Federal Government announces nearly $320 million for new rental homes in Surrey

Surrey, British Columbia, November 15, 2023

Today, the Government of Canada announced $319.5 million to build 843 purpose-built rental homes across three projects for residents living in Surrey. The funding is provided as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi).

The announcement was made at 9656 King George Ave in Surrey by the Honourable Kamal Khera, Minister of Diversity, Inclusion and Persons with Disabilities, and Randeep Sarai, Member of Parliament for Surrey Centre on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, alongside Chad Boorman, Chief Financial Officer, Rize Alliance Properties.

The building offers 392 units in a 38-storey high rise and six-storey podium located next to the historic Surrey Medical building, which is being restored for office and retail space. The residential building will be connected to the retail and office heritage building through a glazed three-storey atrium. Four levels of underground parking and at least one ride sharing vehicle will be included in the development. Construction is expected to be completed in early 2025.

Canada’s construction of rental homes has not kept pace with the country's growing cities and population, leading to a decline in the existing and aging rental stock for decades. To help tackle this issue, the federal government introduced the RCFi to help build more rentals. Increasing the overall supply of rental housing is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home.

Quotes:

“We need to boost housing supply, this is why we are making strategic investments, through programs like the Rental Construction Financing Initiative, to build much-needed rental units across the country. All Canadians deserve a safe place to build and live their lives in, and we will ensure this becomes a reality.”
— The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

“Programs like the Rental Construction Financing Initiative, are spearheading the development of much-needed rental units, including these 843 homes in Surrey. All of these developments have included accessibility in their designs, which is helping to increase the supply of housing for all Canadians, and our government will continue to make strategic investments so that all Canadians have a safe place they are proud to call home.”
— The Honourable Kamal Khera, Minister of Diversity, Inclusion and Persons with Disabilities

“These purpose-built rental homes in Surrey are an essential part of the solution to the housing crisis. Through RCFi, our government can increase its supply of new rental developments so Canadians can live and work in their communities. These projects offer much-needed housing for families and individuals to grow and flourish in these beautiful cities we call home.”
— Randeep Sarai, Member of Parliament for Surrey Centre

“Comma King George is our first purpose-built rental project in Surrey, where we know the need for rentals is acute. Rental housing is an integral part of the future of our cities. Thanks to the RCFi we are able to bring 392 rental homes to the neighbourhood, so more people can build their future in Surrey.”
— Chad Boorman, Chief Financial Officer, Rize Alliance Properties

Quick facts:

Funding details for the four projects include:

$146.5 million RCFi for 392 units at Comma King George 9656 King George Blvd, Surrey; $59.2 million from Stonemark Investments Ltd. and Comma Properties LP (a partnership between Rize Alliance Properties and Pioneer Investments).
$145 million RCFi for 373 units at 10420 City Parkway (Brightside Tower) Surrey; $27.3 million from Bosa Properties and in-kind support from the City of Surrey.
$28 million RCFi for 78 units at 10590 139 St. (Parker Living) Surrey; $2.8 million from Mosaic Parker Properties.
The Government of Canada’s National Housing Strategy (NHS) is an ambitious, 10-year plan that will invest more than $82 billion to give more Canadians a place to call home.
The Rental Construction Financing Initiative (RCFi) provides fully repayable low-interest loans to encourage the construction of more purpose-built rental housing for middle income Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
- RCFi is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
- RCFi complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
- Through RCFi, the federal government is encouraging the construction of more than 71,000 rental units.
- A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their eeds.

Additional information:

Visit Canada.ca/housing for the most requested Government of Canada housing information.

CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC’s aim is that everyone in Canada has a home they can afford and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.

To find out more about the National Housing Strategy, visit: www.placetocallhome.ca.

Check out the National Housing Strategy Housing Funding Initiatives Map to see affordable housing projects that have been developed across Canada.