Portwood, Port Moody: Edgar's New Master-Planned Community
Port Moody hasn't approved a brand-new master-planned community in roughly two decades — and Portwood, by Edgar Development, is the biggest thing to happen to this pocket of the Tri-Cities in a generation. A 23-acre, five-phase community with about 2,053 homes, rising on the site of the old Woodland Park rentals off Cecile Drive. Here's the honest story: where it came from, the full plan, where phase one stands today, what the 2026 court process — which has now handed the future phases to the project's lender — actually means, and what it all means if you're thinking about buying.
Quick answer — the Portwood story in one paragraph
Portwood is a 23-acre master-planned community rising on the site of Port Moody's old Woodland Park rental neighbourhood, off Cecile Drive. Approved in December 2021 — the city's first master-planned community since 2004 — it will be built out in five phases through roughly 2036, holding about 2,053 homes across around 20 low- and mid-rise buildings, with two parks, trails, retail and a grocery store. The first phase, Umbra, is well under construction with completion expected in early 2027. The big development since this post was first published: the project's lender went to court over the future phases in summer 2026, and on October 13, 2026 the B.C. Supreme Court approved the lender, Woodbourne, taking over those three phases through a $127.1 million credit bid. It's not a foreclosure in the legal sense, and it does not cover Umbra or the rental buildings already under construction — but if you bought at Umbra, it's worth a conversation with your lawyer. The full story is below.
From Woodland Park to Portwood: the history
For decades, the land off Cecile Drive was Woodland Park — a 1960s rental community of around ten aging low-rise apartment buildings on 23 acres, tucked west of Barnet Highway and St. Johns Street. It sat on some of the greenest, most established land in Port Moody, but the buildings had reached the end of their useful life.
Edgar Development's plan to reinvent the site first surfaced publicly in December 2019. It moved through Port Moody's planning process over the next two years — a public hearing in July 2021 and final council adoption in December 2021 — making Portwood the first master-planned community approved in Port Moody since 2004. The project was originally known by the neighbourhood's name, Woodland Park, and was rebranded “Portwood” in April 2023 when sales of the first phase, Umbra, launched.
What makes the backstory worth knowing is how the affordability piece was structured. Edgar partnered with BC Housing's HousingHub, securing roughly $140 million in construction financing and contributing about 5.1 acres of land (valued near $21 million) toward below-market rental housing. The developer also committed roughly $30 million toward a new public road through the site. The result is a community that rebuilds and expands the rental housing that was there — 325 below-market rentals plus 132 market rentals — alongside the new for-sale homes, rather than simply erasing it.
The master plan: one neighbourhood, five phases to 2036
Portwood isn't a single condo tower — it's a whole neighbourhood built in stages. The approved plan covers about 23.7 acres and roughly 2,053 homes across around 20 low- and mid-rise buildings. Most of the community sits in the six-storey range, with the plan rising to about 19 storeys at its tallest points. The master plan was designed by Acton Ostry Architects, with a West Coast Modern-meets-Scandinavian look — black siding, warm wood, peaked roofs and vaulted top-floor ceilings.
The homes break down roughly like this:
- ~1,596 market condos and townhomes — the for-sale homes, released phase by phase (Umbra is the first).
- 132 market rental homes — secured purpose-built rental.
- 325 below-market rental homes — delivered through the BC Housing partnership.
Construction runs in five phases, moving generally clockwise across the site, with the first below-market rental building and Umbra both starting in 2023 and full build-out expected around 2036. So this is a long-term neighbourhood in the making — the early phases are being built now, and the community keeps filling in for roughly the next decade.
The redevelopment timeline at a glance
- Dec 2019Edgar's Woodland Park redevelopment proposal goes public.
- Jul 2021Public hearing at Port Moody council.
- Dec 2021Final adoption — the first master-planned community approved in Port Moody since 2004.
- Apr 2023Project rebranded “Portwood”; sales of the first phase, Umbra, launch. Below-market rental construction begins that summer.
- Jul 2026Lenders affiliated with Woodbourne file a receivership application in B.C. Supreme Court over the three future phases, alleging roughly $122.2 million in default.
