Market Analysis

Salt Spring Island real estate in depth monthly analysis by Sea to Sky Properties’ broker, Li Read

October 2019, Salt Spring Island Market Analysis

Fulford Harbor, Salt Spring Island, BC

October begins…real Fall is with us.

On Salt Spring and the Southern Gulf Islands, real estate sales continue throughout this last quarter of the year.

Salt Spring is “seasonless” for real estate…many transactions often take place between early October and year end. Perhaps buyers viewed earlier, but they act in the Fall.

Salt Spring and the Southern Gulf Islands became strong Fall sales windows several years ago.

At the beginning of October, then, we have 117 residential listings (not separating out townhomes, waterfronts, farms…simply a residential category).

Market Statistics

  • 62 are listed between 239,000 (a Brinkworthy Park mobile) and 998,000 (a renovated tidal waterfront cottage-home).
  • 42 of these are listed between 1,020,000 (an updated character home on 10 acres) and 1,999,900 (a cottage on 30 acres on Blackburn Lake).
  • 9 residential listings are between 2,150,000 (architect designed waterfront) and 2,999,900 (two adjacent waterfront
  • lots, architect designed home).
  • 2 of the listings are 3,499,000 (for a view home with cottage on 4.95 acres) and 3,895,000 (waterfront home with studio).
  • 1 listing is an 84 acre farm, potential subdivision possibility, asking 6,688,900.

At the beginning of October there are 90 land listings (lots or acreages…not separating out waterfront or farms)actively on the market.

  • 28 of these are listed between 148,800 and 299,000.
  • 25 parcels are listed between 309,000 and 499,000.
  • 30 properties are listed between 519,000 and 995,000.
  • 5 parcels are listed between 1,020,000 and 1,395,000.
  • 2 are over 2 million asking (2,150,000 and 2,495,000…both are very large waterfront acreages).

At the beginning of October, the solds to date number 125:

  • 35 were selling between 125,000 and 494,000.
  • 18 sales were between 515,000 and 589,000.
  • 15 sales were between 601,000 and 699,000.
  • 13 sales between 712,000 and 794,000.
  • 10 sales took place between 800,000 and 894,000.
  • 7 sales took place between 900,000 and 950,000.
  • 26 sales between 1,000,000 and 1,837,500.

Of these

  • 13 were waterfronts.
  • 8 of these were very large acreages/farms.
  • 17 of the 26 sales over a million sold below 1.275.
  • 3 of the 26 sales over a million sold between 1.375 and 1.438.
  • 6 sold between 1.6 and 1.837,000.

There was 1 sale over 2 million (a waterfront point that reduced from 3.1 to 2.6, and sold for 2.3 (in late September).

Chasing Down the Market. Helpful?

We have two natural annual pause periods in our secondary home/discretionary market. One is late May/early June. The second is late August. A local real estate company severely reduced prices on almost all their company listings, in early June. Other companies did not follow suit. The same company further severely reduced their company listings in late August…and another company did follow suit. The same company brought in further reductions in mid-September. It appears that only two such reduced listings have sold (in September).

The listing inventory remains very thin. Generally, Salt Spring might see between 380 and 420 residential listings available (residential and land). As we begin October, we have a total of 207 listings for a buyer to consider. As soon as a buyer criteria includes price and type, the scarcity of listings is very apparent.

Taxation & Policy Measures

It is clear that the various taxation measures from the provincial government, in 2018/2019, to suppress real estate markets in Vancouver, Victoria, Nanaimo, Kelowna, have worked.

The Vancouver market had been the main propeller of a sales recovery in the Gulf Islands (between early 2016 & early 2018)…it was the same in all the secondary home markets. The further faltering in Vancouver, because of provincial government tax interventions, directly affected sales on Salt Spring and the Southern Gulf Islands. More information? Call me.

Patience is Key

Patience on the part of a seller is always necessary in all secondary home markets. The buyer has to first choose “for” a specific location before deciding on a property. Time lags are a part of this view/think/choose/buy scenario. When government measures intrude, time delays can further escalate.

