An escrow account is a third-party account used to hold funds—such as deposits or property taxes—until specific conditions of a real estate transaction are met.
Why Escrow Accounts Matter in Real Estate
In Canadian real estate, escrow accounts are most commonly used to: - Hold the buyer’s deposit until closing - Collect and disburse property taxes or insurance premiums (typically for U.S. mortgages but occasionally used in Canada) - Secure funds during disputes or conditional agreements
These accounts are managed by neutral third parties like lawyers, notaries, or trust companies. This ensures fairness and legal compliance, protecting both buyers and sellers during the transaction.
For example, the buyer’s deposit is held in trust and only released once all conditions are fulfilled and the deal is finalized.
While not always referred to as 'escrow' in Canadian terminology, the function of holding and safeguarding funds remains the same. These accounts prevent either party from misusing funds or breaching the terms of sale.
Understanding escrow accounts gives buyers and sellers peace of mind and legal protection throughout the closing process.
Example of an Escrow Account in Action
A buyer submits a $25,000 deposit, which is held in a lawyer’s escrow account until the transaction closes two months later.
Key Takeaways
Holds funds until contract conditions are met.
Managed by neutral third parties.
Protects both buyer and seller.
Ensures secure transfer of funds during closing.
Especially important for large deposits or disputes.
The back-end ratio, or debt-to-income ratio, measures the percentage of a borrower’s gross monthly income spent on total monthly debt obligations,. more
Absorption rate analysis is the evaluation of how quickly available properties in a given market are being sold or leased during a specific time period.. more
Sustainability in real estate refers to designing, constructing, and operating properties in ways that minimize environmental impact, support social. more
Example of colour-coded RentSafeTO signs/joshmatlow.ca
At its last session, Toronto City Council unanimously approved a motion to introduce a colour-coded rating system for apartment buildings to be incorporated into RentSafeTO. The move is intended to further incentivize landlords to provide safe and clean housing to Toronto tenants and to keep tenants informed, though some say the initiative would shame both landlords and their renters.
The motion, which was put forward by Councillor Josh Matlow (Ward 12 Toronto—St. Paul's) and Mayor Olivia Chow, is based off the City's successful DineSafe program and would see apartment buildings across the city assessed for safety and cleanliness before being issued either a red, yellow, or green sign to display in their front window.
When asked if the program is intended to shame landlords into action, Matlow tells STOREYS, “It's certainly a component of it, but it's not the whole program — it's about holding landlords and the City accountable.”
On the City's account, Matlow says it's time the current RentSafe program, which was launched back in 2017, is improved upon. "I'm proud of initiating [RentSafe], but I will freely admit that it hasn't met the expectations that I had for it, nor many tenants," he says.
Under the new program, which will be fleshed out and phased in between now and July 31, 2026, changes will be made to improve the scoring system and intensify remedial action and fines against landlords who fail to meet health and safety requirements. On the scoring side of things, the motion recommended having a more appropriate weighting of scores based on the risk level of different requirements and training bylaw officers to be more consistent with their assessments.
"Right now, a lot of buildings that are in pretty crappy condition are getting passing grades by the city because they're ticking off a lot of boxes, except for the main problems that they're having," says Matlow. "You could get a passing grade if the elevators work, if the lobby is clean, et cetera — all these aesthetic things — but you may still have rats and you could still get a passing grade. I want to flip that upside down so that now, rather than giving landlords passing grades for doing the very basics that everyone should expect them to do, we actually focus on the violation itself and then address that violation and get it fixed."
In addition to reforming the scoring system, Matlow wants the City to provide more accountability to ensure remedial action is used when necessary. Under the current program, bylaw enforcement officers can make the call to have serious safety and sanitary issues fixed and landlords charged for the services after the fact, in cases where the landlord refuses to voluntarily resolve the issue. But while it used to be more common, the City has rarely used remedial action in recent years.
In a complimentary motion adopted by Council in May, Matlow asked that an annual report be provided that would include outcomes achieved by enforcement officers in cases where "Priority One" violations were reported. This includes things like loss of vital services, mould, and pests. The idea is to set up a system where the City's expectation is that bylaw enforcement use remedial action more often by providing more accountability measures.
During the last session, Matlow also moved for the adoption of Administrative Monetary Penalties, which would allow the City to levy higher fines for infractions and transfer ticketing authority from the Province to the City, as is done for speeding and traffic violations.
