Buyers Remain Hesitant as Inventory Builds

by: the Vancouver Board

May saw inventory levels across Metro Vancouver reach another ten-year high, while home sales registered on the MLS® remained muted.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,228 in May 2025, an 18.5 per cent decrease from the 2,733 sales recorded in May 2024. This was 30.5 per cent below the 10-year seasonal average (3,206).

"While there are emerging signs that sales activity might be turning a corner, sales in May were below the ten-year seasonal average, which suggests that some buyers are still sitting on the sidelines or are being especially selective," said Andrew Lis, GVR's director of economics and data analytics. "On a year-to-date basis, sales in 2025 rank among the slowest to start the year in the past decade, closely mirroring the trends seen in 2019 and 2020. It's worth noting that sales rebounded significantly in the latter half of 2020, but whether sales in 2025 might follow a similar pattern remains the million-dollar question."

Inventory Levels Surge

There were 6,620 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2025. This represents a 3.9 per cent increase compared to the 6,374 properties listed in May 2024. This was 9.3 per cent above the 10-year seasonal average (6,055).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 17,094, a 25.7 per cent increase compared to May 2024 (13,600). This is 45.9 per cent above the 10-year seasonal average (11,718).

Sales-to-Active Listings Ratios by Property Type:

• Overall Market 13.4%
• Detached Homes 10.2%
• Attached Homes 17.4%
• Apartments 14.7%

Market Dynamics & Price Pressure

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

"With some of the healthiest levels of inventory seen in years, many sellers are adjusting price expectations, which has provided buyers more negotiating room and kept a firm lid on price escalation over the past few months," Lis said. "From a seasonal perspective, sales in the summer months are typically quieter than the spring, but with such an unusually slow spring, we may have an unusually busy summer with so many having delayed their purchasing decisions. Either way, the market continues tilting in favour of buyers, which bodes well for anyone looking to make a purchase this summer."

Benchmark Pricing Overview

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,177,100. This represents a 2.9 per cent decrease over May 2024 and a 0.6 per cent decrease compared to April 2025.

Property Performance Summary

Summer Officially Arrives

June officially invites Summer to these ever lengthening days...meteorological Summer season begins on June 1st. We know the calendar says June 20th...the shortest day of the year.

A month with graduations, weddings, Saturday Market, Tuesday Farmers Market, art and craft fair openings (Art Craft at Mahon Hall, an annual showcase of Gulf Islands artistic pursuits), al fresco dining pleasures at our great restaurants, receptions at Ganges Galleries to welcome "the season", holiday plans to encourage that summer-summer ease of living, tastings at wineries and cideries, discover the olive farm's signature oil, evening sailing races, farmgate stands, beachcombing, ocean swimming, lakefront pleasures, ArtSpring fundraiser, so many wonderful reasons to enjoy June on Salt Spring. And your special events? Share!

Market Dynamics

And that ever enticing Gulf Islands real estate market trend? There appear to be two markets in play right now. Although there have been some new listings, many new offerings are re-visited options. Since 2016, Vancouver and the Lower Mainland have provided the buyers for the rural regions. Covid closures in 2020 generated a societal shift...buyers were leaving urban for rural, seeking safe havens and a self-sufficient lifestyle.

Capital Preservation & Market Stability

By 2024, this desire to live differently had expanded into a sense that one needed to preserve capital by recognizing the diminishing purchasing power of the Canadian Dollar...yes, gold and commodities, but also real estate in unique and special areas (thank you, Islands Trust). These two drivers to action continue. Pauses in times of uncertainty remain a feature, but sales continue, inventory remains low, and prices remain relatively stable. Reductions may take place at the point of an offer.

Looking Ahead

It's important to assess all issues right now, to consider all outcomes, to pay attention to monthly reports. Details on sales are often 90 to 120 days behind the beginning of a sale process. Feb and March were worrisome and April was stronger. Stay tuned. The 2025 year may be later and longer. Let's see what late July brings. By then, we should see responses of federal and provincial governments to the changing dynamics of the Trump era...and his insistence on tariffs. Are there concrete ways to generate positive business outcomes for the provinces?

Spring and Summer introduce the Gulf Islands to seekers and late Summer into Fall months start to deliver the outcomes of those introductory visits. Time is a component in all sales in the secondary home/recreational markets. Discovery, thoughtful decision-making as to "where" and "when", and then a seeker may turn into a buyer. The process can take over a year. Sometimes over two.

Keep an Open Mind

In times of extreme shift, it's important to keep an open mind. To leave room for the new. (Any news from the AI front?). Projections are calling for small percentage upticks in the secondary home markets. This appears to be the case. Turmoil and losses in some segments are forecast for primary residence markets. This does appear to be underway.

Meantime, it's splendid Summer-Summer, time to enjoy Nature's abundance and our softer seasonal lifestyles. Smile...June says hello.

Backgrounder

To lower the upfront cost of buying a new home for young Canadians and spur the construction of new homes across the country, the government is eliminating the Goods and Services Tax (GST) for first-time home buyers on new homes up to $1 million and reducing the GST for first-time home buyers on new homes between $1 million and $1.5 million.

On May 27, 2025, the Minister of Finance and National Revenue, the Honourable François-Philippe Champagne, tabled legislative proposals to amend the Excise Tax Act to introduce a new GST rebate for first-time home buyers (the "FTHB GST Rebate").

This measure is expected to deliver $3.9 billion in tax savings to Canadians over five years, starting in 2025-26.

First-Time Home Buyers' GST Rebate

If you are a first-time home buyer, you may be eligible for a FTHB GST Rebate if:

• you buy a new home from a builder;
• you build, or hire someone else to build, a home on land you own or lease; or
• you buy shares of a co-operative housing corporation.

The FTHB GST Rebate will apply to the same types of housing and apply similar eligibility criteria and conditions as the existing GST/HST New Housing Rebate, with certain modifications to ensure that the rebate is targeted at first-time home buyers.

First-Time Home Buyer Definition

To be considered a "first-time home buyer" for the purposes of the FTHB GST Rebate, an individual would generally need to meet the following conditions:

• be at least 18 years of age;
• be either a Canadian citizen or a permanent resident of Canada; and
• not have lived in a home, whether in or outside Canada, that they owned or that their spouse or common-law partner owned in the calendar year or in the four preceding calendar years.

Together with the existing GST/HST New Housing Rebate (where that rebate is applicable), the FTHB GST Rebate would provide for a rebate of 100% of the GST on new homes valued up to $1 million.

No FTHB GST Rebate would be available for new homes valued at or above $1.5 million.

New Homes Purchased from a Builder

The FTHB GST Rebate would allow an individual to recover up to $50,000 of the GST (or the federal part of the HST) paid in respect of a new home purchased from a builder (including on leased land).

To qualify for a FTHB GST Rebate, at least one of the purchasers of the home would need to be a "first-time home buyer" that is acquiring the new home for use as their primary place of residence. That individual would also need to be the first individual to occupy the home as a place of residence.

The FTHB GST Rebate would generally be available if:

• the agreement of purchase and sale for the home is entered into with the builder on or after May 27, 2025 and before 2031; and
• construction of the home begins before 2031 and the home is substantially completed before 2036.

Owner-Built Homes

For an owner-built home, the FTHB GST Rebate would allow an individual to recover up to $50,000 of the GST or the federal part of the HST that they paid to build the home.