So…going forward? In spite of the provincial government’s suppression measures, there seems to be a resurgence in Vancouver sales activity. Geopolitics create larger markets and no area is immune to events in Asia, Europe, Americas. Coastal B.C. and the city of Vancouver offer a pleasing destination. A Vancouver seller remains the principal buyer in the secondary home areas.

Meantime: October brings lovely crisp days, mingled with rainy weather patterns. It’s a Harvest season on special Salt Spring. The Saturday Market and the Tuesday Market are still occurring. The Canadian Thanksgiving in mid-month, special harvest menus at our great restaurants, farm-gate stands are open, the annual Sip & Savour takes place (showcasing local fare), and music and theatre presentations are underway (ArtSpring, Folk Club). SSNAP (Salt Spring National Art Prize) continues (Mahon Hall). Wine tastings, cideries, craft brewery…live music venues in Ganges…and hiking/walking trails beckon. Enjoy!

Seeking a property on special Salt Spring? Benefit from my knowledge and expertise. How may I help you to discover and to buy your Gulf Island property gem? Call me.

September 2019, Salt Spring Island Market Analysis

Farmers Market, Salt Spring

September arrives with a sense of renewed purpose.

Although the calendar says Summer carries on until September 20-21, everyone accepts that Labour Day and “back to school” signal a new season.

On the great Pacific Northwest Coast, the days are slowly shortening…another seasonal sign.

September & October Can See a Strong Real Estate Picture

As we begin this new month, it’s good to remember that September and October can see a strong real estate sales picture. Perhaps potential buyers viewed earlier and perhaps they are just arriving now, but these two months can be very active.

Inventory, as soon as one fills in desired price point and property category, remains “thin”. Many owners do not want to be sellers. If one “has to” sell, for whatever reason, that may bring a few new listings onstream, but generally there is a small choice in properties right now for a prospective buyer.

The Buyer Profile

The main buyer profile is still someone from Vancouver/Lower Mainland…when they sell in the city, they become the buyers in the secondary home markets…and this includes on Salt Spring Island.

The main competing area to Salt Spring right now might be the Cowichan Valley. Sellers need to remember that Vancouver Island is also being looked at by that Lower Mainland potential buyer. This interviewing of destinations takes time, and is the main reason for time lags between viewing a property and deciding to offer on it.

Late Market Momentum

This 2019 year has been a shorter “season” than usual…the “once every fifty years” windstorm damage (end of December) is still being addressed in many areas…the unusual snow storms that refused to melt (February/March) added to the “pause”. The first three months of the year were effectively erased, and one could say that the Spring Market did not really get going until around April 5th.

The usual pause between end of May and beginning of June (a traditional hiatus between seasons) saw one local company dramatically reducing prices on all their company listings. These reductions did not lead to resulting strong sales.

The summer market is often a little haphazard…viewings but not always actions. The short pause towards end of August, as people with children return to home locations to organize “back to school”, saw the same company bring in another round of very dramatic reductions on all their company listings. It will be interesting to see if sales follow.

I do this market report at the beginning of a month and offer updates via my blog.

Geopolitics & Our New Media

Geopolitics (Hong Kong unrest, tariff wars), plus elections/media reporting, and continuing provincial government measures to suppress real estate values in Vancouver, Victoria, Nanaimo, Kelowna…all these elements do affect buyer decisions re the timing of a purchase. Hmmm….

Price reductions may not be germane until the mainly non-local buyer physically turns up on Island…at that point, price spreads will matter.

At this beginning of September moment,

  • There are 134 residential listings (not separating out townhomes or waterfronts). 34 of these are below one million.
  • There are 96 land options (not separating out lots, acreages, or waterfronts).
  • There are 14 commercial listings (not separating out business only from land and business).

As soon as one puts in a parameter (type of property and price point) the choices quickly shrink.

  • There have been 105 sales to date (between 130,000 and 1,837,500). 39 of these sales are below one million.

