Side-line sitters, from 2022 to Fall 2024, are deciding that they would be wise to act now...before a projected Spring uptick. Those concerned about currency fluctuations might be choosing to see real estate as a way to preserve capital. Generally, the move from urban to rural continues to be a strong motivator for action. Geopolitical concerns might also generate interest in living in quieter/"apart" places.

Looking for specific opportunities to buy? Contact me. Look forward to helping you to discover your Salt Spring Island and Gulf Island special property, and to consider creative solutions for a successful purchase.

Thinking of selling? I look forward to discussing my several marketing opportunities with you...both digital and targeted print. There is no local market on a Gulf Island...it's essential to successfully get the information out to the wider world. Look forward to hearing from you.

'Tis The Season of Wonder!

Meantime: it's December. Time to enjoy traditions, lights, music, special foods, memories (old and new). Catch seasonal events at ArtSpring. Enjoy a holiday lunch or dinner with friends. Take time to meander Ganges and Fulford Villages...lights sparkling in late afternoon are magical. Santa arrives, remember...be there to welcome him. Whether with children or not, it is a season that invites us to be a part of that special sense of wonder. It's December. Enjoy!

November 2024

November on the Coast

November... darker (end of Daylight Saving), post-harvest, thoughtful. Yes, it's "fall back" time.

November 11th offers appreciation for those who served in wars past and those who serve today, to protect Canadians and their values, their lifestyles. Wear the poppy on Remembrance Day, in acknowledgement of sacrifices made.

Nature is wearing a more somber palette in November, as leaves drift from trees, and dark branches meet skylines. November speaks the tongue of grey...pewter seas, pearl clouds, charcoal forests, the metal hues of grey meshing with rain squalls that smear our vistas.

November...a time to light candles, investigate specialty soups, start to read a fat book, and remember to keep active.

Fall Market Trends

The real estate market? Oddly enough, the Fall Market can see a busier sales season. This has been the case in 2024, after an oddly quiet summer.

Often, buyers view properties earlier, and then they bring an offer later in the year. Sometimes, it's about a hope that a seller will look favourably on an offer...the end of a year, the end of a season, and possibly a seller may just want to be out of the stress of selling. Sometimes that is the case.

Buyer Patterns and Market Dynamics

It can also be about the buyers rhythm...they know they want to leave urban for rural, but they have not decided on the "where". Salt Spring and the Gulf Islands have competition from Vancouver Island communities, and buyers want to be sure of their decisions.

It takes time to visit areas and to make that choice of "where". Until that is done, the “when” of a move is not in place.

Time lags are a factor in the rural secondary home markets. A buyer sees something interesting on the internet, then comes to view, then checks out other areas "to be sure" of initial impressions, then returns to seriously view available inventory in the acceptable price range, and then considers an outcome. This whole process can take several months. Usually there are two and possibly three visits to an area. Fall is often when all the questions gel into answers and a buyer makes an offer.

Current Market Conditions

There is no local market on the Gulf Islands and so visits are often widely spaced. It can take one to two years to sell a Gulf Island property. The outcome of this unknown offer timeline is that sellers respect buyers offers.

Since late 2020/2021, the inventory has been very low in most secondary home markets. Most owners do not want to be sellers. Sometimes, it's because they can't find a replacement property where they might move to. As something sells, little new comes on market to take its place.

The Gulf Islands are also under the Islands Trust form of governance, and that "preserve and protect" mandate (in place since 1974) controlled growth and maintained low inventory, beyond market forces. So, low inventory continues to be a factor at this very beginning of November.

In 2021, post-pandemic, there was a rush to seek safer, more self-sufficient areas (as in rural) to move to..."over ask" bidding wars became a feature. Inventory diminished. Prices rose. Generally, without further rises, prices have remained relatively stable since then. As the Bank of Canada has offered serious interest rate cuts in 2024, we may start to see some cautious buyers re-emerging. In 2022/23, buyers were reluctant to act. If seeking a move-in ready residential property below one million, then strata townhomes remain as the main option on Salt Spring...or else it's undeveloped land and build.