Of course, the most flashy change will be the implementation of the colour-coded signs themselves — a development that Varun Sriskanda, landlord advocate and Board Member at Small Ownership Landlords of Ontario (SOLO), is wary of.
"Any opportunity the City can take to shame and attack small landlords and housing providers they will take, and this is just another opportunity," he tells STOREYS. "[...] What are you hoping to gain by shaming landlords and also shaming the tenants that live in those buildings that can't afford to move from a building with a red card into a building with a green card?"
Matlow says he's heard the 'shame' argument but disagrees with it. "The only people who have suggested that there's stigma are the landlords. [...] The stigma that tenants feel, isn't from having a red sign in the window of the building. The stigma that they feel is because they have rats in their building or mold in their apartment or their appliances haven't been fixed for years," says Matlow. "I've heard from tenants who told me that they're so ashamed of their home that they don't even want to invite family or friends over because they're in such horrible conditions and no one's done anything about it."
According to Matlow, the City also conducted a survey that found 81% of tenants in Toronto support the colour-coded RentSafe signs, and that "without exception" all of the tenant advocacy groups were in favour of the motion. Sriskanda says these groups are "advancing their own political goals" and lamented the fact that SOLO, which represents over 23,000 housing units in Ontario, wasn't consulted.
Sriskanda also points out that it won't be new buildings receiving red signs, it will be largely older building stock where rents are lower. He posits that many people who live in these buildings or who are apartment hunting in these buildings wont gain anything from the signs as they often have no where else to go anyways.
"If you see a red card at the front of a restaurant, you're not going to eat there, right? You're going to go somewhere else. But that's because you can afford to go somewhere else," he says. "But if you're going shopping for a rental unit, no, it doesn't help. [...] There's a ton of people in desperate, desperate need of housing [...] So you'll take anything, right? You're not going to be deterred by that red card. If it's affordable, they'll take it because it's a roof over their head."
Zooming out, Sriskanda questions the need for the revised program at all. "Many of the issues that would get you a red card [...] are already dealt with at the provincial level," he says, adding that the reform is needed on that level, not municipally.
"We need improvements at the Landlord Tenant Board [LTB) at the provincial level, because if you have a tenant now that has maintenance concerns with their landlord, they might wait up to one year. [...] If you had landlords that were brought to hearings within 30 days every time there was a maintenance concern at one of their units, landlords would be on top of repairs."
But rather than rely solely on the long backed-up Provincial LTB, Matlow, Chow, and supporting councillors see the reforms to the RentSafe program as a way for the City take more accountability at the municipal level by upping the ante for landlords with intensified remedial action, a better scoring system, and, yes, a touch of shame.
Tucked away on a serene cul-de-sac in Richmond Hill’s Limerick Point enclave, 29 Limerick Street is a rare and refined example of modern residential design — the kind of property that turns heads (and slows scrolls).
Purchased from the builder in 2023, this stunning abode backs onto a protected ravine and is only minutes to Lake Wilcox, offering not only peace and privacy, but an immersive connection to nature, all without compromising even a fraction of luxury.
Spanning three storeys and more than 4,700 sq. ft, the home feels both expansive and warmly tailored, in large part due to its $270K+ in bespoke upgrades. From floor-to-ceiling windows and solid 7-inch oak hardwood, to elegant millwork and solid core doors throughout, no detail here has been overlooked.
The main level boasts 10-foot ceilings and an open-concept layout made for entertaining. A striking gas fireplace anchors the great room, which flows effortlessly into a chef-worthy kitchen fitted with quartz countertops, floor-to-ceiling custom cabinetry, and an elite suite of Wolf and Sub-Zero appliances — including a warming drawer for the host who thinks of everything. The spacious island invites connection, while a walk-out to the yard blurs the lines between indoors and out.
Upstairs, nine-foot ceilings add grandeur to the four large bedrooms, each complete with its own thoughtful design elements. The primary suite is a true retreat: it features an incredible forest and lake view, fireplace, dual custom walk-in closets, and a spa-worthy five-piece ensuite with heated floors, a soaker tub, and an oversized glass shower.
Downstairs, the lower level is bright and beautifully finished with wide above-grade windows, a four-piece bath, a cold cellar, and generous storage — equally suitable for a playroom, home gym, or guest quarters. A three-car tandem garage and parking for four more round out the home’s thoughtful practicality.
