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.

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According to the Fraser Valley Real Estate Board, home sale activity reached a 5-year high in the Fraser Valley in March. In terms of sales, on the Multiple Listing Service® (MLS), Fraser Valley REALTORS® experienced their busiest March since 2006.

According to their monthly statistics package, the Fraser Valley Real Estate Board processed 1,818 property sales in March, up 16 per cent compared to March 2010, and up 42 per cent compared to February 2010 when 1,279 sales were processed. 

There were also big increases in the number of new properties being listed for sale (up 11 per cent). There were 3,376 new properties listed in March compared to 3,038 new listings in February. This gives buyers more choice at a time which is traditionally one of the most popular times to house hunt.

There was also good news for anyone selling a property as prices were also on the increase. In March, the benchmark price for detached homes in the Fraser Valley was $519,628, up 0.9 per cent from the the benchmark price of $514,787 in March 2010. The benchmark price is the estimated sale price of a benchmark property, benchmarks represent a typical property within each market.

If you are looking to buy or sell a property in and around the Fraser Valley then talk to us. We will be glad to be of service. Have a look at all the Fraser Valley properties for sale on our listings page.

The Fraser Valley Real Estate Board is an association of 2,919 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission. For more information on the March 2011 Fraser Valley Real Estate stats or other monthly reports, see the official Fraser Valley Real Estate Board website.
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