September offers summer days, the Saturday Market and the Tuesday Farmers Market both continue, the annual Fall Fair is not to be missed…plus farm to plate dinners, Harvest delights at farmgate stands, gallery openings/receptions, wine tastings, cider tastings, craft brewery discovery. Hiking/walking trails beckon and kayaking/sailing invite. The month begins in Summer mode and closes with authentic Fall.

Salt Spring in September/October is a delight. Discover for yourself.

August 2019, Salt Spring Island Market Analysis

Salt Spring Island

For many years now, Salt Spring Island and the Southern Gulf Islands have seen strong sales between August and year end.

The Gulf Islands became predominantly summer/fall markets several years ago.

Some sellers don’t list their properties until August, as they want unencumbered enjoyment of their properties, for one last summer season.

The Evolution of the Salt Spring Island “Buyer”

Some buyers, who might have viewed a Gulf Islands property in the Spring season, might now be willing to act with an offer…there might be a little psychology at play, along the lines of: “seller may be noting that we are nearing the close of a seasonal marketplace, and so may be willing to accept a lower offer”. This could be so…although an outcome might also depend on motivation of a seller to sell.

At the beginning of August, then, we find a very thin inventory of listings continuing, and yet actual sales still take time to fill in.

Buyers who come to view Salt Spring or another Gulf Island or even a Vancouver Island community, seem to be interviewing areas. The main buyer profile remains someone from Vancouver/Lower Mainland. They plan to live where they choose to buy.

It does make sense then that these buyers will take time to check out the merits of various locale possibilities…why here? Why not there? Often, that “being sure” means two or even three trips to a region, “checking it out”, before deciding to make an offer on a specific property.

Patience is important on the part of a seller. It just seems to take the time it takes to accomplish a sale in any secondary home/discretionary area.

The first decision is always: “I choose for Salt Spring”. Then a potential buyer will be serious about purchasing a property. Before that decision about choosing “for” the Island, as the destination, viewings occur without resulting offers.

Sales & Inventory Analysis

At the beginning of August, there are 135 residential listings (not separating out townhomes, single family homes, waterfronts). Of these, 69 are below one million; the majority are below 900,000. Over half the residential listings are priced over one million. Of these, 49 are listed between 1,020,000 and 1,999,900. Eleven are listed between 2,150,000 and 2,900,000. Four are listed between 3,200,000 and 3,895,000.

At the beginning of August, there are 135 residential listings (not separating out townhomes, single family homes, waterfronts). Of these,

  • 69 are below one million;
  • the majority are below 900,000.
  • Over half the residential listings are priced over one million.
  • Of these, 49 are listed between 1,020,000 and 1,999,900.
  • Eleven are listed between 2,150,000 and 2,900,000.
  • Four are listed between 3,200,000 and 3,895,000.

At the start of August, there are 97 lots/acreages for sale (again, not separating out waterfronts), ranging from 148,800 to 2,495,000.

At the start of August, there are

  • 97 lots/acreages for sale (again, not separating out waterfronts), ranging from 148,800 to 2,495,000.

By the beginning of August, there had been

  • 89 “solds to date”, ranging between 135,000 and 1,700,000.
  • Fifty-seven of these were below 800,000, supporting a pattern that entry level residential offerings were the most active segment in the
  • first half of the year.

In the latter part of the year (August to year end), one often sees interest in upper tier priced properties filling in. It should be clear by mid-October what the upper tier property market sales trend will prove to be in 2019.

Salt Spring Lifestyle

BC Ferries

Salt Spring Island enjoys a year-round lifestyle opportunity. Three ferries service Salt Spring, with consistent year-round service (to Vancouver, to Victoria, to mid-Vancouver Island). There are three elementary schools, a middle school, and a state of the art senior school. There is a hospital on Salt Spring and excellent care. There are regular year round floatplane companies servicing Salt Spring (to Vancouver airport and to downtown Vancouver). All services/amenities required for a pleasing 21st Century lifestyle are available on Salt Spring. It is not necessary to leave the Island, although it is easy to come and go.