The currency concerns (diminishing purchasing power of our Canadian Dollar) remain and buying real estate in unique areas is also seen as a preservation of capital decision. There have been some oceanfront sales in the two and three million range for residential this Fall, and this may reflect that investment buyer activity.

Mixed messages then, in 2024's real estate market. Projections from "big box" companies are calling for an improving trend and busier sales, in 2025. It's a difficult call to project into 2025, based on the haphazard 2024 patterns. Interest rate cuts will have an effect, but it's an unknown as to the degree of same. Are regular consumers still concerned about cost of living, of job security (what will be the real effect of AI?), of immigration pressures on housing, of continuing lack of housing? And so on.... Lots of questions and without serious answers the consumer may continue to rest on the sidelines.

Traditionally, though, lack of inventory and strong buyer desire do result in price escalation, and this trend remains in place at this very beginning of November.

Meantime, in spite of many concerns globally, and worries about election outcomes, the great Pacific Northwest Coast offers beauty at any season. November may sing the song of grey, but it also reminds us that it's a month to allow us to step back into ourselves for a moment, to remember the fallow field opportunity (time to replenish our roots), and to enjoy the serenity of a quieter time. A little "mulling" never hurt anyone.

November: let's pick a rainy day, meet a friend for lunch, watch the drizzle slide against windows, blurring the Harbour views... floatplanes chortling in and out, seal slithering past docks, boats straining at anchor, eagle hunched on a cedar branch, pondering...the amazing "wet coast" smiles hello.

It's November. Enjoy!

October 2024

The Real Estate Market in Fall

October arrives with harvest season fully in play, with shorter days, crisper nights, and star-watching as the winter constellation of Orion climbs up the sky. Special events at ArtSpring, gallery openings in Ganges, Parks and Recreation offerings at the indoor pool, and the Canadian Thanksgiving Holiday Weekend mid-month.

The real estate market is also fully in play with the Fall Market (often called the "second Spring"). People may have viewed opportunities earlier and now have decided to offer. In some cases, new listings pop up as owners who chose to enjoy another summer have now listed for Fall. It's a buoyant time.

Market Trends and Buyer Hesitation

Low inventory continues. Although the summer season (June, July, August) was quiet in sales across Canada, prices remained stable. The BOC (Bank of Canada) interest rate cuts (three so far) have not generated a corresponding buyer action. Buyers are still hesitant.

If a buyer needs to stay under a million on Salt Spring, the choice is a townhome. A single-family home requires one to consider a purchase in the range of 1.1 to 1.45 million, and this range will most likely require upgrades or renovations. To find a ready-to-go home, one will need to consider a price range between 1.6 and 2.1 million. Waterfront options are higher. If upgrades are needed, oceanfront listings can be found in the 1.7 to 2.3 million range. A ready-to-go waterfront home will most likely fall between 2.5 and 3.8 million. Estate properties are higher.

Post-Pandemic Real Estate Landscape

The rush to leave urban for rural, following the pandemic closures in 2020, created higher prices and low inventory. 2021 was characterized by many "over ask" and unconditional offers. Despite pauses in 2022 and 2023, prices remained stable and inventory low.

Projections call for continuing price stability and low inventory as we look toward 2025 and beyond. As long as the housing shortage persists and immigration grows, the economic reality of low supply leading to high prices will continue. Government efforts to address the housing crisis have not worked so far.

Lifestyle and Ownership Opportunities

Although a Gulf Island purchase might have been recreational several years ago, it is now mainly a lifestyle choice, and people plan to live year-round where they buy. The Islands Trust form of governance (in place since 1974) also keeps inventory low. Growth has been controlled through severe zoning and bylaw restrictions.

