Built with a $53-million low-interest loan from the province to underwrite the below-market sale of family homes, Victoria's Vivid condominium development was supposed to be a new model for affordable housing in B.C.

Then-housing minister — and now premier — David Eby hailed the 2021 completion of construction on the 135-unit building in the provincial capital's downtown as "great news" for middle-income British Columbians hoping to achieve the dream of home ownership.

But court documents obtaine…