It’s rare for a newly built home to feel as warm and well-integrated as 29 Limerick. While many luxury builds opt for volume over character, this residence shines for its masterful blend of scale and intention. Every inch feels considered, every view framed with care. The fact that it backs onto protected green space and water only heightens the sense that this home was designed not just to impress, but to endure.
Located just minutes from Lake Wilcox, area schools, and key commuter routes, this home is perfectly poised between urban access and tranquil living within a calming and peaceful oasis — a balance rarely struck so well.
Monday marks the August 4 Civic Holiday, and for the luckier among us, that means a long weekend. It also means that access to certain services and businesses may out of the norm. In particular, all banks, government services, and libraries will be closed.
That being said, most shopping centres, grocery stores, and pharmacies will remain open, and most major attractions will be open to the public as well, so there will be plenty of options for weekend entertainment. In any case, it's always a good idea to check with individual stores and attractions for their hours.
The City of Toronto is also advising that the August Civic Holiday is not a designated fireworks day, so those who wish to set off fireworks on their properties are required to obtain a permit. More information can be found on the City’s website.
Tucked into a tree-lined pocket of Toronto’s Swansea neighbourhood, 44A Morningside Avenue brings a crisp, contemporary presence to a quiet corner lot.
Spanning nearly 2,800 sq. ft of total living space, this custom home — recently snapped up from the market — is designed with both luxury and functionality in mind.
The property opens with a solid oak front door — a signal of the attention to detail that continues throughout — and flows into a spacious, open-concept main floor layered with engineered hardwood, LED lighting, and elegant architectural lines.
The kitchen is a sleek yet inviting hub, centred around a large island with an integrated double sink and designer fixtures. High-end stainless steel appliances and ample storage space make it as practical as it is stylish.
The dining area is framed by generous window light, while the adjoining living room centres on a gas fireplace, built-in shelving, and a full glass wall that opens to the rear deck — creating a seamless extension into the outdoors.
Upstairs, three bedrooms balance space and privacy. One offers a walk-in closet and private ensuite, while the other two share access to a thoughtfully designed semi-ensuite bathroom. A standout design touch: one of the bedrooms features a glass wall that adds architectural interest and natural light without compromising function.
The third floor is reserved for the primary suite — a full-level retreat that exudes spa-like serenity. Anchored by a private fireplace and walkout terrace, the suite includes a generous walk-in closet and a luxurious five-piece bath with double vanities, a freestanding tub, bidet toilet, and a large glass shower. A dedicated washer-dryer closet on this floor adds further convenience.
The third-floor primary suite is a total sanctuary — not just for its spa-like ensuite and private terrace, but for the sense of elevation and retreat it brings to everyday life.
Below, the finished basement serves as a multifunctional zone with a large media room, full bathroom, dedicated laundry room with quartz countertops, and direct access to the built-in garage — currently outfitted as a gym, but adaptable as needed. A separate storage area off the garage offers easy solutions for bikes, sports gear, or even a full fitness setup.
The professionally landscaped exterior and fenced rear garden make for low-maintenance outdoor living, while the side-entry garage adds to the practicality of this well-considered home.
With a flexible floor plan, refined finishes, and family-friendly proportions, this Swansea address hits a rare sweet spot: upscale, urban, and lavishly livable. It’s safe to say this spot’s lucky buyer scored a perfect 10.
Clockwise from top left: Joseph Feldman, Alyssala Framboise, Hugh Clark, Kathy Kadziela, Khan Tran, Leanne Dufault
As anyone who subscribes to our weekly newsletter will know, STOREYS loves to plug the hires, promotions, and even retirements related to real estate and development in Ontario — and monthly, we also put out a rundown of everyone we highlighted in July.
Notable moves from last month include Joseph Feldman, who has been named President of Camrost Felcorp, and former TAS executives Hugh Clark and Khan Tran, who have joined the City of Toronto and Capital Developments, respectively, in executive roles.
Development:
Joseph Feldman has been named President and COO of Camrost Felcorp, and former President David Feldman will stay on as Chairman and CEO.
Khan Tran has joined Capital Developments Executive VP of Investments after seven years with TAS.
Alyssa Laframboise has been promoted to Associate Director of Development Finance at Dream.
Christine Chea has joined Osmington Gerofsky Development Corp as Director of Planning and Development after three years at Mattamy Homes.
