Frustrated Surrey townhouse buyers confront developer over failed deal 

August 21,2025

RED FM News Desk

Townhouse buyers in Surrey are upset after a developer tried to back out of a deal to sell them homes. 

The Creekside Terrace project, built on the former Surrey Public Market site in Newton, has appeared ready for occupancy since January. Some buyers invested as far back as 2017, and growing construction delays have tested their patience. 

On Tuesday (Aug. 19), buyers were surprised to receive letters from a lawyer enclosing cheques for their pre-construction deposits, seemingly an attempt by the developer to cancel contracts and resell the homes at higher prices. Buyers say it’s unfair that their money has been tied up for years without interest while they waited to move in. 

On Wednesday (Aug. 20), several frustrated buyers spoke with the Now-Leader at the townhouse site, where developer Eddie Chiu was working in an office/show suite. Chiu agreed to meet with buyers and explain his side but refused to speak to a reporter and locked the front door. 

Chiu told buyers he owes $32 million to a bank and that a new lender wants to cancel existing contracts to sell homes at current market value to cover a multimillion-dollar shortfall. Buyers said they plan to fight this in court and will place a Certificate of Pending Litigation (CPL) on the property. 

The 76-townhome Creekside Terrace project occupies the old Surrey Public Market site, which was empty for nearly 20 years after the market closed in the late 1990s and was demolished in 2017. Construction began in February 2022, starting with upgrades to the long-dormant concrete slab. The project promised a “West Vancouver style of living” and a rooftop garden. 

Chiu told the Now-Leader that extensive structural upgrades were required because the lower level was previously the market’s parking area. “It was a big job, and we spent a lot of money making sure the structure could support the building,” he said. “Before, it was just a market. Now it’s much heavier, and that’s why there was a lot of testing, work with the structural engineer, and ensuring the city was satisfied.”