- Aug 2026Per reporting on the case, the future phases move under CCAA creditor protection instead, with a court-supervised sales process. Umbra and the rental buildings are excluded.
- Oct 2026Per reporting on the case, no other bidder comes forward, and on October 13 the B.C. Supreme Court approves the lender Woodbourne's $127.1 million credit bid for the three future phases. Woodbourne also takes on the development agreement with the City.
- Dec 2026The sale of the future phases is set to close by December 18, 2026 at the latest, per the reported court-approved terms.
- Early 2027Umbra's estimated completion and first move-ins.
- ~2036Full five-phase build-out as originally planned — a timeline the 2026 court process could reshape.
The lender is taking over Portwood's future phases — here's what that means Updated November 3, 2026 · based on court filings and reporting current to that date
The latest: Portwood's future phases are changing hands. On October 13, 2026, the B.C. Supreme Court approved the sale of the three remaining phases — The Hub, The Mews and The Terraces — to the project's lender, Woodbourne, through a $127.1 million credit bid. A credit bid means Woodbourne is paying with the debt it's already owed rather than new cash. According to Howard Chai's reporting on the court record, the court-appointed Monitor, PwC, approached about 30 potential buyers; six engaged, three signed confidentiality agreements, and none put in a bid. The sale is set to close by December 18, 2026 at the latest, and Woodbourne is also taking on Portwood's development agreement with the City of Port Moody.
What about Edgar? From what I'm hearing, Edgar Development is stepping away from the future phases rather than staying on with the new owner. That leaves what gets built on the rest of the site, and when, up to Woodbourne.
How we got here. If you've heard Portwood described as a “foreclosure,” the real story is more specific, and the differences matter if you own or are considering a home here.
On July 23, 2026, three holding companies affiliated with Woodbourne Canada — notably, Edgar's own joint-venture partner in Portwood, which acquired the project's senior secured debt from QuadReal earlier in 2026 — filed a receivership application in B.C. Supreme Court over the community's three future phases. The application alleges $122,230,613 outstanding as of May 31, 2026 (before ongoing interest and fees) under a loan facility originally advanced by QuadReal in March 2022 that, as extended, matured on April 1, 2025, with demand letters issued in June 2026.
What happened next matters just as much. The receivership application was never granted — according to real-estate journalist Howard Chai's reporting on the case, the matter instead moved under the Companies' Creditors Arrangement Act (CCAA) — court-supervised creditor protection — on August 14, 2026, with a court-supervised sales process in which Woodbourne's $127.1 million bid served as the opening (“stalking horse”) offer. With no competing bids, that's the offer the court approved in October.
Two things this is not. First, it's not a foreclosure in the legal sense — it's a court-approved sale under creditor protection where the buyer happens to be the lender. The practical result for the future phases is much the same: the lender ends up owning them. Second, it does not cover the whole community. The filing and the sale are limited to the three future, largely undeveloped phases — The Hub (planned market rental and commercial space), The Mews and The Terraces (future condo phases). The parts being built right now — the below-market rental buildings (The Creek) and Umbra — are excluded from the filing and the sale. Separately, Chai reports that BC Housing filed a civil claim on September 29, 2026 relating to The Creek. That reporting doesn't detail the claim, and The Creek remains outside the sale.
The honest context: Portwood is not an outlier. Higher interest costs and construction inflation have pushed a string of Metro Vancouver development sites into lender-driven court processes in 2025–26. The CCAA process has now answered who carries Portwood's future phases forward: the lender. What it hasn't answered is what Woodbourne will build there, and when. Treat the original ~2036 build-out, and the amenities planned for those phases (including The Hub's retail and grocery space), as open rather than settled. I'll keep this section updated as the sale closes and the new owner's plans become public.
Bought at Umbra? Talk to your lawyer now
If you bought in the development, my strongest advice is simple: book a conversation with your real-estate lawyer, and bring your purchase contract, your disclosure statement and any amendments you've received.
