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Pacific Canada  + Canada  + Multi-residential Housing  | 
The B.C. and federal governments and Habitat Housing Society have invested about $35 million in a new Surrey rental-housing project.

Feds, B.C., Habit Invest $35M in Surrey Rental Project

The B.C. and federal governments and Habitat Housing Society have invested about $35 million in a new Surrey rental-housing project.

The six-storey building at 13585 81st Avenue contains 100 units comprising studio, one-, two- and three-bedroom homes for moderate and low-income households. Residents have started moving into the suites, Habitat, the building’s operator, announced Tuesday.

“Opening the doors on these 100 brand new homes will change lives for the better,” said B.C. Housing Minister Ravi Kahlon in a news release. 

The provincial government has invested most of the money, $21.2 million, through BC Housing.

According to a May 2021 news release, the province also supplied $16 million in construction financing.

Ottawa has invested $5.9 million and Vancouver-based Habit has provided $8 million in land and cash equity. The City of Surrey and Metro Vancouver waived $269,094 and $353,000 in development fees, respectively.

Local builder VanMar Constructors served as the project’s general contractor, the company said on its website. Vancouver-based New Commons Development, a non-profit developer, has also partnered on the project.

Photo: Habitat Housing Society

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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Development
  • ◦Financing
  • ◦Policy/Gov't
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