Winter, 2025
Winter on the Coast
Market Timeline
Traditionally, the sales timeline for the secondary home/recreational areas on the Pacific Northwest Coast falls into early Spring, Spring, Summer, early Fall. This might be seen as March Break to Canadian Thanksgiving Weekend in mid-October.
Some time ago, these weather markers became irrelevant...our smart phone world had erased time and buyers now turn up anytime that suits their lifestyles. Sometimes, they want to see a coastal property at its worst...understanding that if they like it in November or January, they will love it in July.
Market History
The rush from urban to rural in 2021, post the 2020 covid closures, caused an erasure of inventory and resulted in increases in asking prices, all over the Coast.
The Salt Spring and Gulf Islands patterns mirrored those on Vancouver Island, Sunshine Coast, and Okanagan. Low inventory persisted and stable (though higher) pricing remained in place. Buyers viewed, but did not always finalize with a purchase. Interest rate increases had an effect on outcomes in 2022, 2023, and early 2024. Interest rate cuts in the last quarter of 2024 did bring some purchase results.
Current Outlook
January's winter timeframe invites thoughtful plans for early Spring (seen as beginning in mid-February). Low inventory remains. Prices continue to show stability.
Unrest in federal government outcomes are on the table. Although stating he will step down, the prime minister and his agenda remain in place until a new party leader is chosen, and an election takes place. Changes to government in the U.S. will have an effect on Canadian federal decisions. Provincially, government decisions have been put off until the Spring sitting.
Looking Forward
It often takes until March Break to see the market tone of a New Year, in all secondary home/recreational areas. Winter is a good time to attend financial seminars, to listen a lot, to look past early projections. Will 2025 see a slow results year? Will it brisk up in outcomes? What effect will AI have going forward?.
Stay tuned.