Here's my thinking, and to be clear, I'm not a lawyer and this is not legal advice. Umbra was marketed as the first phase of a full master-planned community. The disclosure statement you received may describe more than what's now going to be delivered, such as the retail, grocery and other amenities planned for the later phases. If what you were told to expect is no longer coming as described, that may give some buyers an out. It may not. The answer depends on the exact wording of your disclosure statement, any amendments, your contract and B.C.'s Real Estate Development Marketing Act. That's a question for a lawyer, not a realtor.
One practical warning: don't stop payments, miss a deadline or refuse to complete on your own. Get legal advice first, because walking away the wrong way can put your deposit at risk. And if you and your lawyer decide to stay put, I'm happy to talk through the market side: what comparable homes nearby are worth, and what your options look like at completion.
Where it sits — and why location is the whole story
Portwood is in Port Moody's Woodland Park / College Park area, west of Barnet Highway and St. Johns Street, with the presentation centre at 1190 Cecile Drive. This is classic Port Moody: close to the water, close to Rocky Point Park and the Shoreline Trail and Brewers Row, and a short drive to Moody Centre SkyTrain Station and the West Coast Express. You get the small-city, tree-lined feel of Port Moody with a transit connection into Burnaby and Vancouver when you need it.
The other half of the location story is convenience built into the community itself. Portwood's plan includes roughly 19,000 square feet of retail and restaurant space — including a neighbourhood grocery store and a café — plus a large 12,300-square-foot childcare facility with room for 120+ children. The idea is that daily errands and daycare drop-off can happen inside the community rather than in the car. (The developer's sales team has indicated the daycare is planned to be operated by Willowbrae Academy — worth confirming directly as the community fills in.)
Green space, parks and the feel of the place
The single most distinctive thing about Portwood is how much land stays open. The plan keeps roughly 70% of the 23 acres as green and open space — about 8.3 acres of parks and courtyards plus around 5.2 acres of protected, environmentally sensitive areas with urban forest and streams. Threaded through it is a 1.5-kilometre multi-use nature trail for walking and biking, and a fully public trail network that connects the phases together.
Two new parks anchor the community — Hub Park at its centre and Cecile Bend Park — along with communal courtyards, a multi-sport court, an off-leash dog area, a water-play area for warmer days, a multi-purpose plaza and public art. It's designed to feel like a neighbourhood you live in, not just a building you live on.
Umbra: the first phase, and where it stands today
Umbra — The Residences at Portwood — is phase one, and it's the part you can actually buy into right now. It's a collection of 219 homes: 172 condominiums (a mix of one- and two-bedroom layouts) in a six-storey building, plus 47 three-bedroom, two-storey townhomes. Construction is well advanced, and as of summer 2026 the developer reports Umbra is more than 80% sold and roughly 90% built, with completion on track for early 2027. Umbra is also excluded from the creditor-protection filing and the October 2026 sale of the future phases described above. Because those figures move as homes sell and construction progresses, treat them as a snapshot and confirm current status before you make any decisions.
Inside, Umbra leans upscale for the segment: air conditioning, 8’11″ ceilings in the main living areas (with vaulted ceilings in many top-floor homes), Italian kitchens by Armony Cucine presented by Inform Projects, integrated Fulgor Milano appliance packages, quartz counters and matte-black Kohler fixtures throughout. The building amenities include a roughly 2,700-square-foot lounge with a kids' playroom and coworking space, a fitness studio, a large outdoor amenity deck with a BBQ and dining area, plus bike-friendly touches like a repair room, shared e-bikes and a free Modo carshare membership.
Homes and pricing
Umbra offers everything from one-bedroom-plus-flex layouts up to three-bedroom concrete townhomes. The one-bedroom homes have effectively sold through, which tells you where the demand has been. Here's the current line-up:
| Home type | Interior size | Starting price |
|---|---|---|
| 1 Bed + Flex | 557–583 sq ft | SOLD OUT |
| 1 Bed + Flex + Den | 634–636 sq ft | SOLD OUT |
| 2 Bed | 725 sq ft | From the high $600s |
| 2 Bed + Flex | 773–839 sq ft | From the mid $700s |
| 2 Bed + Flex + Den | 944–974 sq ft | From the mid $800s |
| 2 Bed + Flex + Roof Top | 1,054–1,102 sq ft | From the high $1,100s |
| 3 Bed Townhome | 1,259–1,360 sq ft | From the low $1,100s |
A few practical details buyers usually ask about: every home — including the townhomes — comes with one EV-ready parking stall, and the current deposit structure is 5%. For strata fees, ask for the estimated budget in the disclosure statement rather than relying on a marketing figure. There have also been buyer-friendly terms available in this phase, including a reduced assignment fee and a developer who has been open to reviewing offers. Those terms can change, so it's worth confirming what's actually on the table at the time you're looking.