It's interesting that an increase in renovations since 2020 is another reason for price increases. Owners are increasing the value of their properties, whether they sell them or not.

So, here we are, at the very beginning of October. Many consider the early part of Fall one of the loveliest seasons on the great Pacific Northwest Coast. It's a good time to visit, explore opportunities for a purchase, and discover the many elements that make up the unique Gulf Islands/Salt Spring Island lifestyle: agriculture, arts, alternative health options, respect for and enjoyment of the natural world.

Already here? Be a visitor in your own backyard. Wanting to be here? Let's explore ownership possibilities. Consider a land purchase and investigate new manufactured home options (recent changes in construction techniques can benefit buyers). What about shared ownership? A lawyer can explain the various ways to benefit from shared ownership with family or friends. Is it for you?

Meantime, October welcomes the harvest bounty of this dynamic time of year. Enjoy!

September 2024

September smiles its welcome

Here we are, at the very beginning of September.

A month that holds both late Summer and early Fall in its calendar, and enjoys the harvest season largesse. Farmers Markets, Fall Fairs, farmgate stands...restaurants showcasing the bounty of local farms...it is a time of delicious enjoyment of the "season of mists and mellow fruitfulness" (as beautifully described by the English Romantic poet, John Keats).

September Trend Lines

And what about the trend lines of the real estate market in our secondary home/recreational marketplace? Inventory remains low (as soon as one looks at type and price, one sees this) and strong interest from urban dwellers in moving to rural regions (a desire to be apart and self-sufficient) continues. A desire to preserve capital (the value of currencies) remains a factor for some real estate investor buyers.

Buyers have been cautious throughout the Summer months. The two interest rate cuts from Bank of Canada did not encourage sales. A third cut is expected in early September. This cautious reaction was seen throughout Canada in July and most of August.

What is the Main Buyer Profile on Salt Spring?

The main buyer profile on Salt Spring and the Gulf Islands continues to be from Vancouver/Lower Mainland. Outcomes in Vancouver create outcomes in the recreational/rural areas. Pauses there create pauses locally. A Fall Market (often called a Second Spring) has long been a feature of Salt Spring and Gulf Islands sales activity. We are just starting into this usual local trend. It may take till early November to see accomplished outcomes.

The lack of inventory is projected by CMHC (Canadian Mortgage & Housing) to continue for several years...strong immigration and years of inadequate residential development combine to keep real estate pricings high. Although governments have brought in measures to alleviate this lack of product, their mainly negative attempts have not worked, to date. The Islands Trust form of governance (in place since 1974) also keeps growth curtailed on the Gulf Islands.

A Sellers or Buyers Market?

So...the long term issues in place continue to keep prices higher and product options low. There are fits and starts rhythms, but overall the market has remained even. It could still be described as a sellers market. There are always opportunities for a savvy buyer, however, regardless of trend in play.

We enter September with the amazing Fall Fair (two days on Salt Spring) awaiting our pleasure. Don't miss this annual event, mid-month. Labour Day holiday weekend is followed by back to school. The arts community showcases receptions and openings...check the Ganges galleries, and ArtSpring. Catch ArtCraft before its seasonal closure. Live music venues continue...pop into the Visitors Centre for the latest on events. Shorter days, cooler mornings/evenings and warm summer afternoons...kayaking discoveries of our marine lifestyles...perfect star-watching time in early evenings.

September is also a time to enjoy visits to all the Gulf Islands...it's the softer season. Feed the body and the soul. Be a tourist in your own backyard, and rediscover the gems that make up the acclaimed Southern Gulf Islands/Salt Spring Island.

September smiles its welcome...enjoy!

August 2024

August ushers in the bittersweet finale of summer's symphony.

Well, here we are, at the very beginning of August...still in Summer, but with a definite sense that Fall will arrive lickety split. Already, it's darker in the early mornings and definitely darker much earlier in the evenings. Earlier sunsets deliver incredible star-watching opportunities, but facing forward towards the shortest day of the year is a reminder that the summer season is a brief one, and needs to be savoured.

