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Surrey Slashes Building Application Fees to Accelerate Housing Construction Near Rapid Transit
July 4, 2024
Surrey Slashes Building Application Fees to Accelerate Housing Construction Near Rapid Transit
The City of Surrey is slashing many building and development application fees through a new rebate program called the Rapid Transit Development Incentive Program. The program aims to incentivize real estate developers to accelerate the construction of new condominium near rapid transit stations.
For any fees paid after December 4, 2023, the City of Surrey’s new program will cut application fees by 50% for engineering (servicing agreement processing, administration, ESC application), building (building permit fees), and planning (rezoning, development permit, development variance permit).
The fee reduction would only apply to projects within 1.5 kilometres of an existing SkyTrain station (Scott Road, Gateway, Surrey Central, or King George) or an existing RapidBus route (R1 King George Boulevard or R6 Scott Road).
As a result of the City of Surrey’s priority of building high-density multi-family buildings, eligible buildings must be at least 4 storeys stall, have a floor space ratio (FSR) that is at least 0.5 times the size of the lot, and have a minimum total residential area of 2,000 square metres (21,528 square feet).
The City is aiming to incentivize the development of about 3,000 homes through the Rapid Transit Development Incentive Program.
If you are a real estate investor with any questions related to the new laws or how to navigate these pending changes, reach out to Aman Bindra at [email protected] or 604-591-7321 today.
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Aman Bindra and his team assist clients with all real estate, banking, and business matters, including purchases and sales of real estate and businesses, borrowing and lending, land development and construction, and leasing.
Aman has extensive experience working with individual, business and corporate clients throughout British Columbia. He regularly advises on and prepares agreements relating to land, asset, and share purchases, financings, and construction projects, and he assists with leasing, incorporations, partnerships, corporate reorganizations, and more.
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