Tag Archives: Salt Spring Island Real Estate

August 2021, Salt Spring Island Market Analysis

August, The Market Segue

August begins the segue to the Fall Market.

At this very beginning of August, the listing inventory remains extraordinarily low. Unless they have to, most owners do not want to be sellers.

Buyers continue to remain interested in leaving the city and purchasing a rural lifestyle (the outcome of those covid shut-downs).

If they have sold a house, they are looking to buy a house. That said, to keep to a budget requirement, they may consider buying an undeveloped land offering. They might put up a guest cottage, or a modular home, or barge on an older home with Nickel Brothers, and renovate it.

Concerns over inflation and potential interest rate rises are also seemingly driving a hard asset investment purchase. This type of land-banking may be seen as a way to preserve capital.

Can I Work From Home & Live on the Gulf Islands?

Although lip-service was paid in past years to the idea that anyone could work from anywhere, because of the internet, this may not have been true in outlying areas. Now it is true. Another outcome of those covid shut-downs: the turn to online options. Suddenly, everyone is happy with Zoom meetings. Businesses and non-profits turned to online opportunities. Working from home is desired and possible.

Maybe we are now positioned at the very beginning of the “real 21st Century”? It will be interesting to see what’s in place at this time next year. Voids like to be filled. Now that everyone is able to be online, in some form or other, new ways to market, to connect, to “be”, will start to fill in. An exciting time? Yes!

Meantime, at this very beginning of August, we find 50 residential listings, not separating out homes, townhouses, waterfront, view, farm. Seven of these are strata townhomes that will not be built until next year.

  • 22 of these are listed between 420,000 and 998,000
  • There are 15 listings between 1,149,000 and 1,890,000
  • There are 8 listings between 2,125,000 and 2,995,000
  • One listing at 3,985,000
  • One listing at 4,488,000
  • One listing at 6,688,800
  • One listing at 11,975,000
  • Two listings at 14,000,000

There are 33 land listings, not separating out lots, acreages, view, waterfront, farm.

They are priced between 232,500 and 2,495,000.

  • There have been 189 “solds to date”, at this very beginning of August
  • 135 sales were below one million
  • 43 sales were between 1 and 2 million
  • Six sales were between 2 & 3 million
  • Two sales were between 3 and 4 million
  • Three sales were between 5 and 6 million

A Strong Sellers Market

It remains a strong sellers market. With the continuing low inventory in all property types & price points, there are both bidding wars in existing listings and asking price escalation in anything new to the market.

Real estate is a market, with the same dynamics as any other market driven economy. Buyers set the pace, not sellers or realtors. At this time, strong buyer desire is coupled with owners who do not want to be sellers…a recipe for continuing seller market conditions.

The Islands Trust & Inventory on Salt Spring Island

Salt Spring is a part of the Islands Trust, set in place by the provincial government in 1974. The non-growth policies of the Trust mean that there will always be limited inventory on any Gulf Island. This is beyond market trend.

So: the market speaks to buyer interest, causing diminishing inventory, on an island that has capped growth, through the Trust’s severe zoning/bylaw protections….hmmm….

More information on trends and listings? Call me! Let’s explore potential purchasing opportunities.

Thinking of selling? Discover my award-winning presentation that does encourage serious buyer interest.

Meanwhile…August. A time of fruition. Enjoy farmers markets, farm gate stands, special menus at our delicious restaurants, cider tastings, wine tastings…hiking/walking trails beckon…kayaking, paddle boarding, whale watching, sailing races…swimming in lakes and in the sea…shorter days mean earlier star watching (August brings annual meteor showers)….so much to see and to do…it’s still summer-summer. Enjoy!

July 2021, Salt Spring Island Market Analysis

Salt Spring and the Gulf Islands are practically perfect…

Salt Spring Island

The Suddenly, here we are at the very beginning of July.

This is now “real summer” and it’s a short season…lots to see & to do & to enjoy on Salt Spring Island and the Gulf Islands…always good to be a visitor in one’s home area…to remember why one chose a particular island (as a sometime destination and also as a permanent address).

These Gulf Islands are very special areas.

