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 summer 2026 court filings over the future phases actually mean, 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. One big development since this post was first published: in summer 2026 the project's lenders went to court over the future phases — a receivership application in July that, per reporting on the case, became CCAA creditor protection in August. That is not a foreclosure, and it does not cover Umbra or the rental buildings already under construction — 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.
- Aug 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.
- 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.
Portwood's financial trouble, explained — and no, it's not a foreclosure Updated September 4, 2026 · based on court filings and reporting current to that date
If you've heard that Portwood is “going into foreclosure,” here's what the court record and reporting actually show — because the real story is more specific, and the differences matter a lot 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 stay of proceedings since extended to October 26, 2026, and a court-supervised sales process in which Woodbourne has bid $127.1 million for the remaining phases.
Two things this is not. First, it's not a foreclosure — no court has ordered Portwood sold out from under anyone; creditor protection is a supervised process for sorting out who funds and carries the project forward. Second, it does not cover the whole community. The filing is 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.
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. What the CCAA process will decide is who carries Portwood's future phases forward and on what timeline — which means the original ~2036 build-out date should be treated as open rather than settled. I'll keep this section updated as the process moves.
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 over 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, estimated strata fees are around $0.57 per square foot, and the current deposit structure is 5%. 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 — thousands of 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 tends to lift the profile (and often the values) 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, and it doesn't make every question disappear — if you hold a contract here, having a real-estate lawyer read your specific agreement is cheap insurance, and 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. Having your own realtor costs you nothing 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, shown here with the standard developer-provided-to-realtor allowance; production upload will re-host these images locally and confirm rights direct with Edgar.
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 August 30, 2026, drawing on Howard Chai's coverage of the receivership application and of the creditor-protection sales process, Business Examiner, Global News and wire reporting; the CCAA timeline, sales-process details and REDMA analysis rest on Chai's reporting. Deposit-trust rules per BCFSA's REDMA guidance. Court proceedings evolve; details here may be superseded by later orders.
— Craig Johnston, REALTOR® V99960 · Port Moody-raised, Coquitlam-based · The MACNABS Team · 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?
No — that's not what the court record shows. On July 23, 2026, lenders affiliated with Woodbourne filed a receivership application over Portwood's three future phases, alleging roughly $122.2 million in default, and per reporting on the case the matter moved under CCAA creditor protection in mid-August 2026, with a court-supervised sales process for those phases. The phases already under construction — The Creek rental buildings and Umbra — are excluded from the filing.
Is Umbra affected by the creditor protection? What about presale deposits?
Umbra is excluded from the filing. 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 — this page is general information, not legal advice.
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.