Thinking about Umbra at Portwood?
I can walk you through current availability, compare the remaining floorplans against resale options nearby, and make sure the numbers actually work for you — with no pressure either way.
Or call Craig direct: 604-202-6092
What it means if you're buying in the Tri-Cities
A community like Portwood does two things for local buyers. First, it adds real supply — about 2,000 homes over the coming decade — to a part of Port Moody that rarely sees new construction, which matters if you've been priced out of, or frustrated by, the tight resale market here. Second, a new master-planned community can lift the profile of the surrounding blocks over time as the parks, retail and daycare come online.
Whether Umbra specifically is right for you comes down to timing and fit. A 2027 completion means you're buying ahead of move-in, so your decision should account for where you'll be in a year-plus, your financing timeline, and how the remaining floorplans compare to what's available on the resale market today. And because Portwood builds out in phases, it's worth thinking about which phase and which part of the site you'd want to be in — the early phases live next to active construction for a while. That's exactly the kind of comparison I do with clients before anyone signs anything.
And if you already hold an Umbra contract, or you're weighing one now, the court process adds a layer to think through calmly rather than react to. Umbra is not part of the creditor-protection filing, and Howard Chai's reporting on the case indicates the CCAA route was chosen specifically because a receivership could have triggered the termination rights presale buyers can have under BC's Real Estate Development Marketing Act (REDMA). Deposits on a REDMA-governed presale are held in trust by a brokerage, lawyer or notary until the contract completes or ends — with one exception worth knowing: REDMA lets a developer access deposits if it arranges authorized deposit-protection insurance. None of that is legal advice. If you hold a contract here, read my note for Umbra buyers above and have a real-estate lawyer review your agreement and disclosure statement. I'm happy to point you to good ones and talk through the market side.
Why use a buyer's realtor on a presale like this
On a presale, the sales team in the presentation centre works for the developer — not for you. Your own realtor is typically paid by the developer on a new-construction purchase, and gives you someone whose only job is your side of the deal: reading the disclosure statement and contract carefully, understanding the deposit and assignment terms, comparing the presale against resale alternatives, and being straight with you about whether it's a smart buy for your situation. If you're even casually looking at Portwood, loop me in early — it's far easier to help before you've signed than after.
Sources & methodology
This overview draws on Edgar Development's official project materials and community announcements (including the Portwood / Umbra feature sheet and Spring 2026 price sheet), City of Port Moody planning records for the Woodland Park rezoning, and regional reporting from BCBusiness, Daily Hive Urbanized and STOREYS on the project's history, approvals, phasing and scale. Renderings and site plans are by Edgar Development.
Sales figures and construction progress reflect the developer's reporting as of summer 2026 and will change over time. Home sizes, prices, plans, unit counts and specifications are approximate and subject to change without notice. Always verify current, phase-specific details with Edgar's official materials before making any decision.
The financial-proceedings section reflects B.C. Supreme Court filings and reporting current to November 3, 2026, drawing on Howard Chai's coverage of the receivership application, of the creditor-protection sales process and of the court's approval of Woodbourne's bid, CoStar News, Business Examiner, Global News and wire reporting; the CCAA timeline, sales-process and sale-approval details, the BC Housing claim and the REDMA analysis rest on Chai's reporting. The note on Edgar stepping away from the future phases reflects my own understanding, not a published statement. Deposit-trust rules per BCFSA's REDMA guidance. Court proceedings evolve; details here may be superseded by later orders.
