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Market Analysis, November 2017, Salt Spring Island

November 2017, Salt Spring

Salt Spring Island, November, 2017, Salt Spring

Salt Spring Island

There’s a total of 170 listed properties (November 2017, Salt Spring) at this moment (counting only residential of all types & undeveloped residentially zoned land of all types…not including commercial or industrial zoned listings).

In a “slow/downturn” market, there can be between 380 to 420 listings (residential and undeveloped lots/acreages).

The listing inventory, since mid-March 2016 to current date, has thinned out. Mid-March 2016 was the very first sign of a small recovery on Salt Spring, after the long 8 year downturn.

It was a very slow sales volume increase, however, between then & now, with several non-market driven “pauses”.

The 15% offshore tax in early August, 2016, for metro-Vancouver, for example, also completely stopped the secondary home regions recovery…those Vancouver sellers had become the buyers on Sunshine Coast, on Vancouver Island, and on Salt Spring Island. On Salt Spring, Aug/Sept/Oct, of 2016, were “lost”.

Then: “real winter” (between Dec 3 & May 15) struck: all over the Coast. Both tourism & real estate viewings on Salt Spring were dramatically slowed.

Almost a 9 month pause, then, between August 2016 & May 2017.

The Summer Market was 6 weeks late…it usually starts in last week of June, & did not kick in until July 15, 2017. There were pauses within the summer season, as well…due to smoke from both Interior & Washington State fires…again, affected the whole Coast, but also caused significant delays in Salt Spring activity.

That 6 weeks later scenario seemed to carry into the Fall Market, too. Perhaps October was really September!

August 2017 may also have seen a hesitation in activity due to the incorporation vote on Sept 9th…several people, on either side of the question, were waiting for the vote outcome. There was a lot of off island media coverage leading up to the vote. It may have caused a bit of a “digestion” pause throughout September. Difficult to track these kinds of hesitations.

All these fits and starts sales rhythms aside, the main sales on Salt Spring Island remain below 850,000.

November 2017, Salt Spring

To date, the sales are as follows, from January 1, 2017 to October 31, 2017:

  • 21 sales between 95,000 & 199,500.
  • 25 sales between 200,000 & 299,000.
  • 31 sales between 305,000 & 396,000.
  • 43 sales between 400,000 & 489,000.
  • 30 sales between 500,000 & 599,000.
  • 20 sales between 605,000 & 690,000.
  • 16 sales between 700,000 & 795,000.
  • 12 sales between 800,000 & 899,000.
  • 6 sales between 900,000 & 950,000.
  • 25 sales between Private Island Estate.
  • 4 sales between 2.2 and 2.5.

The sales between one & two million were either waterfronts (both ocean & lake) houses, or very large farms (20 to 104 acres), or large ocean view acreages/houses. The majority of them were waterfronts.

The sales over two million were waterfronts (3 ocean & one lake), with houses.

These sale price ranges in November 2017, Salt Spring, do not include price reductions…they are the completed sale price points. In some cases, in the over a million category, there were substantial reductions at the point of a sale.

What is the main buyer profile around Salt Spring Island?

The main buyer profile is still out of Vancouver/Lower Mainland. Alberta & U.S. (used to be 50% of our buyers) are still not in evidence. A smattering appear from Ontario, U.K., Europe…but they do not always focus on Salt Spring as a final destination choice. Most Vancouver buyers are seeking to buy down, if they have achieved a good sale price at their end.

It takes time to sell any property in all the secondary home markets, and this is true of Salt Spring, too. The first step is to choose “for” the Island…and then to choose for a property. It usually takes 2 visits (often 3), before a buyer acts on a specific property.

A showings pattern is about the buyer…not about sellers, or properties, or realtors. It just takes the time it takes. Time is a very significant element in every secondary home market transaction.

Properties still remain on the market here for lengthy timeframes, before capturing a sale. Price can sometimes be an allure factor…though not always.