B.C. Day Weekend & Summer Activities

August opens with the B.C. Day holiday weekend, and lots is happening on Salt Spring and the Southern Gulf Islands. Check in with the Visitors Centre in seaside Ganges, to see what's on.

Live music venues (Treehouse, Moby's, Legion, Centennial Park)
Al fresco dining opportunities at our great restaurants
Saturday Market, Tuesday Farmer's Market
Hiking trails (Ruckle Park, Mt Erskine, Channel Ridge)
Wine tastings (Garry Oak), cider tastings, craft brewery
Salt Spring cheese, farm gate stands
Restorative spa treatments, alternative wellness options
Studio tours, gallery receptions, ArtCraft, ArtSpring
Sailing, kayaking, paddle boarding, whale watching

Salt Spring does deliver on the essentials: a peaceful enjoyment of the natural world welcomes one.

Real Estate Trends

At this very beginning of August, what about that elusive real estate market trend? Although some few new listings did appear in July, for "the season", the inventory remains low. As soon as one describes type and price, in seeking a real estate purchase, it's clear that there's not a big choice for a buyer in their preferred category.

The Bank of Canada has brought in two interest rate reductions, but this has not pushed buyers to rush to action. Buyers are being thoughtful. The Gulf Islands are not first time buyer locales. Low inventory, relatively stable pricings, concern about lack of appealing choices lead to "wait and see" outcomes. Most listings below one million remain in the townhome/strata segment. Single family homes require a buyer who can look up to 1.45. Many properties in these low million plus price points still need upgrades/renovations.

CMHC (Canadian Mortgage & Housing) reports that the lack of housing product will be a factor for some substantial time (2030?). Immigration coupled with lack of housing equals continuing price stability, if not serious escalation. Reasons for seeking a real estate purchase in a recreational area remain the same: a desire to drop urban for rural (seeking safety) and a desire to preserve capital (hard asset investment choices). Most owners do not want to be sellers.

At this very beginning of August, mixed outcomes are evident, with both entry level and luxury offerings finding buyers, with both price reductions at the point of an offer and "over ask" situations also in play. It may take until late October to see completed summer sales, and a corresponding market report...things are underway right now. Most buyers continue to be from Vancouver/Lower Mainland.

More information on what's for sale and what has sold? Contact me.

August sees Fall Fairs in many rural locations, reminding us of the fruition cycle. Back to school ads are with us. Yes, it's still Summer, but there's a sense of rushed pleasures, not the drifting and dreaming enjoyment of June or July, with their sense of endless time.

Summer...a warmth that inspires. The hammock calls. Remember your Omar Khayyam...the bird is on the wing. August's summer pleasures are calling...catch them...and enjoy.

July 2024

July welcomes the ease of summer pleasures.

Canada Day on July 1st is the anchor celebration. Check out the Visitor's Centre for all the special offerings on Canada's birthday (including the classic car show).

Summer Activities

Markets & Food

Saturday Market
Tuesday Farmers Market
Wine tasting at Garry Oak
Cider tastings (two cideries)
Olive grove
Craft brewery
Farmgate stands
Al fresco dining restaurants

Outdoor Activities

Hiking trails: Ruckle Park, Mt Erskine Park, Channel Ridge
Swimming: Vesuvius Beach, St Mary Lake, Cusheon Lake, Weston Lake
Kayaking
Whale watching
Drummond Children's Park

Arts, Culture & Leisure

Studio tour
Village galleries: ArtSpring, Ganges Galleries, ArtCraft
Live music venues: Moby's, Legion, Treehouse
Restorative spa experiences
Unique shops and specialty offerings

Experience the creative and entrepreneurial spirit of the Gulf Islands. Take your ease and enjoy the summer pleasures!

