Surrey is getting a $95 million share of the federal Housing Accelerator Fund to fast-track the construction of 2,800 housing units over the next three years, with a promise of thousands more over the coming decade.
Federal and civic politicians announced the initiative Wednesday (Jan. 10) on land slated for a mixed-use development at 10420 City Parkway, a stone’s throw from Surrey City Hall. The corner site is where Bosa Properties plans to build Parkway homes, both strata and rental.
Launched last March and managed by Canada Mortgage and Housing Corporation (CMHC), the $4-billion Housing Accelerator Fund (HAF) aims to “eliminate barriers to building the housing we need, faster,” focused on affordable housing with higher density, near transit and for students.
The feds promise to work with lower levels of government to “get more homes built for Canadians at prices they can afford,” according to Sean Fraser, Minister of Housing, Infrastructure and Communities.
“We’re in a housing crisis,” said Surrey Centre MP Randeep Sarai in a news release, “and the only way we’re going to solve this challenge is by working together collaboratively and directly with municipalities who know the real needs of their communities. The Housing Accelerator Fund is an acknowledgement that the status quo in how we build homes is no longer acceptable.”
Surrey’s housing “Action Plan” allows for faster development of higher density, multi-unit housing projects. Initiatives include “policy changes to expedite development of below-market housing, expand the use of professional reliance for faster approvals, expand the guaranteed permitting timelines program, and leveraging AI to facilitate faster development and permit approvals.”
Surrey Mayor Brenda Locke says the city is grateful to the Government of Canada for $95.6 million through HAF.
“The City is working on a number of initiatives to increase housing supply that will benefit from this funding, including helping support below-market and affordable rental housing projects,” Locke is quoted in a news release.
“We are also adjusting our zoning to increase housing density, especially around rapid transit lines. Surrey is a leader in the region in supplying affordable housing and we will now expand further on this success thanks to this funding support.”
Surrey Board of Trade reacted positively to news of HAF funding for the city.
“Surrey is going to be the largest city in B.C. very soon, and most immigrants are coming to Surrey because it is an opportunity city,” said Jasroop Gosal, SBOT’s Policy & Research Manager. “We are pleased with this investment to build affordable housing quicker, and look forward to having it implemented, however, more is needed for a city of this size.”