Michael Duff has been promoted to VP of Development and Planning at Pure Industrial, and Stephen Tam has been appointed VP of Finance after four years at Dream.
Lindsay Ward has been promoted to VP at Dunsire Developments.
Calvin Younger has been named Board Chair of Ravelin Properties REIT, replacing George Armoyan, who will continue to serve as a member of the Board.
Diana Girgis has joined Lanterra Developments as VP of Sales & Marketing.
Brokerages:
Leanne Dufault has joined Colliers as AVP in its Toronto West office.
Kaleb Aberle has joined CBRE Capital Team as an Associate.
Clockwise from top centre: Jaclyn Murphy, Century Group, Kieran McConnell, Krystal Kaju, Barrett Sprowson, Anthem Properties. / LinkedIn
Although several notable real estate companies in Metro Vancouver have had to make the difficult decision to let staff go in recent months, citing the extensive and ongoing downturn of the market, many others are still carrying on and July had no shortage of hires and promotions.
Big developers such as Anthem Properties and Century Group each made several hires or promotions, as did companies like Creative Energy and Warrington PCI.
Here are all the people who changed jobs or received promotions last month.
Development
Neil Martin has joined Astria Properties as Head of Retail Investments.
Ian Duke has joined Aquilini Group as EVP, after 14 years at Westbank.
Barrett Sprowson has been promoted to SVP of Residential at Peterson.
Jaclyn Murphy has been promoted to VP of Asset Management at Low Tide Properties.
Joanne Shao has been promoted to VP of Real Estate Development at Century Group.
Vanessa Isler has been promoted to VP of Real Estate Engagement, Marketing, & Sales at Century Group.
Stefan Melnyk has been promoted to VP of BlueCity Construction, a Century Group subsidiary.
Chase Melnychyn has joined Anthem Properties as VP of Real Estate Finance.
Dané Va has been promoted to Director of Sales at Anthem Properties.
Samantha Mills has been promoted to Senior Manager of Sales at Anthem Properties.
Amin Sameni has joined Bosa Properties as Manager of Operations & Enablement.
Miguel Peralta has been promoted to Brand Manager & Marketing Coordinator at Tera Development.
Peter Campion has joined Beedie as a Senior Property Manager, after 14 years at Westbank.
Aaron Grover has been promoted to Senior Analyst of Acquisitions at Porte Communities.
Robyn Alexander has joined Third Space Properties as a Development Coordinator.
Government and Planning
Christine Boyle has been appointed Minister of Housing and Municipal Affairs.
Ravi Kahlon has been appointed Minister of Jobs and Economic Growth.
Sameena Tisdall has joined the Fairmont Pacific Rim as Director of Business Development, after over three years at the Shangri-La Vancouver.
Kaden Kim has been promoted to Design Manager at Kalesnikoff.
Sign up for our newsletters for weekly updates on hirings, promotions, and job vacancies. To spotlight a new hire or an open position that needs to be filled, email: advertising@storeys.com.
A rendering of the Georgetown master-planned community in Surrey. / Arcadis, Anthem Properties
Vancouver-based real estate developer Anthem Properties has submitted a rezoning application for the next phases of its sprawling Georgetown master-planned community in Surrey.
Georgetown is set for 14.4 acres on the eastern side of King George Boulevard and northern side of 102 Avenue, just one block east from the Expo Line SkyTrain's Surrey Central Station. The master-planned community was originally 10 acres before Anthem acquired 4.4 acres on the eastern side of Whalley Boulevard in 2018.
So far, only the 30-storey Georgetown One — at 13685 102 Avenue (purple, in the map below) — has been completed. Anthem tells STOREYS that the 31-storey Georgetown Two — at 13738 Central Avenue (orange) — is on track for construction completion in early-2026. Georgetown Three will be located immediately to the south and consist of a 39-storey tower at the corner of Whalley Boulevard and 102A Avenue plus a six-storey building towards the east along 102A Avenue. Anthem submitted their development permit application in October 2023, but construction has not commenced. The final site between 102A Avenue and 102 Avenue (blue) is currently being used as the sales centre for Georgetown.
