Fraser Valley real estate is getting some great press lately. Hot on the heals of the recent report by the Fraser Valley Real Estate Board (FVREB) that March home sale activity reached a 5-year high in the Fraser Valley comes good new on future development and strategy, especially for Surrey real estate. "We are building B.C.'s next metropolitan core" is a quote from Surrey Mayor Dianne Watts in her State of the City report, according to an article in the Surrey Now newspaper.
According to the article Surrey has the lowest property taxes and the second-lowest business taxes in the Metro Vancouver area. It also said that Surrey also has 48% of the region's industrial land. These factors, it said, and the Surrey's aggressive $2.8-billion "Build Surrey" construction program combine to attract significant investment to the city and the accompanying jobs. The City is not raising property taxes to pay for the Build Surrey program, according to the City of Surrey website.
The City of Surrey website, also boasted that Surrey saw over $1 billion in construction activity in 2010. A big part of that is the construction of a new city precinct in City Centre. According to the Surrey Now article, a new library is well underway and ground has been broken on a new city hall and public plaza to be opened in 2013.
It's not just residential real estate that is in the spotlight in the Fraser Valley, the industrial real estate sector is also making headlines now. A recent report by Avison Young (Canada's largest independently-owned commercial real estate services company) said that Fraser Valley industrial real estate sale transactions and dollar volume in 2010 exceeded 2009 levels and that the area's industrial real estate market would see ‘robust’ growth in the sector this year--early indications are pointing to an active industrial real estate market in 2011.