Real Estate Trends

Real estate trends as we glide into the summer season? Although there can be lengthy pauses in action en route, the real estate market has seen continuing low inventory coupled with significant buyer interest for some substantial time...the effect of this ongoing trend is currently expressed in random pricings (stable, soft escalation, reductions at point of an offer... all are in evidence). This mix in outcomes highlights the fluidity of today's world. The watchword of our time is "uncertainty". This results in a stop and go pattern for buyer action, but it remains consistent.

Since 2016, most buyers in the secondary home/recreational regions have been from Vancouver/Lower Mainland. There have been ups and downs in market conditions over this timeline, but overall real estate has strengthened in value. Lately, we are seeing renewed interest from both Alberta and Ontario.

Most owners do not want to be sellers. The buyers arriving to view are seeking to drop urban for rural. There is always some increase of listings in summer/early fall, but not in significant numbers. As soon as one categorizes by price and type, one can see that the inventory continues to be very low. Buyers do not have a lot of choice in their preferred categories.

The push for rural over urban is one buyer trend and another is the desire for good hard asset investment. Buyers are concerned about currency issues and see ownership in a unique area as a preservation of capital decision.

The Gulf Islands have become a late summer/fall market, with prices generally higher than nearby Vancouver Island due to limited inventory.

Islands Trust and Housing

The Islands Trust, established in 1974, has capped growth on the Islands with strict density controls. This has led to consistently low inventory, regardless of market trends. The ongoing housing crisis across Canada is particularly pronounced in the Gulf Islands due to these restrictions.

Looking Ahead

So, we have arrived at the beginning of the last half of the year. Several years ago, the Gulf Islands became a late summer/fall market. It is a gift to be able to own and enjoy a Gulf Islands/Salt Spring Island lifestyle. Prices have always been higher than on nearby Vancouver Island, due to lack of growth inventory. The Islands are not really first time buyer territory. New ownership models may become a viable way to be a part of living on a Gulf Island...to own jointly with friends, or family. Single family ownership may evolve.

July... time to enjoy this season of warmth and largesse, to welcome the sense of ease it brings, to be inspired by sunsets and star watching opportunities.

A brief season. Already the days are becoming shorter. July... catch it! Enjoy.

June's Beauty

Lovely June is here...the month of roses...in gardens and parks and also wild at road edges. An elegant flower, an inspired fragrance...worth seeking out at this meteorological start of Summer.

Blossoms in orchards have spun their way to pastures to allow budding fruit to grow forward. The great Pacific Northwest Coast offers May to September as key months...late Spring-into Summer-into early Fall. June brings the beginning of summer vacations, weddings, graduations, family events...and Nature speaks the tongue of beauty. So important to observe.

Real Estate Market

The real estate market can be quieter in early June, perhaps reflecting the hiatus of family events. By the third week of the month, the Summer Market kicks in. Inventory remains low, and in spite of interest rate effects buyers are willing to make offers again. The pause of uncertainty seen in 2022 and most of 2023 is over as we continue through 2024. The buyer profile remains mainly a Vancouver/Lower Mainland purchaser.

Sales Trends

Market Dynamics

Change remains the watchword of our time. Changes to the Real Estate Act continue. The impact of AI remains a factor. This is an election year in B.C. (vote in October), and that brings party discussions to the fore. Global uncertainties continue. Currency concerns and a desire to drop urban for rural continue as key motivators for buyer action. Most owners do not want to be sellers.

Current Listings and Sales

At this very beginning of June, there are approximately 115 residential listings on the market. Some of these are properties listed before, now returned to market for perceived Summer activity. Most listings below one million are townhomes (strata zonings).

At this very beginning of June, there are approximately 44 Land listings on the market...not separating out lots, acreages, view, waterfront, pastoral options.

More information on "what's for sale" and "what has sold"? Contact me for further details of property types and initial price points.