To qualify for a FTHB GST Rebate, at least one of the owner-builders would need to be a "first-time home buyer" that is building, or hiring another person to build, the new home for use as their primary place of residence. That individual would also need to be the first individual to occupy the home as a place of residence.

The FTHB GST Rebate would generally be available if construction of the home begins on or after May 27, 2025 and before 2031 and the home is substantially completed before 2036.

Shares of a Cooperative Housing Corporation

The FTHB GST Rebate would allow an individual to claim a rebate of up to $50,000 in respect of the purchase of a share of a cooperative housing corporation (co-op) where the co-op paid GST or the federal part of the HST in respect of new housing.

To qualify for a FTHB GST Rebate, at least one of the purchasers of the share would need to be a "first-time home buyer" that is acquiring the share to use the co-op housing unit to which the share relates as their primary place of residence. That individual would also need to be the first individual to occupy the co-op housing unit as a place of residence.

The FTHB GST Rebate would generally be available if:

• the agreement of purchase and sale of the share is entered into with the co-op on or after May 27, 2025 and before 2031; and
• construction of the cooperative housing begins before 2031 and is substantially completed before 2036.

A FTHB GST Rebate would not be available in respect of a co-op share if the co-op housing is eligible for the 100% GST rebate for purpose-built rental housing.

Limitations

These rules include the following:

• An individual would not be permitted to claim a FTHB GST Rebate more than once in their lifetime.
• An individual would not be permitted to claim a FTHB GST Rebate if their spouse or common-law partner previously claimed a FTHB GST Rebate.
• If, pursuant to an assignment sale, a FTHB assumes the rights and obligations of another person that is a purchaser of a new home under an agreement of purchase and sale with a builder, the FTHB rebate would not be available if that original agreement of purchase and sale was entered into before May 27, 2025.
• If an agreement of purchase and sale for a new home was originally entered into before May 27, 2025 and the agreement is subsequently cancelled and a new agreement of purchase and sale is entered into (or the agreement is varied or altered to effect that outcome), the FTHB GST Rebate may be disallowed in respect of the sale of a new home under the new agreement (and would not be allowed in respect of the varied or altered agreement).

May...the beauty month on Salt Spring and the Gulf Islands. A month where Nature spills out its largesse, where longer days invite one to enjoy the ease of the season.

What of that real estate market? The same tune is being hummed: low inventory and buyer interest, leading to stability. The chaotic weeks in February, March, April ended with the election. It may well be a later and longer sales market, but strength remains and buyers are active up to a mid-two million price range.

It usually takes until August for the higher price points to fill in. Several years ago, Salt Spring and the Gulf Islands became a late summer/fall market. Although there have been some new listings, reflecting the Spring market timing, they are not plentiful. It’s interesting that undeveloped land options are also finding their buyer.

The uncertainties of the past few months, however, and the consistent worries about tariffs impacts, have created a bit of a pause mindset. The activity goes in bursts. We’re still ok? Then there’s another burst of activity. One also notes that price reductions take place at the point of an offer. So...sense of stability and yet one is aware of blips on the radar. Important to pay attention.

Meantime, it’s marvelous May! Victoria Day Weekend, Round Salt Spring Sailing Race, Memorial Day Weekend, Swiftsure Sailing Race, Saturday Market in the Park, Tuesday Farmers Market, Ganges Gallery receptions, hiking/walking trails, beachcombing, spa retreats, Mother’s Day welcome at Hastings House, blossoms like confetti, wine tastings, cider tastings, farmgate stands, and everywhere the eruption of Nature at its best. Enjoy!.

Our Canadian federal election is at the half-way point. Voting day is April 28th.

President Trump's promised reciprocal tariffs process is underway in the U.S.

It's generally accepted that everything has changed. Tourism has been the number one "industry" across Canada, for many years. The recent complaints about the U.S. often sound personal as opposed to a recognition that a political decision may not represent the opinion of "the man on the street". I hope people from the opposite side of our shared border will still visit...and vice versa.

In looking at the real estate markets across Canada, many value suppressions have been noted. At the same time, it's also noted that rural / recreational markets in unique areas are retaining value...along with low inventory.

Locally, we are seeing some small increase in listings...but many were listed before, came off over winter, and are now relisting for the Spring Market. The available inventory remains exceptionally low. Prices are also remaining stable.

Things may change...it's important to remain aware...we are in different days. Good time to remember that in change, lies opportunity. Our attitude to change shapes our outcomes.

What might we do? One game-changer is AI...a good idea to learn what it offers and start to use it. Or, what about choosing the artistic voice? Take one photo every day, that will sum up that day's events. Choose a timeline (May to September?). Let the image speak. This visual diary may showcase what we are finding important. Or...you decide. In times of extraordinary change, where we may feel that we have no input to respond, it's essential to create our personal answers to the societal shifts.

Good to remember that every closed door will open. Time to see if it's locked? The key? An action with forward momentum.

Meantime, April is evolving from March into May. Beauty is everywhere. Look and listen. Smile.

We live in interesting times in all marketing options, including for real estate offerings.

It was very nice to receive recent acknowledgement from FeedSpot Top 100 Real Estate Blogs, for my consistent blogging.

Check this out: Feedspot Top 100 Real Estate Blogs

FeedSpot highlights many worthy real estate oriented blogs and awards them their badge.

I appreciated being noticed.

Thank you, FeedSpot.

Li.

Home sales registered on the MLS® in Metro Vancouver for the month of March were the lowest going back to 2019 for the same month, while active listings continue to their upward trend.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,091 in March 2025, a 13.4 per cent decrease from the 2,415 sales recorded in March 2024. This was 36.8 per cent below the 10-year seasonal average (3,308).

"If we can set aside the political and economic uncertainty tied to the new U.S. administration for a moment, buyers in Metro Vancouver haven't seen market conditions this favourable in years...Prices have eased from recent highs, mortgage rates are among the lowest we've seen in years, and there are more active listings on the MLS® than we've seen in almost a decade. Sellers appear ready to engage — but so far, buyers have not shown up in the numbers we typically see at this time of year."

— Andrew Lis, GVR's director of economics and data analytics.

"The current market bares resemblance to early 2023 where price trends were generally flat, and sales started the year off slowly before gaining momentum in the spring and summer months," Lis said. "While market conditions overall remain balanced, it's worth noting that the attached segment continues teetering on the threshold of a sellers' market as a result of a chronic undersupply, with only about 2,200 active listings available for prospective buyers throughout the entire region."

— Andrew Lis, GVR's director of economics and data analytics

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,190,900. This represents a 0.6 per cent decrease over March 2024 and a 0.5 per cent increase compared to February 2025.

Salt Spring Island

Wonderful Spring is fully in play. Whether sunny or raining, the April encouragement for gardens, orchards, wild bracken at road sides to flower forward is spilling out everywhere.

The beginning of the month shares some early bareness with March, and the end of the month wears the signature fullness of May.

Enjoy it all...we are now in the treasured spring-summer coastal season.

The real estate market? The low inventory of listed properties continues and the relative stability in pricing also remains in place at this very beginning of April.

Buyers (after several months of treading water in actions) began to return to the recreational marketplace in October 2024 and this activity continued well into January 2025.

Then the uncertainties of Trudeau stepping down and proroguing parliament, Trumps tariffs threats, time delay in choosing a party successor to Trudeau and whether would be an early federal election, and so on...markets do not like uncertainty.