Nothing is ever absolutely perfect, of course, but many describe Salt Spring and the Gulf Islands as practically perfect.

Salt Spring offers a year round lifestyle (a hospital, three elementary schools, a senior school, three different regular ferry routes, regular sked floatplane service, indoor pool, theatre/arts space, and so on…very easy to go places, but one doesn’t “have to”.

So, what’s happening in the real estate market on Salt Spring at this very beginning of July?

There are 48 residential listings, not separating out waterfront, view, townhome…just residential.

  • 26 of the residential listings are between 299,000 and 998,000. (Of these, 5 are not yet built.)
  • There are 13 listings between 1.149,500 and 1,950,000.
  • There are 5 listings between 2,190,000 and 2,780,000.
  • There is one listing at 6,688,800.
  • One listing at 12,000,000
  • Two listings at 14,000,000.

There are 34 land listings. Again, not separating out waterfront, view, lot, acreage…just undeveloped land.

  • 27 of the land listings are between 232,500 and 995,000.
  • There are 5 listings between 1,199,000 and 1,395,000.
  • There is a listing at 2,150,000 and another at 2,495,000.
  • There are 3 commercial listings (2 business only and one land/business…listed between 149,000 and 980,000).

There have been 162 “solds to date”.

    • There have been 116 sales between 199,000 and 979,000.
    • There have been 37 sales between 1,003,000 and 1,985,000.
    • There have been 5 sales between 2,200,000 and 2,950,000.
    • There was a sale at 3,150,000.

There were 3 sales between 5,380,000 and 5,850,000.

Most of these upper tier sales were residential and one was commercial.

Salt Spring Island

Listing Inventory Still Low

The listing inventory remains shockingly low. Most owners do not want to be sellers, which means little new comes onstream to replace the steady sales. It is interesting that all price ranges are finding their buyer. There have been bidding wars, although lately it appears that this has settled down and many properties are selling at list price.

Government pauses to suppress covid’s spread did cause hesitations in the market, at various points. Between March 29 and June 15, all BC. residents were encouraged not to travel out of their health jurisdiction, and only essential travel was allowed. As of July 1st, intra-provincial travel will be allowed. The reopening of the U.S.-Canada border may be soon. Stay tuned.

Summer On Salt Spring Island

July is true summer. Although some events remain cancelled or are online for a second year, many lovely island venues are now open for your pleasure.

July begins an easing of many covid restrictions. Summer promises a more connected way of living. At last.

Salt Spring Summer Activities

What will you do to give yourself the gift of summer? Yes: swimming, hiking, kayaking, paddle boarding. Yes: dining on decks and patios, catching live music venues, gardening. Yes: reading a fat summer book. Yes: wine tastings, cider tastings, craft brewery tasting. Yes: starwatching. Yes: simply taking time to do absolutely nothing.

Fulford Kids love the last day of school, with its promise of two months for their summer holidays. Adults need a “time out”, too, and in this always on digital universe, perhaps we need to discover our “off button”…the adult version of “school’s out”?

Remember your Omar Khayyam: “the bird is on the wing”. Welcome July.

January 2021, Salt Spring Island Market Analysis

Salt Spring Island
Salt Spring Island

January is named for the Roman god Janus…he had two faces, one looking back to the past and one looking straight ahead, into the future. At this very beginning moment of 2021, it’s clear that we are looking forward into pivotal change.

Roman god Janus
Roman god Janus

The various closures in 2020, propelled by governments trying to control the covid-19 virus, unleashed a shift to the online world. Now that this acceptance of a digital environment has become the new normal, it means that new and dynamic communication formats will just be the surround sound of our time. If you are not in, you will be out.

Nothing is untouched. For techies, who have for years been able to work from anywhere, this is just how things are. For the rest of us, the learning curves may be deep or shallow…but evolve we must.

Is Rural Living the new ‘Chic’?

In times of extreme change, it’s important to be practicing our periphery vision. No leaning forward to go down prepared tunnels of information…instead, lean back and take in that 180 vista that periphery vision allows…that’s where creative change lies.