Part of the Islands Trust, a body created by the provincial government in 1974, Salt Spring is also a part of the Trust’s mandate: to preserve and protect the environmental beauties of the Gulf Islands for the benefit of all B.C. residents. Salt Spring is not a municipality. Effectively, the Trust capped growth on all the Gulf Islands, via strict zoning/density bylaws. Two trustees are elected each civic election and also a CRD (Capital Regional District) director. Many of the wonderful things Salt Spring enjoys have been put in place by volunteers. Ask me about this!

Salt Spring and the Southern Gulf Islands are in a microclimate known as “cool Mediterranean”. More hours of sunshine/less rainfall than in other coastal communities. Orchards, vineyards, wineries, craft brewery, cideries, olive groves, cheesemaker’s, farmgate stands…the rural agrarian life is here. Taste your way around the Island!

An authentic artists community, Salt Spring also enjoys a rich cultural life. Ganges galleries, Studio Tour, ArtCraft, ArtSpring. SSNAP (Salt Spring National Art Prize), 2019. More info? Call me!

August offers B.C. Day Holiday Weekend fun, Saturday Market in the Park (one of the 10 best markets in Canada), the Tuesday Farmers Market, live music venues (Treehouse, Moby’s, Legion, Woodley’s), Wednesday evening sailing races, kayaking to Chocolate Beach, sunset viewing at Vesuvius Beach, dining al fresco around the town, whale watching tours, swimming in ocean & lakes, forest breathing, and…your fave summer choices are? Share!

Salt Spring is a delectable place to visit and a very special place to call home. How may I help you with your Salt Spring Island real estate needs? Call me! Your best interests are my motivation. I look forward to your call.

July 2019, Salt Spring Island Market Analysis

Salt Spring Island, BC

July, August, September are always the key months for tourism outcomes and for real estate activity, in our Gulf Islands marketplace.

Beginning of Season

I do these market reports at the beginning of each month, and so we are just starting into this year’s busier season. Inventory remains thin, and there are qualified buyers seeking a Gulf Islands/Salt Spring Island property.

Where is Salt Spring Island?

The Southern Gulf Islands are positioned between Vancouver, Victoria, and Seattle. With excellent ferry service (three different ferry routes service Salt Spring), and two year-round floatplane services, and with schools, a hospital, and all services/amenities provided on Island, Salt Spring offers a pleasing lifestyle…and all while enjoying the natural world protected by the Islands Trust (a non-growth policy, to preserve the environment on the Gulf Islands). This Trust has been in place since 1974.

Are Market Conditions the same on Salt Spring Island?

No area is immune from global intricacies, and the Gulf Islands did experience, along with most secondary home regions, an almost nine year downturn, after the 2008 economic collapses. During that time, inventory built up and there were few buyers around. The secondary home areas began to recover in March 2016 and, in spite of government tax measures to suppress real estate action in city markets, a slow improving trend was underway in all rural/discretionary regions.

Where is the market currently?

On Salt Spring, we have now arrived at the classic definition of a seller’s market: low inventory coupled with increased buyer desire. Price increases can be an outcome, over time.

It’s interesting that one local company reduced prices on almost all their listings in late May/early June. Also, in mid-June, a waterfront listed with another company sold for well above list price (which implies a “bidding war”). Transition periods are often characterized by different outcomes, all on the table at once.

As we enter July, there are 122 residential listings.

  • 38 of these are below 799,000
  • 59 of these are over one million

There are 88 lots/acreages listings

There are 77 “solds to date” (Solds range from 135,000 to 1,700,000).

Most owners do not want to be sellers, right now. The inventory of available listings is very low…as soon as one differentiates between price and type, this is immediately clear.

What is the impact of technology on real estate?

Along with the narrow specifics of our local marketplace, 2019 is ushering in the true 21st Century to the real estate industry as a whole.

PropTech has already visited our sister industry, the financial investment world. E-trade, for example, connects users directly with the means to trade. There is no middleman.