Buyers were once more treading water. Pauses in action do not necessarily mean a falling market.

The two main drivers to market action in our secondary home/recreational marketplace remain: a desire to leave urban for rural (seeking a more self-sufficient lifestyle) and an investment in real estate in a unique area (such as Islands Trust form of governance on the Gulf Islands) in order to preserve capital at a time our dollar is losing value.

These elements are still in play.

At the moment, most buyers continue to be from Vancouver. We are beginning to see renewed interest from Ontario and also from Canadians currently in the U.S

Due to the many societal issues in late January through to now, culminating in a federal election (on April 28th), it may take until mid-May to get the authentic market tone of the 2025 year.

Although the federal government will be responding to any tariffs brought by the U.S. President, there are ten provinces, with differing agendas for their very different and specific provincial concerns...it's important to pay attention to the B.C. Premier's Bill 7...this far-reaching and unilateral Bill (put in place without any legislative process) seems to be beyond a tariffs response. It is not being put in place with any other provinces / territories. It will give "war measures act" options for a two year period and can be extended if provincial government wishes. Hmmm....be informed.

(Note: the Premier is now walking back the initial Bill 7 elements. Read some of the concerns expressed about Bill 7 in my March market analysis segment).

Meantime, in spite of unresolved issues (tariffs impacts, federal election outcomes, currency concerns), here we are at the very beginning of amazing April.

Time to spring clean the house, the office, the car...wash those windows and let the light re-enter.

Enjoy those gallery openings, the welcome of the Saturday Market's return, the ArtSpring seasonal offerings, the live music venues invitations, the spa retreats to wake us up to this new expansive season, with time to dine at our great restaurants and coffee stops (with a view), time to simply ease into the inspiration of wonderful Spring.

It's April...enjoy!

British Columbia Premier David Eby says his government is walking back a key portion of its controversial tariff response law, admitting the proposed legislation "didn't get the balance right."

He says the legislation known as Bill 7 needs appropriate "safeguards" after a wave of criticism about potential overreach.

Government to pull controversial provisions

Eby says the government has emergency powers for natural disasters, and this bill was designed to give the government emergency powers to respond to disasters "created" by U.S. President Donald Trump.

But he says a key portion of the law is being "pulled," which would originally have given the cabinet sweeping powers to make regulations to addressed challenges "arising from the actions of a foreign jurisdiction."

The premier says stakeholders expressed a higher level of "anxiety" than he and Attorney General Niki Sharma anticipated.

The reversal comes on the same day Prime Minster Mark Carney briefed premiers on his conversation with U.S. President Trump, and Eby expressed his skepticism about Trump's intentions, saying he varies from being insulting to complementary to Canada, depending on the day.

"And I think that what we're going to see over the next four years, and this isn't a great insight, this is common sense to British Columbians and Canadians, is any number of versions of the president," he says.

The premier says his government will also reconsider the section of Bill 7 that set a two-year expiry clause.

"I understand the objection that the 24-month horizon was too long for people. It's a legitimate concern that's been raised, and it's one that we're looking at addressing in terms of other safeguards we can put in place," Eby told a news conference.

However, Eby says he still believes the government needs to be able to respond swiftly to further "economic attacks" from the United States.

The bill came under fire from legal circles, the Opposition B.C. Conservatives, the BC Green Party and the BC Chamber of Commerce, which wrote to Eby and Sharma earlier this week calling Bill 7 a "step in the wrong direction for democratic institutions."

Interim BC Green Leader Jeremy Valeriote criticized the bill for its "vague wording," warning it "could allow for sweeping economic decisions without clear limits or transparency," while the B.C. Conservatives called Bill 7 "the most undemocratic, power-grabbing legislation in history."

"This bill would grant David Eby unprecedented powers to override provincial laws, regulations, and even personal privacy rights," the B.C. Conservatives posted on X on March 20.

Party Leader John Rustad said the bill would give the "NDP government sweeping, almost unlimited powers with zero oversight."

Sharma had previously defended the purpose of the legislation, saying it would allow the province to "move nimbly" in the face of Trump's "random, erratic threats."

"We need to make sure that we have ability to respond rapidly in a temporary way to protect our economy," she said last week.

Bill 7 would give the cabinet powers to react to challenges from the actions of a foreign jurisdiction, or for a purpose "supporting the economy of British Columbia and Canada" without requiring debate in the legislature.

Rational oversight needed for Eby

Proposed legislation in British Columbia to give the cabinet sweeping powers to respond to threats from foreign governments amid Canada's tariff fight is "a step in the wrong direction for democratic institutions," the president of the provincial chamber of commerce says.

Fiona Famulak becomes the latest to voice concerns over legislation tabled this month that the provincial government says it needs to respond to U.S. President Donald Trump.

In a letter to Premier David Eby and Attorney General Niki Sharma released Wednesday, Famulak said the legislation known as Bill 7 lacks "guardrails" and allows the government to make nearly any change it wants to provincial laws "with the stroke of a pen."

"As a nation, we universally decry the progression towards authoritarian rule through decree by the executive branch of the United States. There is no justification for taking similar steps here in British Columbia or Canada," Famulak said.

"By not being accountable to the legislature, government is requiring that we move forward on faith and trust alone. This is neither sufficient nor acceptable."

Famulak said the organization, which represents 36,000 businesses in the province, is concerned the legislation would allow government to remove or impose new conditions on existing licences or permits if it believes the action would support the economy, throwing business operations into flux.

The bill also includes sections that would give cabinet the power to implement charges on vehicles using B.C. infrastructure, allow the politicians to make directives about public-sector procurement, and eliminate provincial trade barriers by allowing goods produced, manufactured or grown elsewhere in Canada to be sold or used in B.C.

Ravi Kahlon, chair of B.C.'s cabinet committee on tariff response, said in a statement Thursday that they are hearing some concerns and questions about specific details of the bill and are talking to government partners now.

"We want to address any concerns and ensure B.C. is prepared to act with urgency to respond directly to Trump's actions and protect B.C. businesses and jobs — as people expect us to do. This may mean additional guardrails," his statement said.

Famulak said the chamber "wholeheartedly" endorses the removal of interprovincial trade barriers as part of the government's response to the "unjustified and counterproductive tariffs."

After praising the legislation's focus on internal trade when it was released, the Greater Vancouver Board of Trade issued a letter the next day calling for the separation of the internal trade section from the rest of the bill.

"The other parts of Bill 7 are truly unprecedented in scope, including the sweeping powers that would be conferred to the cabinet," president Bridgitte Anderson said in her letter.

"While it's clear Trump's trade war has spurred an economic emergency, it is not clear to us that the sweeping powers are required or justified."

When the bill was tabled, Eby said Trump is "unpredictable" and "erratic" and the province needs to be able to move quickly to minimize damage from his actions.

"When there's an emergency, like a natural disaster, we have these authorities. This is a human-caused disaster," he said.

The legislation comes with a 2027 sunset clause and requires that the government report on its actions.

Trump has placed and then paused 25 per cent tariffs on Canadian goods since he became president, and on Wednesday signed an order that would put a 25 per cent tariff on automobile imports to the United States starting next week.

On April 2 he is set to implement what he calls "reciprocal" tariffs by raising U.S. duties to match the tax rates that other countries charge on imports.