— Craig Johnston, REALTOR® (BCFSA Licence #187645) · Coquitlam-based · Royal LePage Elite West
Portwood FAQ
What was on the Portwood site before?
Woodland Park — a 1960s rental community of roughly ten aging low-rise apartment buildings on about 23 acres off Cecile Drive. Edgar Development is redeveloping it into the Portwood master-planned community.
When was Portwood approved, and when will it be finished?
Port Moody council gave final approval in December 2021 — the city's first master-planned community since 2004. It's being built in five phases, with full build-out expected around 2036.
How many homes will Portwood have?
Approximately 2,053 homes across roughly 20 low- and mid-rise buildings: around 1,596 market condos and townhomes, 132 market rentals, and 325 below-market rentals delivered through a BC Housing HousingHub partnership.
What is Umbra?
Umbra — branded “The Residences at Portwood” — is the first phase: 172 one- and two-bedroom condominiums plus 47 three-bedroom townhomes. It's under construction now, with completion expected in early 2027.
Where exactly is Portwood?
In Port Moody's Woodland Park / College Park area, west of Barnet Highway and St. Johns Street, with the presentation centre at 1190 Cecile Drive. It's a short drive to Moody Centre SkyTrain Station and close to Rocky Point Park.
Is there anything left to buy?
As of summer 2026 the developer reports Umbra is more than 80% sold. The one-bedroom homes have sold out; two-bedroom homes and townhomes were the remaining inventory. Availability changes quickly — reach out for a current list.
Is Portwood going into foreclosure?
Not in the legal sense. After a July 2026 receivership application over Portwood's three future phases, the matter moved under CCAA creditor protection in August, and on October 13, 2026 the B.C. Supreme Court approved the sale of those phases to the project's lender, Woodbourne, through a $127.1 million credit bid. The practical effect is that the lender takes over the future phases. The phases already under construction — The Creek rental buildings and Umbra — are excluded.
Is Umbra affected by the creditor protection? What about presale deposits?
Umbra is excluded from the creditor-protection filing and from the sale of the future phases. Deposits on a REDMA-governed presale are held in trust by a brokerage, lawyer or notary until the contract completes or ends (REDMA does allow developers to access deposits if they arrange authorized deposit-protection insurance), and reporting on the case indicates the CCAA route avoids triggering presale buyers' REDMA termination rights. If you hold an Umbra contract, have a real-estate lawyer review your specific agreement and disclosure statement — this page is general information, not legal advice.
Who owns Portwood now? Is Edgar still involved?
Per reporting on the court record, the B.C. Supreme Court approved the sale of Portwood's three future phases (The Hub, The Mews and The Terraces) to the project's lender, Woodbourne, on October 13, 2026, with closing set for no later than December 18, 2026. From what I'm hearing, Edgar Development is stepping away from those future phases. Umbra and The Creek were not part of the sale.
I bought at Umbra. Can I get out of my contract?
Talk to your real-estate lawyer. I'm not a lawyer and this isn't legal advice. My thought is that Umbra's disclosure statement may describe more of the master-planned community than will now be delivered, and if so, that may give some buyers an out. Whether it does depends on the exact wording of your disclosure statement, any amendments, your contract and B.C.'s Real Estate Development Marketing Act. Don't stop payments or refuse to complete without legal advice first.
What amenities and services will the community have?
The plan includes a neighbourhood grocery store, café, a 12,300 sq ft daycare, two parks (Hub Park and Cecile Bend Park), a 1.5 km nature trail, a multi-sport court, a dog area and public art — plus Umbra-specific building amenities like a lounge, coworking space, fitness studio and shared e-bikes.
This article reflects Craig Johnston's professional opinion and general information about a new development in Port Moody. It is not legal, tax, mortgage, or investment advice, and it is not an offering for sale — any offering can only be made by the developer's disclosure statement. Details, sizes, prices, unit counts and plans are provided by the developer and public records, are approximate, and are subject to change without notice. Renderings are artist's concepts by Edgar Development. Work with your own lawyer, mortgage professional, and REALTOR® and verify current details with Edgar Development before making any decision. E.&O.E.