvements than expending energy on an inquiry.

But, he said, he is hopeful about the project for the first time because Holborn came forward last week to release details of the contract, and to work out the memorandum of understanding with the province on when all the social housing will be built.

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