B.C.'s government has said a 25 per cent tariff on Canadian goods and a similar response from Canada would cumulatively cost the province $69 billion in lost GDP if the trade war lasts the entire four years of the Trump presidency.

Concerns about the provincial legislation have also been raised by the Independent Contractors and Businesses Association, which called the bill an unprecedented attempt to concentrate power in the hands of the premier that must be stopped.

The Justice Centre for Constitutional Freedoms said the bill "erodes the distinction between the legislative and executive branches of government in British Columbia, thereby putting pressure on the constitutional principle of the separation of powers."

Politicians return to Victoria next week and the bill is expected to be a major test for Eby's government, which holds a majority of only one seat.

The BC Green Party, which signed a confidence agreement with Eby's New Democrats, said its representatives continue to meet with the government this week over Bill 7.

Interim Green Leader Jeremy Valeriote said in a statement last week that Bill 7 in its current form has "vague wording" and "could allow for sweeping economic decisions without clear limits or transparency."

With his financial record, don’t give more power

The recent letters and the editorial criticizing Premier David Eby's attempt to grant himself dictatorial powers through Bill 7 are well justified.

Justin Trudeau tried the same thing early in the pandemic, but was forced to retreat by public outrage and solidarity of the opposition parties.

B.C. citizens need to apply similar pressure with their local MLAs.

The type of judgement that has seriously weakened B.C. by turning a $5-billion surplus into an $11-billion deficit in the past two years is not the kind of judgment that should ever be given unfettered power.

Dan Graham - North Cowichan

Rational oversight needed for Eby

With respect to the NDP government's proposed Bill 7, it seems Premier David Eby is taking a leaf out of Donald Trump's playbook by trying to use a declaration of emergency to give him and his cabinet dictatorial powers to bypass the legislature and enact any kind of policies and actions be they related to tariffs or other matters.

This is both unnecessary and undemocratic and is typical of the high-handed governing style of this government.

Further, on counter-tariff issues, I think it is dangerous to the country's overall interest if provincial premiers start taking individual actions outside of a co-ordinated strategy led by the federal government.

This is why some kind of rational oversight is required.

Graham Williams - North Saanich

Alice in Wonderland has lessons for Eby

Re: "Provincial government's Bill 7 is a disgraceful overreach," editorial, March 21.

Premier David Eby has run amok with Bill 7.

As the Queen of Hearts was wont to say in Alice in Wonderland, "off with his (legislative) head."

Sayonara, Mr. Eby.

Rick Lee - Victoria

Pass this legislation at your peril

Re: "Provincial government's Bill 7 is a disgraceful overreach," editorial, March 21.

I couldn't agree more with the editorial. I have been an NDP voter but if this bill passes, not anymore.

I am tired of a political class that believes they know best and the citizens should just thank them for their superior brain power.

The opposition parties that garnered one less seat than the NDP will not be permitted to debate anything, but the government will consult with Indigenous peoples who represent about 5% of the population. This is not democracy, it is a power grab similar to the "executive authority" used by Donald Trump.

Wayne Cox - Saanichton

Stand up to our leaders, make them work for us

Re: "Provincial government's Bill 7 is a disgraceful overreach," editorial, March 21.

There is old adage that hard cases make for bad laws. The threat to Canada makes for a hard case but Bill 7, the Economic Stabilization (Tariff Response) Act, is the epitome of a bad law. Not only is it unnecessary, its very existence does more harm than good.

Canadians have come together in unprecedented fashion to stand up to American threats and President Donald Trump's insulting attacks. Canadian premiers have been tripping over themselves to get in front of the crowd.

Ontario's Doug Ford bills himself as Captain Canada, threatening drastic retaliatory acts, then withdrawing them for lack of practicality, then threatening them again.

Alberta's Danielle Smith and Saskatchewan's Scott Moe are effectively threatening to sell out Canada by seceding from the federation if we don't surrender our energy, potash and agriculture. And B.C.'s David Eby wants to go all Viktor Orbán and pull an end run around our democratic institutions.

Meanwhile, our newly minted prime minister is struggling to show the world a coordinated approach, bolstering the military, affirming alterative foreign alliances, and promoting trans-Canada trade but it's a tough gig without a mandate and herding a room full of cats.

It's time the 90 per cent of Canadians who want to save this country stand up to their leaders.

Force Eby to re-holster his Bill 7, Smith and Moe to start pulling in the right direction, and engage in a federal election to choose a national leader with the experience, skill and mandate to realign Canada's economic, social, and international infrastructure so we can survive this bad case, united and strong.

Gerry Klein - Maple Bay

This bill would destroy our democratic system

Re: "Provincial government's Bill 7 is a disgraceful overreach," editorial, March 21.

Section 19 of Bill 7, the "Economic ­Stabilization (Tariff Response) Act" allows cabinet (read Premier David Eby, who has total control of cabinet) to "make a regulation under this Part for one or more of the following purposes: (c) supporting the economy of British Columbia and Canada."

Of course, almost any regulation could be justified under such an undefined non-specific broad purpose. This government recently determined that it was "good for the economy" to take away vested land-use rights from people operating perfectly legal short-term rental businesses.

What might be next under this new law? Eliminating other established and lawful activities to react to U.S. demands, or appease the American president would be possible under Section 19.

We shake our heads in disbelief at how executive orders can be made in Washington with no input or involvement of their elected congress and senate.

How are Section 19 regulations any different? This ability to "un-make laws" previously duly enacted by our elected representatives in the legislature is nothing short of the destruction of our democratic system.

We do not react to a loss of control south of the border by allowing ourselves to lose control.

Bill 7 must be stopped.

Elgin Bulova - Victoria

"To stand up to the U.S., we must first stand up for democracy and against autocracy at home," writes former B.C. premier Gordon Campbell."

We live in troubling times. People are frightened and feel vulnerable. Taking advantage of that David Eby's Bill 7 tries to establish autocratic rule for the next two years in B.C. It's the move of an aspiring autocrat. Now is the time for measured, thoughtful action. Taking away democratic rights weakens us and destabilizes our future.

Eby decries President Donald Trump's actions while copying him. He wants to rule, not to serve, the people of B.C. He is trying to set aside democracy for more than half his term. His claim that this is necessary to address issues that may arise due to Trump's tariffs is, put bluntly, nonsense.

This is the same premier who reneged on his commitment to call the legislature back right after the election. The election was Oct. 19, 2024. He did not call the legislature back until Feb. 17, 2025, well after President Trump declared his intentions regarding Canada. Eby delayed when it fit his political needs. Now, he introduces Bill 7 not to meet the province's or Canada's needs, but to serve his political wishes.

Mr. Eby says he wants to remove all trade barriers between provinces. Fine. Lead the way. Table legislation that removes all barriers B.C. imposes on other provinces. Get on with it. He does not need to usurp the democratic authority of the legislature to get that done immediately. Mr. Eby, take down those walls!

All people of B.C. deserve to be represented in these times. Any action should take place only with proper public scrutiny.

Democracy is messy. It can be frustrating, but it is a necessary check on autocratic power.

The best, and constitutionally correct, way to fight Trump's action is not by suspending our democratic institutions, but rather by fully and carefully considering our response to U.S. actions in our constitutionally enshrined parliamentary system. There is no need or reason to give Eby the dictatorial power he seeks. We should exemplify how a properly functioning democracy makes policy decisions through its legislative assembly in accordance with the rule of law. Eby engages the legislature despite his proclivities to do the opposite.

