The City of Surrey is launching the Rapid Transit Development Incentive program to boost multi-family residential development near transit hubs. This initiative aims to incentivize builders and developers to accelerate their projects, fostering city growth and tackling housing needs.
Effective December 4, 2023, the City of Surrey will launch a rebate program, cutting building development application fees by 50%. This initiative covers planning, engineering, and building permit fees, providing substantial savings for eligible projects.
Residential projects must be within 1.5 km of designated rapid transit stations to qualify for the rebate. These include SkyTrain stations such as Scott Road, Gateway, Surrey Central, or King George, and RapidBus routes like R1 King George Boulevard or R6 Scott Road RapidBus.
This expansive radius, nearly twice the conventional distance for transit-oriented development, ensures accessibility and connectivity to public transportation.
Multi-family residential buildings must meet specific criteria to be eligible. They must have a minimum height of four storeys and a floor area ratio density of at least 0.5 times the lot size for residential uses. The total residential floor area must be at least 21,528 sq ft (2,000 sq meters). Additionally, projects must secure full superstructure building permits by August 31, 2026, to qualify for the rebate.
The Rapid Transit Development Incentive program is expected to stimulate approximately 3,000 new homes near frequent transit services. This represents a significant step towards addressing housing challenges in Surrey. Moreover, the initiative aligns with the City’s goal of expediting the creation of 9,600 new homes by 2027 under the federal government’s Housing Accelerator Fund (HAF) program.
Alongside the Rapid Transit Development Incentive, Surrey has introduced the Non-Market Rental Housing Incentive to accelerate non-market housing. This initiative offers exemptions on municipal development cost charges, community amenity contributions (CACs), and rebates on permit application fees. It aims to support 300 units of non-market rental housing over three years.
Both incentives, funded by the HAF, collectively catalyze the development of approximately 3,300 homes, marking substantial progress towards Surrey’s housing targets.
Mayor Brenda Locke emphasizes the importance of these initiatives, highlighting their significance in meeting the diverse housing needs of Surrey’s growing population. She also expresses gratitude for the federal grant supporting these vital projects.
Furthermore, the City has allocated a portion of the HAF funding to introduce an innovative artificial intelligence-powered online tool for permitting queries. This tool aims to streamline and enhance the development process for stakeholders.
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Home Buying, Market Intelligence, Your Next Home
Bringing People Home, Home Buying, Real Estate News
