July 29, 2025
RED FM News Desk
The City of Surrey is targeting a 27.8% increase in its housing supply by December 2026, a crucial benchmark that will unlock the final $25.6 million in federal government funding tied to the Housing Accelerator Fund.
This ambitious plan aims for an average of 4,333 net dwellings to be issued annually, leading to a total of 13,000 new homes. On Monday, July 28, Surrey Council received an 18-month progress report from city staff regarding the Housing Accelerator Fund. The report covered the issuance of building permits, the status of the action plan, a proposed new initiative, and financial updates.
The Canada Mortgage and Housing Corporation (CMHC) initially approved $95.6 million for Surrey in December 2023. This funding, spread over three years, is intended to support housing supply, accelerate growth, and foster community development. According to a corporate report presented to council on July 28, the HAF funds will be disbursed in four equal annual installments, contingent on the submission of annual progress reports, with the final payment expected by December 2026.
Surrey will have until September 2027 to utilize these funds. City Hall successfully applied for a “new initiative” grant aimed at updating Neighborhood Concept Plans to “ensure alignment with market conditions.” City staff anticipate presenting updated land use designations to council by January 31, 2026.
The report also indicates that this NCP initiative boosts the HAF funding by an additional $5.1 million, delivered in three installments of $1.7 million each, bringing the total to $100.7 million. Correspondingly, the three-year Housing Growth Target has been increased by 150 units, resulting in a revised total of 13,000 issued housing units.
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