Every MLA, from every party, has an obligation to uphold our democratic institutions. The legislature can and will act quickly when needed. With Bill 7, Mr. Eby takes away our rights and our elected representative's responsibilities. We must hope that some New Democrats in his caucus remember they were elected as New Democrats, not New Autocrats. They should not acquiesce to the most autocratic bill ever tabled in B.C.'s legislature.

The legislature can be called back within 24 hours any time to properly debate, scrutinize and decide on any actions Mr. Eby dares propose. These are not, and should not be, personal decisions. Important decisions of this magnitude should be decisions where MLAs from every part of the province, from all parties, are included and held accountable.

All members of B.C.'s legislature are obligated to stand for Canadian democracy and due process, not to bow to autocracy.

We are Canadian. Our parliamentary principles and practises define our public institutions regardless of party. Canadian responsible government requires that the premier and his cabinet account to the legislature. That's the critical democratic link between a premier and cabinet and the people of the province.

Mr. Eby's Bill 7 is a power grab, pure and simple. It gives Eby the sole power to amend any law, change any regulation, change any tax, use your personal information and ignore the legislature for more than two years. No checks. No guardrails. No recourse. That is simply wrong for all of us regardless of political affiliation or what is decided in the U.S.

Mr. Eby's Bill 7 undermines your rights and the governing principles of Canada.

We are smart enough, strong enough and creative enough to withstand powerful changes. But we will fail, if we follow Eby's desire to undermine the democratic foundation upon which we stand.

MLAs should be against this unnecessary power grab. Even if the NDP MLAs cannot find a democratic conscience, then all opposition MLAs must.

To stand up to the U.S., we must first stand up for democracy and against autocracy at home.

Write, call, email or text your MLA. Tell them to stand for Canada and for our democratic values; tell them not to support this unconscionable power grab of the New Autocrats in Victoria.

So, finally, the federal uncertainty is over...Trudeau stepped down in January and prorogued parliament. This left a void at the federal level, at the very time the U.S. tariffs were initially being considered.

A new Liberal party leader (Mark Carney) was chosen on March 9th, and then he assumed the role of Prime Minister. Today, he has advised the Governor General that he is calling a federal election...Election Day to be April 28th.

The Conservatives, the NDP, the Bloc, and the Green Party will be fielding candidates and running in opposition to Liberal Party candidates.

Mark Carney had advised Justin Trudeau since 2020, and this bid to remain in power is being described by opposition parties as a fourth term for Liberal policies.

It's important to vote on April 28th...everyone's voice counts. Be involved, check out the candidates in your riding. It is not a time for apathy.

The real estate markets across Canada have been in "pause mode" in the past two months...markets do not like uncertainty. With a decision as to who will be in charge, at the federal level, and whether in a minority or majority position, is essential to unfolding developments for our more local real estate markets.

At this time, inventory here remains low, and prices remain relatively stable. A desire for rural lifestyles and a sense that a real estate purchase in unique areas is a preservation of capital decision (which is about our bottoming dollar value) also continue to drive activity in secondary home areas.

It will perhaps take until mid-May to see a specific market direction locally for 2025.

If there were any doubt that ­Premier David Eby lacks respect for the ­provincial legislature, he has removed it.

His government has tabled legislation — Bill 7, the Economic Stabilization (Tariff Response) Act — that provides far-reaching emergency powers to bypass the legislature.

The purpose of the statute, supposedly, is to address challenges arising out of Donald Trump’s tariff war.

But Bill 7, as drafted, basically gives Eby the power to do as he pleases, across almost the entire field of public policy, without any oversight or accountability.

For the next two years, the premier and his colleagues can change, rewrite or set aside any law or regulation behind closed doors.

Eby justifies this by asserting the need to act quickly, and he insisted that any actions he takes must be ratified by the legislature.

The latter statement is untrue. All the premier has promised is that he will inform the legislature, after the event, of what he has already done.

The longstanding principle, upon which parliamentary government rests, is advise and consent. That is to say, the government must advise the legislature of its intended actions, and the legislature must give its consent.

This legislation, if it passes unchanged, does away with that principle. There need be no consent.

To get a sense of how parliamentary due process is being overridden, a read of the act is illuminating.

Too much over-reach by NDP government

I find it ironic that Premier David Eby's rationale for Bill 7 legislation is that it allows him to move quickly to prevent harm to the B.C. economy. I would argue that Eby has caused more harm to the B.C. economy than any premier in modern history.

Bill 7 is just another insidious power grab, couched in protectionist language. We are already feeling the effects of provincial over-reach with Bills 44, 46 and 47, which have spawned the loss of property rights, dismantling of heritage protections, erosion of tree canopies and biodiversity and no commensurate infrastructure to support the unfettered development that has been foisted on our cities.

Let's hope this is a precursor to an early election, as it is time the public told Eby that we don't want to live under a dictatorship.

Nancy Di Castri
Saanich

Democracy dies with Eby's Bill 7

The announcement by Premier David Eby of the imposition of Bill 7, the "Economic Stabilization and Tariff Response Act," on British Columbians represents a dark moment in an increasingly dark time for Canada and the world, but especially for British Columbians.

No legitimate government has the right to give itself emergency powers without the discussion or the participation of a duly-elected assembly. And yet we are seeing this with increasing frequency in B.C., in Canada and around the world.

In Eby's case, as with other political leaders, the intent of the legislation is to guard against theoretical dangers that may occur in a potential future.

Frankly, this isn't good enough. It doesn't meet the litmus test of democratic practice that we have spent centuries of legal precedent and untold sacrifice, not to mention war and blood, trying to establish.

What it does represent is an impingement on people's democratic rights and the negation of their will. The imposition of this bill will cut even more deeply into the rights of citizens who simply want to live a good life under fair and balanced laws.

If, as British Columbians, we are willing to stand for this extraordinary imposition on our democratic rights, then we have no right to complain if, one day, those same rights disappear altogether.

Bill 7 is a thin edge of undemocratic authoritarianism inserted into our lives. It does not bode well for any of us, and it should be withdrawn or scrapped immediately.

Perry Foster
Duncan

Bill 7 pulls us apart during a difficult time

In a democracy, Premier David Eby's proposed Bill 7 Economic Stabilization Act is not required.

Each needed action for change or response to trade and tariffs should be presented in the Legislature for a vote and if the majority in the house agrees, passed.

What is being proposed is nothing short of a dictatorship and welcoming to Putin's Russia-style democracy.

At this time in history, we need to pull together rather than apart.

D'Arcy Morrow
Nanaimo

Nero fiddles while Rome burns

The King of England is figurehead of the Commonwealth, a group of nations fostering international cooperation and promoting shared goals such as democracy, peace and sustainable development.

Canada, a founding member and the largest member of the Commonwealth, is being economically attacked by the most powerful nation of the world with a stated aim of taking over the country.

What does the head of the Commonwealth do to organize its members to help Canada?

The head of the Commonwealth releases his favorite 10 songs.

Yes, Charlie fiddles while Canada burns.

John Barrand
Victoria

Today's the deadline for voting no

Re: "Affordability crisis from Saanich council," letter, March 15.

Saanich council is incapable or unwilling to make real-life decisions about what to give up in the budgeting process.