Those sites make up what Anthem also refers to as "Georgetown East," while the rezoning application submitted recently is for "Georgetown West," which includes the remainder of the site on the western side of Whalley Boulevard. The site is currently one legal parcel with an address of 10312 King George Boulevard and is occupied by large buildings previously home to Canadian Tire and Save On Foods. BC Assessment values the parcel at $71,456,000 in an assessment dated to July 1, 2024.
An overview of the Georgetown Master Plan in Surrey and its phases. / Arcadis, Anthem Properties
Georgetown West will consist of five high-rise towers and one low-rise building that will together include a total of 2,079 units.
Phase One (pink) will include a 30-storey tower with a townhouse podium and a 33-storey tower with a commercial podium, for a total of 664 residential units and a bit over 22,000 sq. ft of commercial space, which may potentially include a grocery store and a restaurant. Along with the Georgetown West rezoning application, Anthem has also submitted a detailed development permit application for this phase, which will have an overall suite mix of 61 studio units, 357 one-bedroom units, 179 two-bedroom units, 60 two-bedroom units with a den, no three-bedroom units, and seven townhouses.
City staff noted in a planning report that Phase One will also include an amenity pavilion with a green roof, located at the corner of Central Avenue and Whalley Boulevard, that includes retail space and wraps around the corner, serving as podium that connects the two towers.
"The podium features a clean and ordered arrangement of retail bays, framed with metal panel and stone clad columns," said City staff. "The towers provide simple facades, complemented by a second-level amenity pavilion that echoes the tones and materials of the podium below. The podium curves at the corner of Whalley Boulevard and Central Avenue, tracing the curvature of Whalley Boulevard and creating a strong visual presence at the corner. The proposed materials are intended to bring a sense of warmth and texture to the podium. While the City Centre Plan seeks strong podiums of four to six-storeys along streets, the reduced podium height along Whalley Boulevard reflects the approved 'Georgetown East' project podium across the street and creates a unique public realm experience along the curve in the city grid."
A rendering of Phase One of Georgetown West. / Arcadis, Anthem Properties
A rendering of Phase One of Georgetown West. / Arcadis, Anthem Properties
Phase Two (green) will be directly to the west and include both the tallest building of Georgetown and the shortest. At the northern end of the Phase Two site will be a 47-storey tower with a townhouse podium, while the southern half of the site will be home to a six-storey mixed-use building as well as a large public plaza. The second phase will include a total of 564 residential units and just over 10,000 sq. ft of commercial space for a restaurant. A detailed development permit application has not been submitted.
Phase Three (yellow) will then consist of a 44-storey mixed-use tower at the northeast corner of King George Boulevard and 102A Avenue, while Phase Four (yellow-green) will consist of a 50-storey mixed-use tower. Together, these two phases will include 851 residential units and over 61,000 sq. ft of commercial space, including office space in a four-storey podium with retail space on the ground floor. A detailed development permit application for these two phases has also not been submitted yet.
"The four-phase plan was designed to be centered around a 972 square metre publicly accessible community plaza proposed in the centre of the site at the southern edge of Phase 2," the report notes. "The community plaza has been modelled after pedestrian focused European plazas that are complemented by restaurant and cafe uses to activate the ground level to create a gathering space and community node."
A rendering of the public plaza planned for Phase Two of Georgetown West. / Arcadis, Anthem Properties
"The overall height of the development descends from King George Boulevard and 102A Avenue to the east with the tallest towers located on the western portion of the site closer to the SkyTrain station. "The five towers have been positioned to maximize both the tower separations within the site as well as future nearby towers as per City Centre plan guidelines. Positioning of the towers on the site also allows for maximum view corridors and privacy from each tower."
In terms of amenities, the City planning report notes that 43,702 sq. ft of indoor amenity space is required for this project, based on its size, but that the developer is only providing 30,731 sq. ft and will be paying cash-in-lieu to make up for the shortfall. The opposite is true for outdoor amenity space, however, as the project is required to provide 67,135 sq. ft of outdoor amenity space and Anthem is providing 85,110 sq. ft. This outdoor amenity space does not include a 14,000-sq.-ft parcel (dark green) located immediately north of Phase One that will be conveyed to the City at no cost.
Across all of the phases, Anthem is proposing to provide 2,284 vehicle parking spaces and approximately 2,929 bicycle parking stalls. As part of the project, 136A Street will be extended down between Phase One and Phase Two and a new private road will be constructed between Phase Two and Phase Three/Four.
City staff voiced support for the project in the report and the recommendations to advance the applications were approved by Council on July 28.
