Copyright, Li Read, 2018
So...summer-summer is underway on the great Pacific Northwest Coast, and Salt Spring and the Southern Gulf Islands are a part of this alluring time of year.
June brings vacation seekers, the third annual Tour des Iles event (private boat links between the Southern Gulf Islands) at end of June is always fun, all the studios are open (pick up a map at the Visitor's Centre), and the hiking/walking trails beckon. Kayaking, cycling, foodie markets (Saturday Market & Tuesday Market), artisans and artists on display, ArtCraft celebrates 20 years with its opening reception at Mahon Hall in mid-June, gallery openings/receptions in Ganges Village, continuing live music venues, farmgate stands..and the fun of Canada Day special events that segue into July.
Enjoy the natural world that has been preserved on all the Gulf Islands...since 1974, when the provincial government body known as the Islands Trust came into being.
It's true that the property inventory available for sale is very "thin" right now. There are still buying opportunities...it might mean looking at undeveloped land and building your dream. There will always be less for sale on any Gulf Island due to the Trust's "cap" on growth. A stronger real estate market is also a reason for the low inventory. Lack of product plus strong buyer desire does result in Sellers Market conditions. More info? Call me.
Very big changes are afoot in the real estate industry as a whole. The first change will be on June 15. At that time, Limited Dual Agency will be deleted from the Real Estate Services Act.
In place since 1995, Limited Dual Agency allowed a real estate agent to act for both seller and buyer, in the same transaction, with the permission of both parties.
Going forward, after June 15, a listing agent cannot also represent a buyer for their own listing. Listing agents will then refer any buyers wanting to view that listing agent's own listing to another realtor. Teams cannot refer to each other.
There are many more upcoming changes, but the 23,000 plus real estate agents in B.C. need to be retrained via continuing education courses, plus new contractual forms need to be created/printed, and "working with a realtor" information forms changed to reflect the new realities. The first significant change will be the deletion of Limited Dual Agency, on June 15. More info? Call me.
In change lies opportunity, of course.
Change also brings unexpected consequences.
One item I wonder about: many busy realtors do market their listings in print and digital media. In the past, they hoped to encounter a buyer looking for that kind of advertised property. All marketing is a significant expense, and is paid for by the realtor. If a listing realtor cannot deal with a buyer who answers that property ad, will that agent continue to spend dollars on such advertising? Will specialty print magazines and real estate supplements, reliant on listing agents property advertisements, go by the wayside? Hmmm....
Summer is a short season. The natural world flowers forward. Enjoy the calmer moments delivered by these longer days. What did Omar Kayham say? The bird is on the wing? Catch the vibe...it's summer-summer. Enjoy!