So…here we are…in the closing weeks of a calendar year. Low inventory in all property types and prices. Sellers often achieving list price or close to it. Back up offers in place, if not small bidding wars. A sense that 2018 will see the beginning of serious price escalation, based on that thin inventory/buyer demand scenario.

Hmmm…it does appear that in November 2017, Salt Spring and the Southern Gulf Islands have returned to the buoyant times between 2002 and 2005. A nine year downturn now being followed by a nine year uptick? Stay tuned.

Market Analysis, June 2016, Salt Spring Island

Seasonless Investment Opportunities

Here we are, entering what might be seen as the mid-point of our year.

Although in a way seasonless, with people visiting the Island and also seeking property investments, at any time throughout the year, the main grid of real estate sales action does fall between May 2016, Salt Spring Market Analysis and October 2015, Market Analysis.

Salt Spring Island

Salt Spring Island

Here we are, entering what might be seen as the mid-point of our year.

Although in a way seasonless, with people visiting the Island and also seeking property investments, at any time throughout the year, the main grid of real estate sales action does fall between May and October.

June can be a quieter month, at least in the first weeks. Perhaps it’s because of the school “year end” activities, graduations, weddings, planning for summer vacations…there is often a brief “pause” in the first days of this month. By the last week, though, summer-summer is with us.

Salt Spring Family

This is the Year

This is the year of an authentic market recovery (after an eight year downturn of huge proportions). It began, on Salt Spring & the Gulf Islands, about 9 weeks ago. Very new, then.

At the moment, the main sales have been in residential…and on Salt Spring mainly between 400,000 and 750,000. There are some few sales between 900,000 and 1.8 million.

Salt Spring Island

Salt Spring Island

Slowly, slowly we are seeing an improving trend in Skywater Acres, Undeveloped Land Salt Spring Island, in upper tier priced residential, and in commercial options. The brisk sales in that 400 to 700,000 residential range have mainly been to buyers from Vancouver…most of them have sold to off-shore buyers, and are thus seeking their new lifestyle alternatives. Last Fall, they were buying on Sunshine Coast and in Okanagan. Then, their attention turned to this side of Georgia Strait. First, into Victoria…and now throughout Vancouver Island and the Gulf Islands.

Vancouver Residents Now Call Salt Spring Home!

The traditional buyer profile on Salt Spring and the Gulf Islands had been from Alberta, Canada and the U.S. Some few buyers from the U.K. and Europe…plus from Asia…and some retirees from Ontario. The Alberta and U.S. buyers have not currently been in evidence. This influx from Vancouver buyers is something new.

Things about our Trust You Should Know

The Gulf Islands form of governance is managed by the provincial government (Islands Trust). Two elected trustees every civic election. The Trust documents were put in place in 1974. Growth is strictly controlled by strong zoning/density bylaws. The CRD (Capital Regional District) also has an elected representative on Salt Spring.

The Trust’s mandate is “to preserve and protect” the environmental beauties of the Gulf Islands, for the benefit of all B.C. residents. These restrictions effectively capped growth, and so there is always a thin inventory of properties for sale on the Gulf Islands, regardless of market trend in place. Finite inventory creates price escalation, over time.

Opportunities to Give Back

I notice that there is a strong volunteer spirit alive and well on Salt Spring Island. Volunteers have been behind: ArtSpring, Library, indoor pool, the pathways for pedestrians on main roads, trails in parks for hikers/walkers, etc. Lately, it’s been a fundraising effort to add a squash court to the indoor tennis building on the golf course property.

Kathy Reimer’s work to bring the fish back to spawn in the creeks on Salt Spring is an amazing example of the spirit of volunteerism. So many similar stories….

I think, when the boardwalk (sea walk? Harbour walk?) is completed, we should have a lovely curving stone wall there, one that would allow for “thank you plaques”…so many volunteers over the years who have contributed to the Salt Spring community. Time for a commemoration feature to thank them? Long overdue!