A six-storey affordable housing project at 13583 81 Avenue in Surrey completed by BC Housing in 2024. / BC Housing
This week, Surrey City Council endorsed a new initiative that would eliminate the rezoning requirement for non-market affordable housing projects, in an effort to accelerate the development of this much-needed kind of housing.
Under existing policy, in Surrey and also many other municipalities, most development projects have to first go through a rezoning process that often adds a significant amount of time to the development process — even if the proposal aligns with what the City has envisioned for the site.
Because development projects are almost always using financing, time directly translates to higher costs, and these additional costs can make a very big difference for non-market rental housing projects, which cannot factor in profit margins like a market rental or condo project can.
Recognizing this, the City of Surrey is planning to provide what it calls "as-of-right" zoning for non-market affordable housing projects, removing the rezoning requirement for projects that are compliant with the City's Official Community Plan (OCP) and meet the following requirements:
The project is no more than six storeys, or up to eight storeys in Tier 3 Transit-OrientedAreas (TOAs);
The property is owned and operated by a registered non-profit housing provider, nonprofit housing co-operative, or government agency;
The units are rental tenure only;
The project's affordability and rental tenure are secured via a housing agreement; and
The property is designated for low-rise residential development in the OCP.
"The rezoning process can be a significant hurdle that non-profit housing providers and co-ops often struggle to overcome with regards to securing financing for non-market housing projects, as this financing is often provided with limited time constraints and strict reporting requirements," said City staff in a corporate report received by Council earlier this week.
"As such, the rezoning process can add time and costs which directly impact the affordability of the non-market units offered and, in some cases, the viability of the entire project," the report continued. "The added uncertainty of the rezoning process can result in an otherwise viable project losing out on funding to another project elsewhere, often in another municipality, that is more 'shovel-ready,' where no rezoning is required."
According to the City, other municipalities such as New Westminster, Victoria, Saanich, and Squamish have also made the change to provide as-of-right zoning for non-market affordable housing projects.
This week, Surrey City Council endorsed the policy change and City staff will now work on preparing the necessary bylaw amendments before bringing them to Council for approval at a later date.
Housing In Surrey
The report also outlines the current state of non-market housing in Surrey.
"In 2024, Surrey had 6,349 non-market housing units. Of these, 1,655 units were non-profit rental and/or co-op units. Per capita, Surrey has fewer BC Housing-affiliated non-market housing units than the regional average, with 0.8 units per 100 people in Surrey versus 1.7 units per 100 people in Metro Vancouver."
"There is a significant demand for non-market rental housing in Surrey, especially as the cost of housing in the private market has increased," the report continues. "From 2013 to 2023, average market rents have increased from $846 to $1,548 per month and the number of Surrey households on the BC Housing Registry Waitlist grew by 208% from 1,321 to 4,068."
The move to eliminate the rezoning requirement for non-market housing projects comes as part of the City of Surrey's Housing Accelerator Fund Action Plan, which it committed to in January 2024 in exchange for $95.6 million from the federal government. This week, Council also received an 18-month progress update on its action plan.
The action plan consists of nine major initiatives, such as providing development incentives for multi-family and affordable housing units, improving permitting processes, and increasing the supply of multi-unit housing near transit. According to the progress update, the City is making good progress on all of the initiatives.
A summary of the City of Surrey's Housing Accelerator Fund Action Plan and progress as of July 2025. / City of Surrey
"From exceeding the provincial housing targets, to implementing process improvements, the City is delivering on our commitment to increasing the housing supply," said Mayor Brenda Locke in a press release this week commenting on the progress update. "I would like to thank the federal government and CMHC for their continued support as we work together to offer diverse and affordable housing options in Surrey. We're dedicated to building a city for everyone — where you can live, work, learn, and thrive."
Because of its progress, Surrey was one of 27 municipalities across the country to be awarded Housing Accelerator Fund bonuses earlier this year. Surrey received $5.1 million, bringing its total to $100.7 million, of which it has received 49%, according to the City. Money from the Housing Accelerator Fund is paid out in installments and the City has received two installments so far. The third installment is expected in early-2026, while the fourth and final installment is expected in early-2027, assuming the City continues to carry out its action plan. Each of the four installments are around $25 million.
The City of Surrey will be making its next Housing Accelerator Fund progress update in Q1 2026.