Background: The case involved the British Columbia Housing Management Commission (Petitioner) seeking foreclosure against Olympic Villas Inc. and TBS Procurement Interface Inc. (Respondents). Olympic Villas Inc. owned property in Merritt, BC, which was developed into a 75-unit residential rental building, managed by TBS Procurement Interface Inc. The project was financed with a $16,595,028 mortgage from the petitioner. Due to construction delays and cost overruns, the mortgage required multiple modifications. Disputes arose over interest rate increases and the validity of a mortgage addendum, leading the petitioner to seek foreclosure and a declaration of default.

Legal Arguments/Issues: The Borrowers argued for a full trial, citing triable issues such as the validity of a mortgage addendum and claims of duress and unconscionability. They contended the petitioner exerted economic pressure by presenting a "take-it-or-leave-it" offer, leading to an unfair interest rate increase.

Held: The court granted the order nisi foreclosure, rejecting the Borrowers' claims of duress and unconscionability. It found no substantial triable issue.

Costs/Damages Awarded: The court awarded the British Columbia Housing Management Commission a total redemption amount of $18,040,130.72 as of April 11, 2024, plus daily interest of $3,558.60. Additionally, the petitioner was awarded costs at Scale B due to the complexity of the application.