Copyright, Li Read, 2018
Summer says hello on spectacular Salt Spring Island...these Southern Gulf Islands welcome you!
In the heart of the best protected boating waters in the world, all these island gems are protected environments.
In 1974, the provincial government created the Islands Trust.
With its "preserve and protect" mandate, the Trust controlled growth, on all Gulf Islands, including on Salt Spring.
All zonings were put in place in 1974. In 2017, Salt Springers voted to retain this form of governance, without change...does this mean Salt Spring remains firmly in 1974? Pretty much! Call me, for more information.
And...what about that all-important market update?
After the 2008 global economic melt-down, all secondary home coastal regions sat through a lengthy downturn...approximately 9 years duration on Salt Spring and the Southern Gulf Islands.
In mid-2016, a slow recovery began...first, in the entry level residential segment. A clean-out of inventory began. By late 2017, undeveloped land sales were beginning to sell. By early 2018, interest in upper tier priced residential offerings began to garner interest.
The market recovery is never a straight-line up...there are always hiccups along the way (ask me about this background to our slow recovery...changes from coalition provincial government have had impacts).
However, we have arrived at the beginning of July with a very thin inventory of available listings and a renewed buyer desire. There have already been a few multiple offer situations & also some back-up offer outcomes. Prices have stabilized and in some cases there is price increase underway. These are signs of a seller's market.
I often think it takes till early August to see the authentic market tone in any given year...this may be a result of the fact that we are a secondary home/recreational/discretionary marketplace...and our main grid of action is mid-June to mid-October. August is a mid-way point and this might be one reason for the market marker at that time.
An undertone to the overall market trend is the change to the Real Estate Services Act of B.C., starting with the banning of Limited Dual Agency (in place since 1995)...this took place on June 15. Contract forms and informational material have changed.
A listing agent attracting a potential buyer, as a result of print and digital marketing, must now refer that potential buyer to another realtor...a listing agent can no longer sell their own listing. I have in place good agents to refer buyers to, re viewing and offering on any of my listings. Please call me about this important item.
There is always opportunity. In spite of new government regulations, Salt Spring and the Gulf Islands remain their alluring selves.
Yes, the Islands Trust cap on growth via strict zoning/bylaws, coupled with a strengthening real estate market (it's buyers who create market outcomes, remember), are both creating a moment of thin inventory for sale and firming up of pricings.
The seasonal aspect of a secondary home marketplace, such as on Salt Spring and the Gulf Islands, is now with us. July/August/September remain the busier months for viewings.
Will there be more listing inventory coming onstream? Too soon to say. This may be a time to buy and to consider a renovation project...a finished home, ready to step into, may not be possible at a desired price point. Or, to consider building a cottage on a lot/acreage, to enjoy now? Hmmm...there's always a way.
Seeking your dream property on special Salt Spring Island? Call me! Benefit from my knowledge and expertise...your best interests are my motivation.
How may I help you to buy your Gulf Islands / Salt Spring Island property?