Artificial intelligence, machine learning, data mining, data-driven investing, globalization of search, changes to privacy of information, PropTech, tokenization of real estate, block chain technology that eliminates lawyers and realtors and puts sellers and buyers into direct touch, crypto currencies that avoid bank charges…real estate’s organization and execution will soon be different and very quickly so.

This is an interesting aspect when one considers a rural/discretionary property segment. Each property in a secondary home marketplace often mirrors the lifestyle of the owner…it’s even difficult for an appraiser…there are no comparables…each property is uniquely itself.

If one cannot use real comparisons to rank sales data, then how can cloud robotics state that such data is valid? Hmmm…perhaps this might mean that the interpretive voice of a knowledgeable local real estate agent will still be needed?

Definitely different days, and initial choices will be made on analyses of data. Interpretation of raw data will be important, but perhaps not at the beginning of an investor-buyer’s initial search. Data first…then interpretation…then it becomes information? Hmmm…..

So…how to position a seller’s property to catch maximum interest? So…how to facilitate an investor-buyer’s successful outcome? It is not business as usual, in this globally structured cloud universe.

Real Estate is a “People Business”

Real estate at its heart is a “people business”. Choices of location and style are often emotion based. We love a home. We feel at ease on a property. We are inspired by a location. These are emotional responses. Raw data is about statistical reports on past events, in an attempt, perhaps, at verifying future decisions.

Both are needed.

Happy Canada Day (July 1st)

Meantime: here we are at the very beginning of July (Canada’s birthday on July 1st and the U.S. celebration on the 4th). Salt Spring welcomes its visitors and both locals and visitors alike enjoy the many special summer events.

Saturday Market (one of Canada’s best), Tuesday Farmers Market, concerts in the Park (Tuesdays), sailing races (Wednesdays), kayaking to Chocolate Island, ArtCraft, Ganges galleries openings, Treehouse live music every evening, dining on a deck or patio (Salt Spring Inn, Auntie Pesto’s, Moby’s, Treehouse, Rock Salt, Piccolo’s, Kitchen), ArtSpring events. Forest breathing at Ruckle Park, Burgoyne Park, Channel Ridge trails. Wine tastings, cider tastings, craft brewery offerings. Salt Spring is a foodie paradise!

So many things to enjoy…look forward to hearing about your summer experience faves.

June 2019, Salt Spring Island Market Analysis

June. It’s a lovely hiatus month, between two real estate market moments: it straddles early Spring and Summer market patterns.

June also welcomes graduations, weddings, school’s out/summer holidays enthusiasm, and, on the great Pacific Northwest Coast, it can often be a showery weather month.

Gardens are in full array, roses are at their abundant bloom best, farmers markets, vineyard tastings…the opulence of Salt Spring’s rural heritage surrounds us.

Upper Tier & Entry Level Activity

At this hiatus moment, between two real estate sales patterns, it’s evident that entry level priced properties were where the action was in our short (due to weather vagaries between December 20 and end of March) early Spring cycle.

The upper tier priced properties don’t usually begin to see activity until after the Victoria Day Holiday Weekend, in mid-May.

Between mid-May and end of October, our real “season” takes place…and it invites buyers, in all price ranges and seeking all property types, to come forward to view.

Listing Inventory

The listing inventory remains very thin. We are seeing price reductions, but are also seeing that the very few new listings coming onstream are at higher price points than would have been the case in the previous year. Everything on the table at once means we are in a transition market…with an apparent upward momentum. Few listings, coupled with buyer desire, can lead to price increases. This outcome may not be evident until mid to late August.

I do this market update at the beginning of a month. June can have a “pause” in the first two weeks. Perhaps it’s about those family celebrations, but it might also be that late June begins summer travels and so early June is calmer.

At the beginning of June, then, we have 124 residential listings on the market. This does not separate out townhomes or waterfronts…it’s just residential/dwellings listings. There are 79 lots/acreages on the market. There have been 60 “solds to date”.

This is an extremely low listing inventory, particularly in the entry level priced categories. Most sales remain in that entry level price segment.

