Creditors sue Portwood Project over $122 million debt in Port Moody

Creditors have filed a lawsuit in the British Columbia Supreme Court alleging that the developers of the Portwood Project—a 23‑acre, green‑focused condominium development in Port Moody—owe more than $122 million in unpaid financing. The suit targets only the undeveloped portions of the project, meaning buyers who have already purchased units in the nearly completed first phase are not affected. More than 80 % of the first phase had been sold and was slated to be move‑in ready by the fall.

The lawsuit reflects broader challenges in the Lower Mainland real‑estate market, where rising interest rates have reduced speculative buying and strained developers’ financing, according to local realtor Steve Saretsky.