June Activities

Meantime, it's amazing June. Art galleries in Ganges are showcasing new works for the season, studio tours are underway, tastings at wineries and cideries, craft brewery, live music venues entertaining us, spa treatments to ease us into the new season, seasonal menus to celebrate at our great restaurants and coffee stops, the start of ArtCraft at Mahon Hall, beachcombing and picnics, sunset viewings on the longest day of the year, sailing races, whale watching, hiking/walking trails beckon...lots to enjoy!

June...a reminder to be paying attention to Nature's largesse and to truly enjoy. Yes, lots of concerns out there in global issues. Turn off the phone. Take Five (thank you, Dave Brubeck). This is the season to sit and ponder and observe the delights of June. It's spectacular. Summer is here...smile!

May 2024 - Springtime on Salt Spring Island and the Gulf Islands

Salt Spring Island and the Southern Gulf Islands

Here we are, at the very beginning of May, long considered the start of the most alluring months on the entire Pacific Northwest Coast...and those on Salt Spring Island and the Southern Gulf Islands would agree. May to October are the key delectable months in our local world, taking in Spring, Summer, early Fall. Lucky Salt Springers to be enfolded by beauty. So important, no matter the geopolitical concerns that underline our time and bring worries our way, to enjoy this annual splendour of Nature.

Real Estate Market

The real estate market on Salt Spring and the Gulf Islands is showing good action again. Most buyers still continue to be from Vancouver/Lower Mainland. A desire to leave urban for rural remains a key factor. A newer reason for a property purchase might be a preservation of capital consideration. An interest in hard asset investment could be a major reason for owners not wanting to be sellers, unless they "have to". Low inventory, coupled with renewed buyer action (the pause in activity in 2022 and most of 2023 is over), does lead to price escalation. As a secondary home marketplace, Salt Spring and the Gulf Islands do follow their own pattern.

Seasonal Market Trends

People do buy throughout the year, but it is true that most sales action occurs between mid-March to late October. There is no local market, and since 2016 most buyers have come from Vancouver/Lower Mainland. Low inventory continues to be a factor in Vancouver Island communities, on Salt Spring and the Gulf Islands, and on the Sunshine Coast. This lack of housing, in spite of governments welcoming immigration, is not easily solved. Some government measures to add to housing stock will have very limited outcomes and could be described as ineffective. It is expected that lack of housing pressures will continue past 2030. Hmmm......

Property Types and Buyer Preferences

It's interesting that most options below one million, on Salt Spring, are townhomes. These strata listings are not always what a seeker for a Salt Spring lifestyle is looking for. Single family homes are few & far between, below one million. Many potential buyers are looking for:

And so on. It can take three visits before a sale is accomplished. The buyer also has to choose "for" Salt Spring as well as for a specific property.

Market Outlook

So, low inventory continues. More buyers are willing to act with an offer in 2024, and price escalation is projected by the summer season. It may not be bidding war territory, but it remains a sellers market.

Enjoying Salt Spring Island

May...an important anniversary for ArtSpring. ArtCraft at Mahon Hall is getting ready for the season. Ganges Galleries are presenting new works, and coffee stops that showcase artists are welcoming one. New restaurants are there to try and Hastings House, Auntie Pesto's, and Rock Salt remain faves.

Beachcombing, sailing races, paddle board and kayak adventures, whale watching...walking/hiking trails beckon...Ruckle Park picnics...restorative spa experiences, amazing Saturday Market...yes, it's Spring-into-Summer and time to jump in. Enjoy!

April 2024 - Springtime on Salt Spring Island and the Gulf Islands

The very beginning of April brings with it the beauty of authentic early Spring. The end of the month is more like May. This chameleon month is also the first month when one can start to understand the tone of the real estate market for this year.

