Surrey surpasses goal for new housing under federal ‘accelerator’ fund

The City of Surrey has until September 2027 to use $95.6 million in “Housing Accelerator Fund” money from the Canada Mortgage and Housing Corporation that is aimed at supporting the city’s housing supply and community development as well as speed up growth over three years.

A one-year update presented to council in a corporate report concerning Surrey’s allotment, approved on Dec. 4, 2023, indicates the City’s Action Plan sets a targeted 27.8 per cent increase in housing supply – an average of 4,283 dwellings annually – and a “cumulative total” of 12,850 by December 2026. Surrey made good on 6,028 dwellings by Dec. 4, 2024, surpassing that target.

“This represents 46.9 per cent of the three-year target, positioning the city well for achieving its overall goal,” the report states.

Councillor Linda Annis said during Surrey’s Feb. 24 regular council meeting it’s “absolutely phenomenal” that the city is “right on target.”

Mayor Brenda Locke added it’s “really great” to have this money coming in from the federal government, “and it’s certainly going to enhance our ability to move projects ahead faster.”

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