With the immediacy of data today, anyone anywhere can think about outcomes and so can create ways and means to go forward. Hmmm….in this digital universe, how might we create lifestyle scripts that allow us to successfully embrace change? There’s the challenge.

Meantime, short-term, at this beginning day of January, we note in real estate that the 2020 pandemic pushed city dwellers into seeking rural lifestyles. The ability to work from home, coupled with a desire for space, for an apart area with pleasing lifestyle options but away from city issues, created an upsurge in real estate sales in all rural communities, across Canada, and that includes Salt Spring Island and the Gulf Islands.

Revising Our Life’s Script

 Salt Spring Island
Salt Spring Island

We enter 2021, on Salt Spring, with a shockingly low inventory and with a strong buyer desire. In 2020, most owners did not want to be sellers…this helped to keep inventory low. As properties sold, nothing new came on to take their place. Prices stabilized.

There appears, in response to the covid pandemic, a desire for people to rewrite their life script. The allure of the rural is definitely a part of this.

The last time this lifestyle rewrite was evident was just after 9-11. In response to that former time’s sales volume increase and resulting low inventory, we saw substantial price increases in the Gulf Islands. Will we also see this as we progress through 2021? Perhaps…projections are calling for continuing interest in rural regions, continuing low inventory, continuing buyer demand.

Current Inventory Gulf Islands, 2021

At this exact moment in time, then, at the very beginning of January on Salt Spring, we have 39 residential listings, of which:

  • 23 are listed between 299,000 and 998,500
  • 15 are listed between 1,025,000 and 1,985,000
  • Five listed between 2,000,000 and 2,625,000
  • One listing at 3,100,000
  • One listing at 5,900,000
  • One listing at 6,688,800
  • One listing at 12,000,000
  • Two listings at 14,000,000
  • 54 land listings
  • 9 commercial listings
Salt Spring Island
Salt Spring Island, Skywater

This inventory count might sound like a lot of choices, but as soon as one puts in the desired parameters (for example: 3 bed/2 bath, a view, good sun, good water, no huge renovations required, quiet area, close to town, budget up to 800,000), then there might be only two listings on the entire island that would meet that wish list.

Recent Real Estate Sales on Salt Spring

There were 237 sales in 2020. Prices were between 120,000 and 2,600,100. Most sales were below 998,000, but there were several sales between 1,005,000 and 1,950,000. There were 7 sales between 2,050,000 and 2,600,100.

Sales volume was up in 2020 over 2019, with most sales occurring after the first pandemic shut-down…on Salt Spring, residential sales began around June 23rd and undeveloped land sales started slowly around early November. Vancouver sellers remain the main buyer profile in all the secondary home markets.

The Islands Trust, a government body created in 1974, “to preserve and protect” the environmental beauties of the Gulf Islands, for the benefit of all B.C. residents, used severe zoning/bylaws restrictions to control growth. By doing so, the Trust ensured that property prices would (over time) escalate…a desire to own and a control of inventory are always factors on all Gulf Islands. Connect that perpetual governance model of controlled growth with a market upsurge in sales volume, and price rises may be the outcome.

With less inventory, there may be fewer sales going forward and prices may escalate. It usually takes until early March to see the tone of a year, in real estate activity. Stay tuned.

Digital Transformation

Traditionally, the coastal secondary home/recreational marketplace goes from mid-March to mid-October, but the always-on digital universe may erase this “March Break to Canadian Thanksgiving Weekend” grid of activity. New visual ways to market property may result in people buying properties without physically viewing. Stay tuned.

The work from home dynamic and the turn to online shopping, forced on everyone during the pandemic closures, make change inevitable for commercial real estate. The owners of office towers and shopping centers in major urban regions will need to consider how to respond. A repurposing of such commercial spaces will need to take place.

Locally, the Islands Trust has an opportunity to repurpose Ganges Village…to perhaps allow empty second floor offices to become rental living spaces. The Trust could also allow empty street level stores to allow live/work options. Creative thinking is required. Time, indeed, for 1974 (the year the provincial government created the Islands Trust) to meet up with 2021 requirements.