Although buyers pop in anytime, on Salt Spring and the Gulf Islands, it is generally accepted that most tourism (and resulting real estate activity) falls between March Break and the Canadian Thanksgiving (October). Low inventory continues, most of the listings below one million are strata properties (townhomes). Single family homes are mostly between one and two million. Land listings are also showing extremely low inventory. Most owners are not wanting to be sellers, unless they have to. In 2022/most of 2023, buyers were in pause mode...inquired, sometimes viewed, then paused. So many global uncertainties may have created this pause period. This year, buyers are acting again. The desire to leave urban for rural remains a factor. A desire for safety is another reason to consider a country home/more self-sufficient outcome. Preservation of capital is a further reason to consider a real estate purchase in a secondary home/recreational marketplace. These are also reasons why owners are not interested in being sellers.

By late May/early June, enough sales will have taken place to allow definitive thoughts on a 2024 trend. Projections are calling for continuing low inventory and price escalation. The busier sales months are always July, August, September. To own on a Gulf Island, with the Islands Trust governance cap on growth, at same time that the market has low inventory and buyer desire, it may be that new potential buyers might want to explore shared ownership models. Ownership may require serious thinking out of the box.

So, inspiring April is here. ArtSpring is celebrating an important anniversary. The Saturday Market is open. Hastings House has reopened for the season. Boaters are back and marinas are busy. Galleries are showcasing new works and the studio tour welcomes you. Wine tastings, cider tastings, craft brewery. Farmgate stands, orchards in blossom, hiking/walking trails to encourage getting out and about, beachcombing, new restaurants and coffee stops to try. It's April...wash those windows and let the light in. Lighten up...it's real Spring!

Welcome to March: A Transition to Spring

March...it unleashes Spring. Meteorological Spring arrives on March 1st and the calendar signals the 20th.

Does it come in like a lion or a lamb? A mixed month weather-wise, but that 8 seconds more of daylight every day is delivering extended light and the upcoming daylight saving time change is a factor.

March...it also signals the beginning of the real estate market’s Gulf Island seasonality...March Break (mid-month) to Canadian Thanksgiving Weekend (mid-October) are often described as “the season” for Salt Spring and the Gulf Islands.

Real Estate and Seasonality in the Gulf Islands

Current Market Overview

Sales certainly take place throughout the year, but it does seem that the March to October timeline encourages tourism, real estate exploration, decisions to buy...for the whole Pacific Northwest Coast, including in the secondary home/recreational environment of the Gulf Islands.

The very beginning of this March arrives humming the same tune that has characterized the real estate market on Salt Spring and the Gulf Islands since Fall, 2023...a lack of inventory. Most owners do not want to sell.

The two year pause in buyer action (2022 & up to November 2023) did not see a spill-out of listings. The rise in interest rates may have caused some of that pause period, and kept some owners from selling at a low action period, but perhaps a bigger reason for fewer listings might be the fact that a potential seller can’t find a property to move to. Low inventory is a coastal issue. No one wants to be “houseless”.

All levels of government (municipal, provincial, federal) are struggling with the lack of available housing, right across Canada. Strong immigration puts further pressure on housing. Owners not wanting to sell are perhaps also wanting to retain the safe haven they already own...perhaps as a hard asset hold to preserve capital. For a Gulf Island, under the governance of the Islands Trust, the Trust capped growth...there will always be a lower growth and a regulated model in place (the Trust has been in charge since 1974).

Low inventory coupled with buyer desire does lead to price escalation. By late April, we may see this market trend fully back in play. There will be a provincial election in October and efforts are being made to create housing...such concepts would not be available for two plus years and might only add seven to ten thousand units. It seems that low inventory will remain a housing crisis issue, whether buying or renting.

