FOR IMMEDIATE RELEASE – December 11, 2023
The Federal Government indicated many investments for housing in their latest fiscal update, but Surrey was not listed as a recipient to any funding through the Housing Accelerator Fund.
“The Fall Economic Statement indicated that nearly 23% of all Housing Accelerator Funding was earmarked for Quebec while affordability and housing costs in Metro Vancouver, and specifically Surrey, are some of the highest in the country,” said Anita Huberman, President & CEO, Surrey Board of Trade. “Only one BC city was listed while other provinces, specifically Ontario, had many city investments. Surrey needs our fair share of infrastructure investments.”
The withholding of funds can be attributed to the recent decision by Metro Vancouver to significantly increase the development cost charges (DCCs). This escalation in charges will inevitably be transferred to end-users, thereby placing an additional financial burden.
Housing Accelerator Fund agreements to date:
· London, Ontario – 2,000 homes – September 13, 2023 – $74 million
· Vaughan, Ontario – 1,700 homes – October 5, 2023 – $59 million
· Hamilton, Ontario – 2,600 homes – October 10, 2023 – $93.5 million
· Halifax, Nova Scotia – 2,600 homes – October 12, 2023 – $79.3 million
· Brampton, Ontario – 3,150 homes – October 20, 2023 – $114 million
· Kelowna, British Columbia – 950 homes – October 25, 2023 – $31.5 million
· Kitchener, Ontario – 1,200 homes – November 3, 2023 – $42.4 million
· Province of Quebec – November 9, 2023 – $900 million
· Calgary, Alberta – 6,800 homes – November 14, 2023 – $228 million
· Moncton, New Brunswick – 490 homes – November 16, 2023 – $15.5 million
More information: https://www.budget.canada.ca/fes-eea/2023/report-rapport/chap1-en.html
-30-
Anita Huberman, 604-634-0342, anita@businessinsurrey.com
