2026 - 2030 Surrey Financial Plan

ECONOMIC OVERVIEW

City of Surrey’s Key Performance Indicators In Q1 2025, the City experienced a surge in issuance of building permits due to the three year phase-in of Metro Vancouver Development Cost Charges (“MVDCCs”) which took effect in March 2024. During this period, developers advanced their projects to building permit issuance stage to mitigate the financial impact of higher fees from Metro Vancouver, resulting in an overall increase in the number of dwelling units receiving permits in quarter one. However, the remaining months experienced a slowdown, mainly due to the high degree of economic uncertainty resulting from the ongoing tariff situation and continuing elevated construction costs. For the year, the City experienced an overall decrease in construction value, dropping to $2.0 billion during 2025, as compared to $2.9 billion in 2024. Despite the overall slowdown, one development category that saw continued strength in 2025 was single family, primarily due to increased activity in Small Scale Multi-Unit Housing (“SSMUH”), including multiplexes and duplexes with garden suites and coach houses.

Consistent with the slowdown in overall development activity in 2025, total building construction value in the City is lower by 29% compared to last year.

City of Surrey | 2026—2030 Financial Plan | Financial Overview

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