High-Rise Condo Projects In Surrey Pivoting To Rental Amid Market Downturn

A wave of big condo developments in Surrey is taking a sudden turn toward rental housing. Three towering projects that were originally meant to sell as condos are now being redesigned to include many more rental units. This change comes as developers face a slowdown in presales and buyers hold back amid tighter economic time - making it harder to gather the money they need before construction.

One of these projects, by Tangerine Developments near King George Station, was set to build two towers - one with 33 storeys and another with 38 - totalling over 800 strata units. Now, the first tower has shifted completely to market rental units, though the second tower still plans to offer strata condos. This adjustment lets the developer move ahead with construction while pausing decisions on future sales.

Another major project by Global Education Communities - known as the GEC Education Mega Centre - was originally planned as a mixed-use high-rise with both condos and rental units. The updated plan removes the condos entirely, turning the whole building into purpose-built rentals. The developer made this change after talking with local universities about student and faculty housing needs, aiming to make the project realistic in today’s financial climate.

A third developer, Allure Ventures, also made changes to its SkyLiving project. The tower’s total number of units was slightly reduced, and many of the podium-level condos have been converted into long-term rental units under a housing agreement. This shift helps the project meet financial requirements without waiting for condo presales that may not come.

City council recently approved all three project revisions, paving the way for hundreds of new rental homes in Surrey. Planning agreements will ensure these rental units stay available for decades. Developers say this kind of pivot can unlock better financing, reduce costs, and avoid holding onto costly land without generating income.

Still, there's concern about what this shift might mean for future homebuyers. With more projects turning toward rentals, fewer opportunities may remain for those hoping to own a condo in Surrey City Centre over the next several years. As the market rebalances and developers adjust to today's realities, that could leave ownership options scarce for some time - especially for younger buyers looking to take that first step into homeownership.