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Market Analysis

Current Market Conditions

Copyright, Li Read, 2022

January, 2022.

Fulford Harbour and beyond
A new year. As we step into this very beginning of 2022, it’s good to remember the ancient Roman deity that gives January its name. Janus had two faces, one looking back and the other forward.

We do carry the end of the year just passed into the very early days of the new year, of course, but it’s essential to immediately face forward. The universe reminds us that there is only one’s called face forward and go for it.

The provincial and federal government restrictions to halt the covid outbreaks in 2020/2021 also forced everyone to actively be in the digital world. Zoom and its competitors were found at business meetings, churches, schools, family gatherings, banking, all other words, the digital experience replaced the in-person meet-up.

The outcome of the virus pandemic has been to familiarize the population with the screen reality. It’s been clunky, though. Perhaps the message of 2022 will be to create a more seamless meshing of digital and in-person realities? Techies: away you go.....

The pandemic closures of 2020 ignited the secondary home/rural regions real estate markets across Canada...all B.C. coastal communities experienced this flight from urban to rural. Sales in late 2020 began in the affordable price points. By early 2021, Salt Spring and the Gulf Islands began to experience bidding wars and “over ask” outcomes became the norm in that diminishing “affordable” residential category.

By March of 2021, sales of luxury residential properties began. Suddenly, that market experienced outcomes that matched pre-2008 prices.

oceanfront chairs
As pleasing residential options disappeared, undeveloped land began to find buyers...starting in late spring/early summer. Is this continuing interest in land now also a form of land banking? A wish to keep pace with rising inflation?

The lack of inventory in rural areas can be attributed to the lack of owners wanting to be sellers. As things slowly but consistently sell, very little new comes onstream to replace those “solds”.

It appears that there is a major turning point/societal rewrite underway. A desire to live more simply, to be more self-sufficient, coupled with the ability to authentically work from home, all coalesced into this decision to “go rural”. Yes, there is a back to the land component.

view from dock
As the pandemic continues to weave its way through the populations, globally, that seeking of an “apart” location also continues.

For some time, the buyer on Salt Spring and the Gulf Islands has been from Vancouver. More information? Call me.

Meantime, at this very beginning of 2022, the real estate market on Salt Spring sees the following:

Ganges Harbour
  • there are approximately 43 residential listings. 13 of these listings are under one million. 13 of these listings are between one and two million. 8 are between two and three million. One is between 3 and 4 million. Two are between 4 and 5 million. Three are between 6 and 7 million. One is between 11 and 12 million. Two are listed at 14 million.

  • there are approximately 28 land listings. 19 of these are between 200,000 and one million. 7 are between one and two million. One is between 2 and 3 million. One is between 4 and 5 million.

  • there were approximately 271 sales at the close of 2021. There were 190 sales between 190,000 and one million. In many cases, bidding wars took place in this category. There were 67 sales between one and two million. There were 8 sales between two and three million. There were 3 sales between 3 and 4 million. There were 3 sales between 5 and 6 million.

    seaplane dock
    It seems as if numbers of sales and sale price points may have returned to 2005/2006 activity levels.

    Supply and demand create markets...when driven by strong buyer desire. We remain, at this very beginning of 2022, in a strong sellers market on Salt Spring and the Southern Gulf Islands. Projections call for continuing sellers market conditions. More info? Call me.

    Meantime, it’s January...a great time to make sure one is ready for the metaverse. The “new” is profound and there is a distinct divide between pre- and post-pandemic times...important, then, to run with the flow of change. Remember Thales, another savvy Ancient Greek: one never steps in the same water’s flowing on and always new. Well, that can be exciting...especially if looking with Janus’ forward face. And your thoughts are? Always welcome!

    Seeking to buy property on Salt Spring and the Gulf Islands? Call me...although not a lot of choice for a buyer right now, there is always opportunity.

    Thinking of selling? Call my strong and award-winning marketing presence. Sellers are in control of the market process at this very beginning of January. Keep in touch with market conditions as the first quarter of the year unrolls.

    Meantime, to all, best wishes for a very Happy and Prosperous New Year!

    Tel: 1-250-537-7647

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  • Contact Li Read at Sea to Sky Premier Properties (Salt Spring), 4 - 105 Rainbow Road, Salt Spring Island, BC, V8K 2V5; Direct Tel: 1-250-537-7647