Surrey city council received an update on the city's financial activity during the first nine months of this year at Monday night's meeting.
A corporate report by Kam Grewal, Surrey's general manager of finance, indicates that while Surrey saw a 40 per cent increase in residential dwelling unit permits issued compared to the first three quarters of 2023, it also recorded a 22 per cent decrease in construction of new single-family homes during that time.
"Multi-family development activity, in both low-rise and high-rise apartments, has remained strong in this nine-month period as compared to the same period in 2023," Grewal noted. "In the non-residential development category, as compared to last year, the City has seen an increase in the number of permits in the industrial, commercial and institutional development segment."
Over the past nine months permits issued for multi-family units increased by 53 per cent, according to the report.
"The City’s financial performance relative to the adopted Budget for the third quarter of 2024 is relatively strong," Grewal concluded. "City departments continue to proactively manage their respective budgets to ensure the financial position of the City for the remainder of the year remains strong and the City collectively meets budget at year end."
