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Part of a development in Port Moody appears to be in trouble after creditors filed a suit in B.C. Supreme Court.
The Portwood Project is described as a “23-acre green-focused community positioned squarely in the pulse of vibrant Port Moody.”
The plan calls for 20 buildings — ranging from four to 19 storeys — along with trails and a daycare.
The first phase of the project should be move in-ready by this fall.
Staff at the presentation centre told Global News that more than 80 per cent of the first phase has been sold.
However, last week, creditors filed a suit in Supreme Court saying that the developers have defaulted on their financing and currently owe them more than $122 million.
The development manager told Global News that the lawsuit is targeting only the undeveloped portions of the project, so people who have already bought condos and townhouses in the nearly completed phase will not be affected.
“We just haven’t seen this in Vancouver in probably 30 years,” realtor Steve Saretsky said.
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He said that the Portwood project is just the latest in a series of major developments that have run into trouble — projects conceived when the fundamentals were different and the common belief was that real estate in the Lower Mainland would only ever go up.
“I think that the number one thing is interest rates,” Saretsky said.
“As soon as interest rates started to go up, then obviously it changed the direction of the market, changed sentiment, changed borrowing costs and it just really killed the speculative fever in the market.”
Saretsky added that things seem to have changed in the once-booming B.C. condo market.
© 2026 Global News, a division of Corus Entertainment Inc.