Of the 124 residential listings, at beginning of June

  • 12 under 500,000
  • 10 were under 700,000
  • 19 were under 800,000
  • 18 were listed below 900,000
  • 7 listings were under 1,000,000
  • 40 listings between 1 & 2,000,000
  • 12 listings between 2 & 3,000,000
  • 5 listings are between 3 & 4,000,000

Of the 79 lots/acreages, without separating out waterfronts, at beginning of June

  • 27 were listed under 300,000
  • 20 listed below 500,000
  • 16 were listed below 600,000
  • 10 were below 1,000,000
  • 6 were listed between 1,020,000 and 2,495,000

Of the 60 “solds to date”

  • 28 were below 600,000
  • 12 sales below 800,000
  • 10 sales were below 1,000,000
  • 10 sales between 1,000,000 and 1,700,000

Patience in the Secondary Home Markets. Invaluable

Patience is a part of all sales in all secondary home markets. A decision to buy is a choice…no one “has to” move to Salt Spring. In deciding about that choice, there are always time lags. Buyers do look in competing areas, “just to be sure”. It can take three visits before a decision is made.

Obstacles Can Play a Role

There are always issues facing all communities: for Salt Spring, the lack of affordable housing/work rental is also a problem. There are three public (and one private) affordable housing/rental options that are funded and permitted and they cannot go ahead because of the water moratorium.

Brought in by the three volunteer board members of NSSWD (North Salt Spring Water District) in 2014/15, this effectively prohibited connections to the water systems. There may be a capture/distribution issue on Salt Spring, but there is not a water shortage issue.

Water is under Improvement Districts at the provincial government level. The government has off-loaded Improvement Districts onto municipalities. Salt Spring is not a municipality…it is part of the Islands Trust. The CRD (Capital Regional District) out of Victoria could assume the NSSWD, but has not done so.

The lack of work rental options led to the Trust bylaw enforcement officer shutting down airb&b/short term vacation rental options (STVR). This was done under the assumption that vacation rental landlords would then rent to regular annual tenants. This is the Trust response to lack of work rentals.

The lack of people wanting to rent to regular tenants has to do with the current provincial government’s change to the B.C. Tenancy Act. The government canceled the Fixed Tenancy option, in Fall, 2017. This is why people do not want to be landlords to regular tenants…unless the owner moves in, one cannot give notice to a tenant.

Underlying Issue

The underlying issue, lack of affordable housing/work rental, gets back to the volunteer driven NSSWD moratorium on connecting to water systems. In our non-municipal form of governance, there is a lack of proactive oversight.

Summer Begins!!!

Meantime, the summer-summer season begins with June…and visitors to Salt Spring generate the economic well being of business enterprises. Check with the Salt Spring Chamber of Commerce for more information.

So, lovely June is upon us. Time to dine al fresco on restaurant decks and patios, to enjoy live music venues (Treehouse Cafe, Moby’s, Woodley’s), to meander Ruckle Park trails, to go jump in the lake (St Mary’s, Cusheon, Weston, Stowell) and swim to your heart’s content, to paddle board off Vesuvius, to kayak to Chocolate Beach, to enjoy Saturday and Tuesday Markets, to simply “be”, and to definitely stop and smell those roses.

Seeking a real estate outcome on delectable Salt Spring Island? No matter the market trend in play at any given time, there is usually a way to make things work. Call me! Let’s discuss. Your best interests are my motivation.

May 2019, Salt Spring Island Market Analysis

Salt Spring Island Farmer's Market

The season is with us! The great Pacific Northwest Coast is at its very best between May and October, and Salt Spring Island and the Southern Gulf Islands are a part of this.

Salt Spring, the largest and best serviced of the Southern Gulf Islands, is in the heart of some of the best protected boating waters in the world.

Lots of bays and coves and also Marina anchorages to explore.

Gulf Islands Economic Activity? Tourism, Tourism, Tourism

The main economic driver on the Gulf Islands is tourism.