So, a pleasing and thoughtful and energetic community, in a scenically beautiful region, with a stellar marine environment, and with a limited amount of developable land (the rest is preserved in natural state)…hmmm…a recipe for property investment of a unique kind?

Markets have a rhythm. After that 8 year downturn, the local real estate market is on the uptick. Couple market action with the non-growth governance model and one can see why a Salt Spring or Gulf Island property purchase is at a higher price point than in some other areas.

There is always opportunity, regardless of market trend.

With low inventory, and high buyer demand, the result is always higher prices. In some price segments, we are already noting seller’s market conditions. Perhaps by late Fall, we will see this in all property categories.

A market is a wave pattern…crest, trough, crest…we appear to be on the way to a crest moment again.

Salt Spring Island: Arts, Music & History

Salt Spring Island: Arts, Music & History

Well done, Birgit Freybe Bateman! 70 photographs are crated and on their way to Russia (to the Stroganoff Palace
of the Russian Museum, to be exact). This retrospective of Birgit Bateman’s amazingly evocative and thoughtful photography is called: “Mindful Vision”. On Island, we’ve been lucky to view Birgit’s work at such presentations as ArtSpring’s “Photosynthesis” show. The “Mindful Vision” show will be seen during the peak tourist season, between July 2 and August 30.

Salt Spring Woodworks has had a name change: same location and same beautiful offerings, just a re-name to Duthie Gallery. A physical change to the gallery itself mirrors the name change. The evocative Summer Lights exhibit will be back in July/August, Thursday to Monday, 9 to 11 p. m. Currently, the gallery is open Friday, Saturday, Sunday, or by appointment.

Alan Gerber plays Moby’s tonight, a dinner music show, $12 cover charge, show at 8 p.m. It’s a WOW…wave if you see me!

Saturday, May 14th, it’s an opening reception at Starfish Gallery in Grace Point Square…featuring Susan Haigh and introducing Beverly Chicoine. Show runs from May 14 to June 4th.

Mark your calendars: Viva Voce performs at ArtSpring, Saturday, May 28th, 8 p.m., and Sunday, May 29th, 2 p.m. Conductor: Debbie Toole, accompanist: Chris Kodaly.

House concert, May 14th, with John and Michelle Law: folk, bluegrass, acoustic country. RSVP to 250-537-1059, plus ticket info.

ArtSpring benefit on Saturday night: Joy Kogawa will read from her lifetime of award-winning creative work, at ArtSpring Gallery. MC will be Briony Penn. The evening is presented by the Land Conservancy of B.C. Doors open at 6:30.

Tonight is a very important evening at Mahon Hall. The Salt Spring Arts Council‘s steering committee for a new arts school will present a distillation of recent community conversations at a wrap up session. Starts at 6:30…see you there!

Don Conley presents Back to Bach…the last presentation of Simply Organic, for the Spring season. Don will explore the development of the concerto form during the Baroque period, which was a time of flowering of emerging musical forms. Mark your calendar: May 18th, 10:10 a.m., at All Saints by the Sea. Lucky Islanders, to have this in our midst!

This Saturday, the Salt Spring Island branch of SPCA invites the community to an animal-themed day of fun. From noon to 4 p.m., at location below Gulf Islands Veterinary Clinic. Check this fund-raiser out!

Live music venues: Harbour House Hotel, Friday, Saturday, Sunday! Moby’s Oyster Bar (Alan Gerber tonight). Treehouse Cafe…tonight, catch Peter Prince. Friday, it’s the so talented Billie Woods. The 111 nights of live music (Music Under The Stars) begins in May 16th!

The Salt Spring Forum presents Maher Arar, at ArtSpring, May 21, at 7:30 p.m. He speaks on Democracy, Human Rights, and the Middle East. Call ArtSpring for ticket info.

Lots to see and to do…enjoy the Spring Season!

