2010 was a great year for the Fraser Valley real estate market. The City of Surrey website still carries a feature from June 2010 titled "Surrey Ranks #1 in B.C. Real Estate Market and 4th in Canada". The article described the City of Surrey as the best place in B.C. to invest in the residential real estate market, and the 4th best city in Canada. That was based on a report published by Real Estate Investment Network of Canada titled “Top Canadian Investment Cities”. That report examined factors such as home affordability, income level, economic growth, job creation and population growth. Surrey Mayor Dianne Watts was quoted on the website as saying “For the second year in a row we’ve been named the number one city in B.C. to invest in residential real estate”. It will be interesting to see if Surrey real estate will be ranked number one in 2011, and make it three years in a row.
In January, the (then) Fraser Valley Real Estate Board president, Deanna Horn, was quoted as saying that the Fraser Valley real estate market "was a bit of a roller coaster in 2010 with buyers appearing earlier than expected in the year, tapering in the summer and returning in the fall…”.
Horn said at that time that "If there’s one lesson buyers and sellers can take from our market in 2010, it’s to recognize there are real differences in home values based on their type and location…". While that statement is true of any real estate market in B.C., it's especially true of the Fraser Valley real estate market. A good example of this is the benchmark prices of condominiums. Last year the benchmark prices of condominiums in North Surrey decreased by 3.8 per cent, while the benchmark prices of detached homes in west Abbotsford have increased by 4 per cent.
This year's March home sale activity started strong, with an early spring surge in sales and new listings in February and March seeing a five-year high in the Fraser Valley. April home sales returned to balance after the strong start to the year. It looks like 2011 could be a roller coaster year for the real estate market. April finished with five per cent more active listings on the MLS® than it had in March this year. New listings saw a decrease however, of 14 per cent compared to March. Fraser Valley property prices increased across the board for real estate; detached homes, townhomes and condos or apartments all increased on April 2010 figures.
Reasons why the real estate market in the Fraser Valley continues to grow is primarily down to location. With two border crossings to the USA, links to five major highways, deep sea docks, and four railways, it’s easy to see why the Fraser Valley is a prime location to do business and to live. The city of Surrey continues to grow and grow, and the amount of properties for sale in Fraser Heights, Guildford, Walnut Grove and other suburbs show that it's not just the city centre that has lots of inventory available. Talk to us if you need any information on any listings.