When families and companies are faced with tough financial decisions, as they are especially today about making ends meet, they are forced to dig deep and find things they can forego or postpone instead of spending money that we don't have. Not so Saanich council!

Instead, council has chosen to get more money outside of the five per cent borrowing limit through an alternate approval process. The total proposed extra borrowing amounts to about $9.6 million at annual debt servicing costs of around $908,000. There is waste in some of those proposals.

For example, bylaw 10025, the second biggest item at $3.1 million, includes more money for cycling infrastructure, including bike lanes, etc.

From what I see in my area around Royal Oak, the bike lanes on West Saanich, Royal Oak, including Mann Ave. and the recently installed traffic obstructions on Old West Saanich and Oldfield roads were unnecessary and are an utter waste of taxpayers' money.

They reflect an ideological rather than a business approach to managing Saanich's financial affairs.

As well, the public was given inadequate notice of these extraordinary financial proposals. The public was notified only through newspapers and consideration of the item at council's Jan. 20 meeting.

This is a highly questionable and cynical approach to managing Saanich's finances. Deficit and debt financing must stop.

You can still vote "No" by completing the forms at the municipal hall or printing them on your computer and delivering them to Saanich. The deadline is 4:30 p.m. today.

Evert Van Eerden
Saanich

Americans have paid our 'tariffs' for years

In response to recent letters about tariffs, let me point out that B.C. and Victoria have had "tariffs" on American property owners for several years. They are known as "speculation tax" and "property transfer tax."

Until December 2024, we had owned a residence in Victoria for more than 30 years. During that time, laws were passed saying if we sold the place, gifted it to our children or died, we would pay a 25 per cent tax on the gain between the current value and our cost.

If we died or gifted the property, we would have to find cash elsewhere to pay the tax.

Also, beginning about eight years ago, we were reclassified as "speculators", even though at that time we had owned the place for more than 22 years and it was enjoyed by four generations of our family. The speculation tax alone was almost $20,000 per year, and was in addition to paying the full amount of property taxes, with no exemptions.

In December we decided we could no longer afford the taxes and sold.

At the close of the sale, the B.C. government withheld 25 per cent of the gross selling price. At some point we might get roughly half of that back.

During those 30 years we put lots of money into the Victoria economy. Our family will miss our regular visits to Victoria, but with the attitude of some of the letters to the editor, we would be reluctant to admit that we are Americans.

Please don't get mad at Americans, most of us don't agree with what is happening. Remember, this too shall pass. Let's stay friends.

Daniel Cunningham
Fresno, California

We don't want to be like Puerto Rico

In keeping with the U.S. cry of "no taxation without representation" I think that the U.S. has much better candidates for statehood than Canada.

Washington D.C. has a populace of 700,000 (more than both Vermont and Wyoming) with no governor or fully-elected representation in both the U.S. Senate and the U.S. House of Representatives.

Similarly, the Commonwealth of Puerto Rico has a populace of more than 3.2 million and no representation. The U.S. citizens of both jurisdictions are subject to U.S. law without representation — ideal candidates to become the 51st and 52nd states.

I hope that this process would occupy the White House for the remainder of the term. In keeping with the current U.S. vogue of re-drawing the world atlas, should Ottawa consider offering provincehood to Alaska and Hawaii?

Paul Morgan
Central Saanich

Many fortune seekers travelled to the Yukon

With the recent report on the Trump family fortune beginning with a "restaurant and brothel" in the Yukon more than 100 years ago, it is hilarious the way left-leaning journalists spend their waking hours trying to trash Donald Trump constantly.

If they were true journalists and readers of history, they would know that the Yukon Gold Rush in the 1800s brought fortune seekers from second sons of England's landed gentry, to adventurers, to down-and-out hopefuls, along with women of ill repute, women hoping for rich husbands — all streaming up from the U.S., Victoria, Vancouver, the Chilcotin and many other points.

They all hoped to make it big, with many enterprising men and women providing supplies, rustic hotels and raunchy women for the influx of all the dreamers. Persevering through awful northern wilderness conditions, history has applauded their ingenuity and doggedness.

We pampered folks in this century couldn't manage without our cars, face creams and cappuccinos.

Well done, to the Trumps and their contemporaries of old!

Barbara Zielinski
Victoria

U.S. financial collapse stopped Harper's plans

Re: "Stephen Harper's memory is not selective," letter, March 15.

Based on my recollections of the time leading up to the 2008 financial crisis, my impression is that individuals do have both short and selective memories.

Stephen Harper advised us that his government was on a path towards deregulating Canada's financial institutions. By what seemed more like good luck than good management, he was "saved by the bell" with the financial collapse in the United States that year, before a Canadian de-regulation plan could be enacted.

Laurie McDonald
Gabriola

Let's rebuild trust to weather future storms

During the COVID pandemic, it wasn't the vaccines, masks or social isolation that I was afraid of, but their mandatory imposition.

I remember, early on in the vaccine mandates, trying to understand why we were threatening individuals with job loss and social isolation for not taking one of the new vaccines — while at the same time many individuals around the world wanted access to vaccines but were unable to get them.

When I tried to ask my MLA and MP for a pointer to whatever cost-benefit analysis had been done, they said it was a medical decision. When I asked my family doctor and Healthlink, they said it was a political decision.

My fear is that due to the imposition of mandates in the past, individuals will be less trusting of guidance in the future.

My hope is that, with a bit of contrition and humility, we can rebuild a level of trust that will let us weather future storms together.

Scott Newson
Nanaimo

Emergency Powers Bill

The B.C. Provincial government has just brought in a draft bill (March 13th) giving itself extensive emergency powers, in order to be able to act unilaterally to respond to potential further tariffs from U.S. This would allow the Premier to act without any legislative oversight. It has had first reading.

The issue and impacts of proposed tariffs are worrying, and they will cause disturbance to the way things were being done, but they do not fall into the category of war or global pandemic.

This is a worrying development by a premier who is in a minority position, without the deal he struck yesterday with the two elected Greens, to support his NDP. This unnecessary bill will be in place until May 2027...unless gov't decides to extend it. This is a very serious thing, covers many things, and is not perhaps limited to tariffs responses. The premier should call an election and let this be up to the electorate. This bill will allow the premier to be the sole decider of all things going forward.

Canada’s Next Prime Minister

Federally, on March 14th, the new leader of the Liberal party will be sworn in as Prime Minister, and his cabinet choices will also be sworn in. It is expected that he will call for an election, before the prorogued parliament reconvenes at end of March. We will then hear his ideas about negotiation with the U.S. President.

The premiers of the provinces are dealing with various specific and differing provincial issues and therefore are unable to speak broadly for the country itself. It will take time to begin interprovincial trade...long standing barriers in place between each province have to be removed. This does not happen quickly.

Federal Uncertainty Stalls Real Estate Momentum

In the meantime, across Canada, people are treading water about real estate decisions, and are again taking a wait and see response. The uptick in markets in October, November, December, January began to slow in February...due to uncertainty. If there is an early federal election, it may take until late May to see the pattern of the 2025 marketplace appear.

At the moment, locally, low inventory continues and prices remain relatively stable. Listings are up in Vancouver, which has been the main source of our buyers since 2016. A desire for the safety of a rural lifestyle and a preservation of capital (a currency concern) are still the two main drivers of action here. A pause in activity has once more developed.

Stay Tuned!!!

