Source: 2019 BCCA 73 (CanLII) | CanLII
Any confusion about how to look at redemption period applications has been laid to rest by the BC Court of Appeal:
 The test for an extension of the redemption period has been long established and is set out in Canada Permanent Mortgage Corp. v. Dan-Al Construction Co.,  B.C.J. No. 2339:
 The Chambers Judge stated those tests accurately: that there must be a reasonable prospect of payment, and that the property must have sufficient value by way of security, for the amount outstanding.
 In looking to the prospect of repayment, the Court will look to the evidence and not rely upon speculation as to what may be possible.
 There is no dispute that there is sufficient value in the property to protect the first mortgagee, indeed the judge speaks of a potential windfall to the first mortgagee in the event the order absolute is granted. What has been in issue is the criterion that there be a reasonable prospect of payment in order to attract an extension of the redemption period. This is sometimes explained in terms of needing at least a plan, but it remains to the judge, considering all that is known to the court, to assess the viability of the proposal for payment advanced.