Surrey launches incentive programs to accelerate housing development

Surrey, BC – Surrey City Council has approved two new incentive programs which aim to stimulate and accelerate the development of housing units in Surrey, specifically near rapid transit, as well as increase the supply of affordable non-market rental housing. The programs are supported by the Housing Accelerator Fund (HAF) grant from the Canada Mortgage and Housing Corporation, intended to increase the supply and diversity of housing units.

“As Surrey continues to grow, it is vital that we are able to support our residents with a range of housing options to suit all needs,” said Mayor Brenda Locke. “I am grateful for the grant we have received to be able to launch these important projects and boost much-needed housing development in our city.”

The two new incentive programs are as follows:

• The Rapid Transit Development Incentive is designed to encourage the development of housing units near existing rapid transit. This program is expected to incentivize approximately 3,000 housing units near frequent transit, while supporting the City’s goals of reducing greenhouse gas emissions, increasing transit ridership, and creating vibrant and walkable communities.
• The Non-Market Rental Housing Development Incentive aims to encourage the development of up to 300 non-market rental housing units over the next three years. This incentive is intended to target projects that can provide either a portion or the entirety of the development as non-market affordable units, anywhere in Surrey.

These incentives seek to attract development in Surrey using the HAF grant while advancing the City’s objectives of creating livable, sustainable, and inclusive communities.

Learn more about the incentive programs in the full corporate report.

Click here for details on the Surrey Housing Action Plan.