Background:
The foreclosure proceedings began in 2015 and were contentious. Grace Mountain Land Company Ltd. repeatedly failed to redeem the property within the agreed-upon timelines. A six-month redemption period expired on February 19, 2022, after a series of informal agreements failed to result in repayment. The land had not been redeemed, prompting the petitioner to market the property for sale.

Key Legal Issues:
Grace Mountain Land Company Ltd. applied for an extension of time to appeal a May 22, 2024, ruling that denied their request for extending the redemption period and granted an order absolute to 1055249 B.C. Ltd., allowing the mortgagee to take possession of the land. They argued that the court erred by considering both mortgages when assessing equity and failed to properly account for the property's value based on a commitment letter.

Court Findings:
The court denied the extension request, finding the appeal lacked merit and that both mortgages were relevant in determining equity. The respondents also failed to prove a reasonable prospect of redemption or irreparable harm.

Costs Awarded:
No additional costs were awarded to 1055249 B.C. Ltd., as the principle is not to award costs after an order absolute. The total mortgage debts were $7.45 million and $10.05 million.