I often think that a happy visitor experience on a Gulf Island may result in a real estate purchase…and then all other businesses get busy (architects, designers, builders, septic installers, driveway creators, soft furnishing providers, painters, etc etc etc).

Let’s not forget B&Bs, all accommodation providers, grocery stores, banks, lawyers, notaries, restaurants, ferries, car rentals, wine & craft brewery & cider tastings, arts showcases (such as studio tour)…they all benefit from a successful visitor experience.

What is Shoulder Season in Canada?

There is often a local business effort to create “shoulder season” events, to extend that “season” at either end…some years, it seems to work…weather variability becomes a part of this equation. The Salt Spring Chamber presents Sip and Savour, showcasing the agricultural community, in October…the Chamber also presents a Home and Garden show in March, emphasizing local trades and suppliers. These two events do bring visitors and locals alike, in an extended season.

What about that real estate market as we enter our true seasonal marketplace?

Listing inventory continues to shrink…especially in that entry level residential price segment. Undeveloped land is also finding a buyer…it is a way for a purchaser to keep to his/her budget.

A high number of the listings right now remain priced over one million.

Some of the few new listings appear to be coming onstream at higher price points than last year. There are also serious price reductions occurring…a sign of a market in transition, perhaps? Everything on the table, all at once….

Although May to October are seen as the main months for both tourism and real estate activity, it does remain a mainly weekend business until late June. The weekend action pattern returns in early September. Yes…very short and very intense.

It’s also true that there are really no real estate comparables on Salt Spring or on another Gulf Island. Owners create their personal dream.

When properties come on the market, even though priced similarly, these offerings will often have nothing in common with each other.

In the end, buyers set markets (not sellers or realtors), and it’s a buyer who offers what he/she judges the property to be worth. A serious seller always listens to a buyer.

To purchase on Salt Spring or on another Gulf Island is always a choice. No one “has to” buy on Salt Spring. Often it takes two to three visits/viewings for a buyer to make that choice.

As we enter May, there are approximately:

  • 108 residential listings on Salt Spring (not separating out townhomes, waterfront, view, or farm parcels), with around 56 of these listings below 1,000,000. There are 11 properties listed over 2 million and 5 listed over 3 million.

At the start of May, there are approximately:

  • 68 land listings (again, not separating out waterfront, farm, view, lots or acreages), with 6 of these between 1,020,000 and 2,495,000.

At the beginning of May:

  • There are 16 commercial listings (business only or land/business).

This is a dramatically low inventory for a buyer to consider. In a more balanced market, there are usually approximately 380 + listings…low inventory may result in a seller’s market.

At the start of May there have been:

  • 45 “solds to date” between 135,000 and 1,700,000.
    Of these sales, 8 have been between 1,000,000 and 1,700,000

Salt Spring remains a very alluring and energizing place to call home. It does attract an international buyer. In the main, during the past 2+ years, the principal buyer profile on the Gulf Islands and on Vancouver Island has been someone from Vancouver/Lower Mainland. These buyers plan to reside full time in their new chosen area.

Unique Governing Body: The Islands Trust?

The form of governance on the Gulf Islands is the provincial government body known as the Islands Trust. Created in 1974, with a mandate “to preserve and protect” the environmental beauties of the Gulf Islands, for the benefit of all B.C. residents, the Trust controls growth via strict zoning/density bylaws. Ask me about this important aspect of ownership in these Islands. The Trust documents will, over time, ensure limited inventory on any Gulf Island.

With a strong artistic base (painters, writers, actors, musicians call this Island home), with organic farming underway (farmers markets, tastings at wineries, craft brewery, cideries), with a myriad of hiking/walking trails throughout the Island, and with an amazing cadre of volunteers who create and maintain much of what Saltspringers enjoy…all of this variety creates a very vibrant and caring community.

The month of May offers the Saturday Market in the Park, the Tuesday Farmers Market, the Round Salt Spring Sailing Race, the Victoria Day holiday weekend (a cross-Canada signal for the start of the vacation season), studio tour locations are open, and all of Salt Spring says “welcome”.