BOC Interest Rate Cut

The Bank of Canada cut the key interest rate this morning by a further 25 basis points. The key rate is now 2.75%. Part of the BOC decision to reduce was affected by the current tariffs from U.S. and resulting retaliatory responses from Canada. The impact of same is still unknown.

The BOC in both 2023 and 2024, according to business pundits, was alerting the federal government that there were no measures in place to grow the Canadian economy. This lack of attention to Canada's economy was apparently in place throughout Trudeau's lengthy leadership. Business minded pundits were also speaking consistently about this.

By changing the face of the leader, the federal Liberal party is hoping to continue as the party in power, going forward. Mark Carney also advised Trudeau, and was close to his policies...as was Christya Freeland (who also ran for Leader)

The Blackberry?

Canadians generally are an innovative group and many interesting opportunities have been created here. (What was the story on BlackBerry?).

Have the various innovations been supported and encouraged to grow/benefit Canada? Did the companies move to U.S. in order to benefit from their less regulated and more supportive stance? Hmmm...

I wonder about the retaliatory and angry response to the U.S. tariffs shift...tourism is one of the key financial outcomes right across Canada. The fuss is not at the citizen level and yet responses seem to target same. If tourism drops because Americans are nervous about visiting, then it is Canadians who will suffer. Your thoughts?

The best negotiations are not about retaliations, but about a seeking of ways to arrive at a productive middle place. Is that happening?

What Will Parliament Do?

At the moment, many things are being stated by Trudeau's cabinet. That is the "past". Parliament is not sitting. The new leader has not chosen his cabinet (which is the “present”). We should be hearing from them, and the prorogued parliament (done by Trudeau) needs to re-open. The opposition parties (3 of them) need to speak to these issues. An election should be called ASAP and the Canadian population’s voice will then be heard. (Ontario’s premier, Doug Ford, was wise to pull back his initial angry response earlier today and to call for a lowering of the temperature).

A real negotiation needs to take place at the federal level. Who's in charge right now? Just my "thinking out loud" thoughts...welcome yours!

Who will assume the new role of Prime Minister?

So, the forecasted outcome has been settled. Today, Mark Carney won the Liberal leadership "race" to replace Trudeau. He will also assume the role of Prime Minister.

It is expected that he will call for an immediate election. After being prorogued by Trudeau, the parliament will convene again March 27-29.

By changing the face of the leader, the federal Liberal party is hoping to continue as the party in power, going forward. Mark Carney also advised Trudeau, and was close to his policies...as was Christya Freeland (who also ran for Leader)

The U.S. tariffs issue will affect Canada.

Unfortunately, the federal government was not seeking economic health in the past several years of being in power. The current head of the BOC (Bank of Canada) had been trying to alert the party in power of this disturbing fact in both 2023 and 2024.

It's also odd that it's only now that long-standing barriers to inter-provincial trade are being discussed. This inability to trade between provinces has nothing to do with tariffs.

Some provinces may be more affected than others, but the usual way of doing business has changed. Reciprocal tariffs will be in place. April 2nd has been mentioned as the date this will begin. More later...

(Real estate updates from real estate boards are always one to two months behind. Transactions need to close in order to be counted in a month’s outcomes. In March, it is the January and/or February stats that are reported.

Today, on March 4th, the U.S. tariffs on Canada began. Canadian business leaders are of the opinion that the proposed counter retaliatory tariffs from Canada are political and not necessarily productive. The outcome of tariffs for each province will be different and are not yet fully understood.

Below, is the Vancouver Board February market report. Since 2016, the main buyer profile on Salt Spring has been a purchaser from Vancouver).

After a 46 per cent year-over-year increase of new listings in January, the number of newly listed properties on the MLS® in Metro Vancouver* rose more moderately in February helping keep market conditions in balanced territory.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,827 on Metro Vancouver's Multiple Listing Service® (MLS®) in February 2025, an 11.7 per cent decrease from the 2,070 sales recorded in February 2024. This total was 28.9 per cent below the 10-year seasonal average (2,571).

"After the rush of new listings in January, home sales and new listings in February were closer to historical averages, which has positioned the overall market in balanced conditions,” Andrew Lis, GVR’s director of economics and data analytics said. “With a potential Bank of Canada rate cut on the table for mid-March, homebuyers may find slightly improved borrowing conditions while enjoying the largest selection of homes on the market since pre-pandemic times."

There were 5,057 detached, attached and apartment properties newly listed for sale on the MLS® in February 2025. This represents a 10.9 per cent increase compared to the 4,560 properties listed in February 2024. This was 11.6 per cent above the 10-year seasonal average (4,530).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,744, a 32.3 per cent increase compared to February 2024 (9,634). This is also 36.4 per cent above the 10-year seasonal average (9,341).

• Across all detached, attached and apartment property types, the sales-to-active listings ratio for February 2025 is 14.8 per cent.
• By property type, the ratio is 10.7 per cent for detached homes, 18.5 per cent for attached, and 16.8 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

"Balanced market conditions typically bring a flatter price trajectory, and we've seen prices across all segments remain in a holding pattern for the past few months,” Lis said. "But with the active spring season just around the corner, it will be interesting to see whether buyers take advantage of some of the most favorable market conditions seen in years, and whether sellers change their willingness to bring their properties to market."

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,169,100. This represents a 1.1 per cent decrease over February 2024 and a 0.3 per cent decrease compared to January 2025.

Sales of detached homes in February 2025 reached 477, a 14.8 per cent decrease from the 560 detached sales recorded in February 2024. The benchmark price for a detached home is $2,006,100. This represents a 1.8 per cent increase from February 2024 and is virtually unchanged compared to January 2025.

Sales of apartment homes reached 976 in February 2025, a 10.6 per cent decrease compared to the 1,092 sales in February 2024. The benchmark price of an apartment home is $747,500. This represents a 2.8 per cent decrease from February 2024 and a 0.1 per cent decrease compared to January 2025.

Attached home sales in February 2025 totalled 359, a 10.9 per cent decrease compared to the 403 sales in February 2024. The benchmark price of a townhouse is $1,087,100. This represents a 1.2 per cent decrease from February 2024 and a 1.7 per cent decrease compared to January 2025.

Wow...it's meteorological Spring today, the first of March. This begins the seasonality that is treasured on the great Pacific Northwest Coast: early Spring, Spring, Summer, early Fall. March Break (mid-March) to Canadian Thanksgiving (mid-October) are key seasons for Salt Spring and the Gulf Islands.

The islands real estate market continues to follow the trends of the past two plus years: lack of inventory and relatively stable pricing. The main buyer profile has continued to be a Vancouver/Lower Mainland purchaser.

The reasons for seeking a Gulf Islands/Salt Spring Island property are two-fold: one, a desire to leave urban for rural (to be self-sufficient). There also continues to be an interest in preservation of capital through a real estate purchase in a unique area...emphasizing a currency concern.

There is not a lot of choice for a buyer. Most owners are not wanting to be sellers. There is always opportunity, though, and some buyers may need to consider shared ownership models as a way into a market that rarely sees first time buyers.

The outcome of the Islands Trust governance model (put in place in 1974, by the provincial government) was to cap growth through strict zoning/bylaws restrictions. It's important for buyers to read about the Islands Trust online...to pay attention to those bylaws/zoning restrictions...and to also look at the Official Community Plan and to Development Permit Area restrictions. These can supersede the original bylaws. It's important to understand the community "rules" before buying.