Salt Spring Island Real Estate | Home of the Northwest Islands

Salt Spring Island Real Estate

Waterfront, Acreage & Oceanfront Properties

Salt Spring Island is known for its waterfront real estate.

The Gulf Islands are home to British Columbia’s most distinguished luxury real estate in the world, as well as an abundance of oceanfront acreage. Even a some of Canada’s finest ranch propertiesare amongst the Gulf Islands.

Salt Spring Island is part of the Southern Gulf Islands (Galiano Island, Pender Island & Mayne Island). All of them part of the Capital Regional District along with the municipality of Greater Victoria—each, in their own right, with their own array of estate properties. (i.e., luxury homes, acreage, etc.,).

Ashort list of oceanview homes, farms, acreage & land for sale (and sold) & waterfront properties below:

    Oceanview

  • Oceanview Mayne Oceanview Home on 16 Acres
  • Oceanview and acreage and home – a “Custom Built” we “West Coast Style” home.

    Ranches, Farms & Acreage

  • Ranches, Farms & Acreage Yellowpoint Ranch (Sold)

    20 acres in size (most is pasture), and is adjacent to several hundred acres of old growth park reserve. . .ready for horses, offering a barn, riding ring, & fenced pasture.

    Waterfront Estates

  • Lakefront Destination | Salt Spring Island

    Cottage Resort on St Mary Lake… zoned for more cottages.

Salt Spring and the Southern Gulf Islands have evolved into secondary home/discretionary marketplaces, perhaps since 1999. No one “has to” purchase on a Gulf Island; it’s always by choice. ..

…the activity seen in Vancouver and in Victoria, primary residence/city marketplaces, in 2009 and first half of 2010, has now arrived in rural areas. Properties listed between one and four years are now selling…

The difference? The “reluctant buyer” is starting to become active! Why? Perhaps in recognition of significant price reductions coupled with historically low interest rates? Or, might also be fear of inflation and currency instability that is driving buyers back to secondary home/discretionary purchases, in order to preserve capital?

Vargas Island | Majestry of the Pacific Northwest

Vargas Island is Salt Spring real estate’s finest offering. The island lies off the west coast of Vancouver Island, about 20 minutes from Tofino, via small boat. A wilderness island retreat awaits your pleasure on totally unspoiled Vargas Island, located in the pristine Tofino area, near Brabant Channel. This Island paradise offers miles of beaches, old growth forest, your own hiking trails, and the majestry of the Pacific Northwest coast surrounding you. It is easy to speak in superlatives with this 65.48 acre beauty (as it is with any luxury real estate property).

Fly in from Salt Spring Island (one can land a small plane on the hard packed sands of these beaches, or arrive by helicopter (lots of potential helipad spaces), or come by boat (approx. 20 minutes out of Tofino). This area is a kayaker’s paradise or a real estate investor’s dream. With vistas all the way to Japan, and back towards Vancouver Island‘s rugged west coast, and sunny exposures (s/sw/w), this parcel is a very rare beauty, indeed. An incredible holding property for the future…pristine land, such as this, is a very rare commodity.

Salt Spring Island Real Estate | Vargas Island

Vargas Island | Majestry of the Pacific Northwest

Vargas Island | History

Named in 1791, Isla de Feran, by Lieutenant Commander Eliza. Name was changed in 1792 to Isla de Vargas by Commanders Galiano and Valdes, after the noted Spanish governor Vargas, who reconquered the province of New Mexico 1693-1694. Captain Vancouver had the name on his chart as Feran Island in 1798. Also named as Feran Island as late as 1844 on Duflot de Mofra’s map.

The name Vargas Island was made final by Captain Richards in 1861, of the H.M. surveying vessel Hecate.

Vargas Island is truly a one of a kind pristine oceanfront real estate investment opportunity. There are 65 acres on Vargas Island, BC. Sweeping bays, sandy beaches, spectacular view building sites, developed walking trails among old-growth forest. This is an extremely rare real estate investment offering. Develop now or hold for future.