Surrey to have 843 rental homes built at a cost of $319.5 million

The Government of Canada has announced spending $319.5 million to develop 843 rental homes in Surrey.

With the help of the Rental Construction Financing Initiative, the government will increase the supply of new rental developments to address the housing crisis.

The announcement was made by Diversity Minister Kamal Khera, Housing Minister Sean Fraser, Surrey MP Randeep Sarai, Housing Minister and Chief Financial Officer at 9656 King George Avenue in Surrey.

The building will have 392 units and will feature a 6-storey podium in front of the Surrey Medical Building.

The residential building will be connected to the retail and office heritage building through a 3-storey atrium.

There will be four levels of underground parking.

Construction is expected to begin in the early months of 2025.

Kamal Khera said that the increase in rental housing will provide many Canadians with a safe place to live.