At the moment, there are approximately 95 listings (all property types...residential, land, commercial) on the MLS system. In a more balanced market, there would be around 380 listings. Lack of inventory remains the issue, and can lead to buyer hesitations.

2024 saw the beginning of many societal changes and 2025 appears to be continuing these shifts. It can be both alarming and energizing, when one encounters serious changes. We don't get to choose our "time", though...just our reaction to it.

The current referencing to potential U.S. reciprocal tariffs has reminded Canadians of their inability to trade between provinces. This is something that needs to be done. The lack of this has nothing to do with outside tariffs. It makes no sense to keep provinces isolated from each other, economically.

In B.C., business groups have recently come up with a plan to support economic pro-growth options. They point out that both provincially and federally there have been no-growth policies for at least a decade and that has nothing to do with outside tariffs either. Hmmmm......

The flexing of U.S. policies that emphasize that country's outcomes could also benefit Canada's rethink about our own dynamics. So many talented Canadians may have moved south in past years, as Canada did not offer the same opportunities. What were our governments doing?

The concern over the impact of proposed reciprocal tariffs, from our biggest trading partner, has brought forward many different "forecasts" about the economy, going forward. Real estate is one of the pillars of economic health in Canada, and the spectrum of current forecasts ranges from "we will continue to see slow growth" to "we will see a correction/downturn". Many scenarios talk about a softening of sales and lowering of prices, with an improving trend in 2028.

These are the same people who were insisting that the covid shutdowns of early 2020 would cause a crash and then we ended late 2020/into 2021 with "over ask" bidding wars and an erasing of inventory...plus dramatic price increases.

Our lower dollar is attracting interested U.S. buyers...although the federal government ban on foreign buyers (brought in on January 1, 2023 and put in place until January 1, 2025...then extended till January 1, 2027) may be in place, there are many exemptions and it doesn't apply to land or to commercial options. (The ban was brought in to help solve the lack of housing dilemma).

Lots to be concerned about...this month we will find out who will replace Trudeau and also whether there will be an early federal election. We will hear the budget from the provincial government and learn about their plan to create economic strength for B.C. The question of tariffs will be answered. And so forth and so on..... It is difficult to point to a trend at this exact moment. It may take until late April or mid-May to understand the tone of the 2025 market.

Meantime: it's a good plan to take advantage of this seasonal awakening, to enjoy the beauties of the natural world that are erupting all around us, to remember to get out and about (beachcombing, hiking, picnics, tastings, al fresco dining, farmers markets, kayaking, art gallery openings, spa retreats, sailing adventures, theatre discoveries, and day trips to companion islands....in other words, to remember to live...and to simply and calmly breathe).

Opportunity always exists...we just need to be looking. And your thoughts are? Always welcome!

The threat of 25% tariffs on Canadian goods, proposed by the U.S. President, has resulted in a "pause" for 30 days.

In this timeline, Canada will be required to show a serious response to the border issues of people illegally crossing into U.S., and also the passing of fentanyl into the U.S. from Canada. The Canadian government has taken solid measures to do this.

A similar response to the 25% proposed tariffs on Mexico, for southern U.S. border, also resulted in a 30 day pause.

It is essential that Canada would look into protecting its citizens from both illegal immigration and fentanyl drugs, quite apart from the U.S. request. This may be a long overdue response from the Canadian government, working on behalf of Canadians.

Meantime, there is a sense that a rupture of good relations between the U.S. and Canada occurred. That kind of easy trust may take time to rebuild. That said, it's important to keep strong connections.

However, the much vaunted idea of inter-provincial trade is long overdue. If this is the outcome of the initial tariff threat, that is definitely something that each province needs to address. If not done, then the provinces have misunderstood the importance of such a shift.

After a few days, while the dust settles, I will comment on current local market conditions and note any repercussions. Keep an eye, meantime, on our currency.

Lovely February, usually a traditional coastal reminder of the coming Spring, is visiting our coastal region wearing its Winter face. An Arctic Front is being forecast, with significant snow for Vancouver Island and the Gulf Islands. No one is ever ready for this weather downturn, especially after a Spring-like January. That said, it might only last a week...definitely a soft version of a real Winter.

It's difficult to suggest a usual first day of a new month market report, this time around. Threatened tariffs from U.S. will affect Canada if put in place. February 1st was stated as the date they would kick in. As soon as an outcome is known, will make my "early month report".

Meantime, listing inventory remains exceedingly low. Prices have remained relatively stable. After two and a half years of buyer inaction, sales did slowly begin in last quarter of 2024, with projections that this activity would continue in 2025.

The tariff issue with Canada's largest trading partner is the wild card item. More later!

Changing Market Conditions

Real estate markets are not static items...they change (and the shifts can be rapid), as different elements come to the fore.

2024 saw renewed sales in October, November, December...with projections for 2025 mentioning continuing low inventory and potential for resulting price increases.

Since then, the early days of 2025 have seen the prime minister stepping down, a Liberal party seeking a leader replacement, and an understanding that all this will result in a Spring federal election.

At the same time, the incoming president of the U.S., our biggest trading partner, appears to be serious about his 25% tariff hit for Canada. The premiers are not of one voice regarding response, and B.C.'s premier acknowledges that such tariffs would decimate the B.C. economy. Meanwhile, the absence of a leader/prime minister role federally means no unified voice for negotiations.

These early days of 2025 are showing mixed signals, and it may take until late April or May to see coherent outcomes in real estate activity.

The diminishing value of the Canadian dollar might be one reason owners are not wanting to be sellers...as a way of preserving capital through a real estate investment.

The Bank of Montreal (BMO) is stating that real estate outcomes may not improve markedly until 2029. Different reasons are given. Again, projections and trends can change quickly in any market-driven sector, and these concepts are not static reports...it is opinion.

Meantime, low inventory & buyer reluctance make it difficult for marketing decisions by realtors...and various marketing venues are noting less uptake. The year has opened with unexpected shifts...always interesting.

Changing Market Conditions

Real estate markets are not static items...they change (and the shifts can be rapid), as different elements come to the fore.

2024 saw renewed sales in October, November, December...with projections for 2025 mentioning continuing low inventory and potential for resulting price increases.

Since then, the early days of 2025 have seen the prime minister stepping down, a Liberal party seeking a leader replacement, and an understanding that all this will result in a Spring federal election.

At the same time, the incoming president of the U.S., our biggest trading partner, appears to be serious about his 25% tariff hit for Canada. The premiers are not of one voice regarding response, and B.C.'s premier acknowledges that such tariffs would decimate the B.C. economy. Meanwhile, the absence of a leader/prime minister role federally means no unified voice for negotiations.

These early days of 2025 are showing mixed signals, and it may take until late April or May to see coherent outcomes in real estate activity.

The diminishing value of the Canadian dollar might be one reason owners are not wanting to be sellers...as a way of preserving capital through a real estate investment.

The Bank of Montreal (BMO) is stating that real estate outcomes may not improve markedly until 2029. Different reasons are given. Again, projections and trends can change quickly in any market-driven sector, and these concepts are not static reports...it is opinion.

Meantime, low inventory & buyer reluctance make it difficult for marketing decisions by realtors...and various marketing venues are noting less uptake. The year has opened with unexpected shifts...always interesting.