Salt Spring Island, Real Estate Office
Salt Spring Island, Real Estate Office

Pandemic & Tourism on Salt Spring

Tourism has been very hard-hit all over Canada as a result of covid pandemic edicts to stay home/only essential travel encouraged. With a visitor-centric economy on the Gulf Islands/Salt Spring Island, how will this tourism aspect be successfully revitalized?

Words like resilience and recovery are meaningless without creative changes…which brings us back to the Islands Trust. As the form of governance on the Gulf Islands, are the trustees and planners on Salt Spring wearing Janus’ backward gazing face or are they seeing with his forward direction stare? We should be asking.

Salt Spring and the Gulf Islands are beautiful regions and the Trust did “preserve and protect” them for the benefit of all B.C. residents. To ensure this protective quality, going forward, the inadequacies of the Trust’s oversight do need to be addressed. Asking questions of both the Trust and the CRD is the way to ensure that the alluring lifestyle enjoyed on Salt Spring and the Gulf Islands continues.

Looking Ahead & Embracing Change

So, at the beginning of this first month of a New Year, let’s look forward…no point in turning to gaze behind us. The pre-covid time is gone. Time now to remember Alice Through The Looking Glass…she had to run very fast, just to stay still. We are at the very beginning of new ways to be. Let’s embrace change. Scary? Only until we get used to it. And your thoughts are? Always welcomed.

How may I help you to achieve your real estate goals in 2021? Whether selling or buying, benefit from my expertise, knowledge, innovative marketing ideas, and experience. Your best interests truly are my motivation. Look forward to your call.

December 2020, Salt Spring Island Market Analysis

'Tis the Season, 2020

We have arrived at the very beginning of December, in this most awkward and disturbing year.

Covid, and its attendant government closures to flatten the curve of this potentially deadly virus, have caused several interruptive pauses throughout 2020.

Although the calendar says Winter starts officially around December 20th, we in the great Pacific Northwest Coast know that November signals the seasonal shift in our region.

‘Tis the Season (of 2020)

Real Estate on Salt Spring Up or Down?
Salt Spring Island in the Snow

A darker time of year, coupled with continuing covid closures, is disturbing to many…and afflicts many businesses struggling to survive.

It’s rare that the Southern Gulf Islands get snow…when it happens, islanders love to take photos…and when it occurs, it doesn’t last long. I always think that Winter in this area is like a long late Fall or a lengthy early Spring…depending on one’s point of view. Shorter days are a factor.

Covid has cancelled the seasonal traditional pleasures at this December time of year. It is so important to listen to the shop local, think local, be local messaging in each small community. The hope is that visitor-centric communities will see business survival over the winter season.

People in many locales are decorating, putting seasonal lights up, and doing it earlier. A great idea! To be a billboard of light, for those passing our homes, gives such pleasure…maybe that’s our holiday gift to family, friends, neighbours.

How is Covid-19 affecting Salt Spring Island?

And what about real estate in the time of covid? That first closure, on March 12th, which lasted for 10 weeks, and a bit longer on the Gulf Islands (travel is tied to ferry schedules and they had to reinstate routes and sailings), signaled a lifestyle change. City dwellers, able to work via the internet and thus able to choose a rural area for their year-round living choice, began to check out all the secondary home/rural regions.

Snow on Lake in BC
Snow on Lake on Salt Spring Island, BC

Hong Kong Chinese, many with Canadian passports, looked beyond the provincial government tax suppression measures that had caused a pause in Vancouver sales (between 2017 and 2019). Suddenly, Vancouver sellers were turning up in all secondary home regions as buyers, and this also ignited sales on Salt Spring and the Gulf Islands.

Is the Real Estate Market Up or Down in BC?

Locally, the market clicked into place around June 23rd, for residential properties. Vancouver sellers had sold a house and needed a house at this end. To begin with, most sales were below 800,000…and then the price point went steadily up to around 1.4. A handful sold between 2 & 3 million. There may have been price reductions en route to an offer and there were still many price reductions at the point of an offer.

Undeveloped Land On the Gulf Islands

Real Estate on Salt Spring Up or Down?
Real Estate on Salt Spring Up or Down?