Real Estate Listings Overview

March Activities and Events

March: longer days, with a mix of left-over winter and almost spring weather, bulbs and early shrubs flowering forward, gallery openings that showcase new works, live music venues to enjoy, season re-opening of Hastings House, Home & Garden show weekend (thank you Windsor), and an early Easter Weekend (the last weekend of the month). Saturday Market-in-the Park season smiles hello. (Enjoy the newly reconfigured Centennial Park). Seek out the March presentations at ArtSpring...the Arts are alive and well on Salt Spring. Check out special menus at our great restaurants and coffee stops. Spa retreats, beachcombing discoveries, hiking/walking trails to meander...time to wake up with the season.

February in the Pacific Northwest Coast Real Estate Market

February often starts the early Spring market on the Pacific Northwest Coast. The trend for 2024 might not be evident till March Break, but February introduces the early activity.

Salt Spring Real Estate Market - Early February

What do we see in the Salt Spring real estate market at this very beginning of February? The song of thin inventory continues. This is a theme seen in competing Vancouver Island communities...lack of listings is not just a Gulf Island issue.

Why Owners Hesitate to Sell

There are many reasons for owners not wanting to be sellers. That flight from urban to rural, post-pandemic, continues. It may be about a desire for safety. Geopolitical concerns are part of location decisions. A desire to be apart from city problems is a strong driver to action...a seeking of a "kinder gentler" lifestyle makes sense. There is also that "back to the land" component, where one can be self-sufficient if supply chains falter. These elements may propel buyers, but they also stop owners from becoming sellers...they are already enjoying these elements. IF they thought of selling, they would discover they can't find a replacement property elsewhere...no inventory...and so it goes.

Gulf Islands Governance and Real Estate

Under the Gulf Islands form of governance (Islands Trust, with a mandate to "preserve and protect" the environmental beauties of the Gulf Islands for the benefit of all B.C. residents), in place since 1974, a buyer purchase/investment is ensured to remain as purchased. In this era of extreme change, this continuation of what one fell in love with, and purchased, is a strong feature of decisions to invest on a Gulf Island.

Market Dynamics and Future Trends

It's also a recipe for price escalation. Will we see multiple owners as a buyer profile, going forward, so that one can enjoy ownership of a Gulf Island property? Hmmm....there are always work-arounds and creative ownership models may be one outcome to encourage the opportunity to own, as prices rise and inventory remains static.

A February 2024 Market Analysis On Salt Spring

So: the very beginning of February shows continuing low inventory, with buyer interest showing up in all price ranges and property types, and now with a sense that one needs to act. The pauses in action, seen in 2022 and 2023, appear to be over. Oddly, this increase in activity began in November 2023. The interest rate fluctuations remain a factor in buyer outcomes. Those having to renew mortgages in 2024 and 2025 will also be making decisions as to whether to hold or to sell. Lack of inventory to buy or to rent may decide people to struggle on with current ownership.

Real Estate as Capital Preservation

Many on both sides of the seller/buyer divide are seeing real estate as a way to preserve capital. Concern about erosion of purchasing power of currencies has people thinking about how to retain value in their holdings.

Anticipating Future Outcomes

Lots of outcomes still waiting to be formed...it's very early in what promises to be a busy year. It's a good idea to attend seminars and financial webinars...all information is helpful in times of change. And also keep an eye on AI...implants that allow one's thoughts to effect change? Hmmm.... Mid-Feb welcomes the Year of the Wood Dragon in the Asian Lunar New Year. The western zodiac sees Pluto in Aquarius, a line-up not seen since the French Revolution. Recipes for change? Keep your editing function fired up.

Exploring the Local Area in February

So: February. Check the garden...early bulbs and shrubs are flowering forward. Give yourself the gift of new...zip off to Victoria or Sidney and look at a different set of walls. Remember the Cowichan Valley...on our doorstep and lots to see and do there. Beaches to explore at Parksville/Qualicum or all the way to Tofino. Check out our close neighbours, the other Southern Gulf Islands...each with their own signature. A day trip makes us glad to get back to Salt Spring's many charms. Family Day holiday weekend in mid-February invites us to sample other nearby spaces. Lucky us...adventure on!