Portwood Development 3 Limited Partnership, Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership, Portwood Development 4 GP Ltd.

CCAA

^{Page last updated: August 19, 2026}

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.

Status of File as of August 19, 2026

A Court hearing is scheduled for Monday, August 24, 2026 at 9:00 AM. At the hearing, the Monitor is seeking the Court’s approval for the following:

• an order (the “Sales Process Order”):
  • approving the Sale and Investment Solicitation Process (the “SISP”) and authorizing the Monitor to carry out the SISP; and
  • authorizing the Monitor to enter into a stalking horse agreement of purchase and sale (the “Stalking Horse Purchase Agreement”) between the Monitor and the Petitioners, solely for the purposes of acting as the stalking horse bid in the SISP.
• an order (the “Amended and Restated Initial Order”), among other things, extend the stay of proceedings until October 26, 2026.

The Monitor’s application material can be found under Motion Materials tab and the Monitor’s First Report to Court under Monitor’s Report tab.

Status of File as of August 14, 2026

On August 14, 2026, the Supreme Court of British Columbia granted an Initial Order under the Companies Creditors Arrangement Act (the “CCAA”), R.S.C. 1985, c. c-36 in respect of Portwood Development 3 Limited Partnership, Portwood Development 3 GP Ltd., Portwood Development 4 Limited Partnership and Portwood Development 4 GP Ltd. (collectively, the “Portwood Entities in CCAA”). A copy of the Initial Order can be found under Court Orders.

Pursuant to the Initial Order, PricewaterhouseCoopers Inc., LIT (“PwC”) was appointed Monitor with enhanced powers in respect of the Portwood Entities in CCAA and the assets associated with Phase 3, 4 and 5 of the Portwood Development.

The Initial Order, among other things:

• granted a stay of proceedings in respect of the Portwood Entities in CCAA until August 24, 2026 (“Stay Period”);
• appointed PwC as Monitor with enhanced powers with respect to the assets and undertakings of the Portwood Entities in CCAA;
• granted the Monitor enhanced powers to exercise the authority of the board of directors and officers of the Portwood Entities in CCAA, including the power to manage, operate and carry on the business relating to Phase 3, 4 and 5 on behalf and in the name of the Portwood Entities in CCAA;
• authorized the Monitor to take actions necessary to preserve, manage and market the assets associated with Phase 3, 4 and 5, where appropriate and subject to further Court approval, realize upon such assets;
• authorized an interim financing facility of up to $500,000; and
• granted an Administration Charge of up to $200,000 to secure certain professional fees and disbursements incurred in connection with the CCAA proceedings.

Additional information regarding CCAA proceedings and impacts to various stakeholder groups can be found in the FAQ section of the website.

Tenants - Woodland Park Townhomes

The commencement of CCAA proceedings does not, by itself, terminate residential tenancy agreements or give the landlord a right to evict tenants. At this time, the Monitor does not anticipate that tenants will be directly impacted by these proceedings. Tenants should continue to pay rent in the ordinary course and direct day-to-day questions or maintenance requests to Prospero International Realty Inc. (the property manager) as they normally would. Any questions specifically regarding the CCAA proceedings may be directed to the Monitor.

Phase 2 (Project Umbra)

The Initial Order contains specific provisions intended to support the continued development, construction and completion of Phase 2 (Project Umbra).  The Initial Order includes provisions intended to facilitate the completion of servicing and other off-site works required for the issuance of occupancy permits for Phase 2 and permits certain costs associated with those works to continue to be funded in accordance with the terms of the Initial Order and not funded from the Interim Financing unless expressly approved by the Interim Lender and the Monitor.

For greater certainty, the Monitor’s enhanced powers related to the Portwood Entities in CCAA and assets associated with Phase 3, 4 and 4 and do not extend to Phase 2 or the Phase 2 lands.

As illustrated in the site plan:

• Phase 1 and 2 are not part of the CCAA Proceedings; and
• the CCAA Proceedings relate only to entities associated with Phase 3, 4 and 5 of the Portwood Development.

Accordingly,

• purchasers in Phase 2 should continue to direct questions regarding their homes, construction progress, occupancy, customer care matters, deficiencies, warranties and related matters to EDGAR Development and the existing Sales and Customer Care teams;
• contractors, trades, consultants, suppliers and subcontractors working on Phase 2 should continue to direct project related communications through the normal channels with construction manager and EDGAR Development.

Additional information can be found on the Phase 2 Communication tab of this website.

The Monitor will continue to post Court materials and updates, regarding these proceedings on this website as they become available.

Should you have questions regarding the CCAA proceedings, please contact the Monitor at 604-806-7000 or by clicking “Email” at the bottom of the page.