Now, at the beginning of December, the inventory for residential listings is exceptionally low. Very recently, we have seen buyers starting to consider buying an undeveloped land parcel and to begin a building project. This usually occurs as soon as good residential options have evaporated. It often presages, too, price escalation. At this moment, prices have stabilized.

So, at this very beginning of December…approximately…

  • 55 residential listings
  • 66 land listings.
  • 220 “solds to date”

The inventory of available listings remains extremely low and sales volume has increased over the year, in spite of various covid-related closures.

Salt Spring Island Market Trajectory 2020-2021

Projections are calling for continuing interest in rural regions, and with price increases for any new listings may be on the rise. It is not expected that inventory will increase substantially. Low inventory and high buyer demand usually lead to price escalation. It may take until late February to see the tone of 2021.

Rare whiteout day on Salt Spring Island
Rare whiteout on Salt Spring Island

When will the Canada-U.S. Border Reopen

No place is apart from global outcomes. A change of government in the U.S. will affect Canada. A majority NDP government in B.C. will affect provincial outcomes.? A vaccine against covid will bring change. A re-opened Canada-U.S. border may allow the re-emergence of a traditional buyer in the Gulf Islands. Change, change, everywhere a change…..

Hard asset investment may be another reason why real estate is looked on favourably right now. What I call “land bankers” are now recently turning up to look at undeveloped land parcels. The Islands Trust, a provincial government body created in 1974, did cap growth through its strict zoning bylaws. This cap on growth, over time, is appealing to that investor-buyer.

The season/weather is actually irrelevant in our Gulf Islands area. Although more people might visit Salt Spring and the Gulf Islands in the summer months, it is very usual to see Fall-Winter offers/sales. The Gulf Islands are “seasonless” regions and real estate interest and outcomes occur year-round.

How may I help you to fulfill your Gulf Islands and Salt Spring Island desired real estate outcomes? Look forward to hearing from you.

November 2020, Salt Spring Island Market Analysis

I always think the calendar shift between seasons is a month out on the Pacific Northwest Coast. To me, November is the bringer of Winter.

Daylight Saving Time has returned to Standard Time, and the shorter days are with us. Temperatures cool. Rainy days that live up to the “wet coast” description come and go. Grey is the palette.

The continuing covid-19 restrictions (no large gatherings, social distancing, staying home if not feeling well, frequent hand-washing, sanitizer if not possible, wearing of masks in interior spaces) mean cancellation of loved seasonal events.

Autumn in Salt Spring Island, BC


Online meetings, online shopping, online family and friends visits, online education, online medical, online legal advice….yes, it’s communication, but it’s very different from in-person meet-ups. It’s neither good nor not-good…it’s just different.

Marshall McLuhan, back in the 1970s, alerted us that “the medium is the message”. He was implying that our communication methods shape us. Is the online method making us observers instead of participants?

Meantime, lovely Salt Spring and the Gulf Islands continue to shimmer forward, and to remind us of the beauty of all seasons in this region.

View from Skywater in Salt Spring, British Columbia

Real estate? At the very start of November, we continue to experience thin inventory and buyer desire remains high. Prices appear to have stabilized, although there remain many reductions at the point of a sale.

137 residential listings

  • 36 listings between 299,000 and 998,500
  • 23 listings between 1,025,000 and 1,998,500
  • 7 listings available between 2,000,000 and 2,700,000
  • One listing at 3,100,000
  • One listing at 5,900,000
  • One listing at 12,000,000
  • Two listings at 14,000,000

70 land listings

  • 60 listings between 149,000 and 995,000
  • 7 listings between 1,020,000 and 1,395,000
  • 3 listings between 2,150,000 and 2,495,000

211 sales to date

  • 157 sales between 120,000 and 998,000.
  • 48 sales between 1,017,000 and 1,900,000
  • 6 sales between 2,050,000 and 2,600,100

Price reductions were seen in most transactions at the point of the offer, and price reductions were also still taking place en route to that “last list price”, before the accepted offer.

About Salt Spring In the Winter?

Salt Spring and the Gulf Islands are secondary home markets. Buyers choose to come to Salt Spring and to the other Gulf Islands. No one “has to”. It still takes time, and two visits if not three, for that interested buyer to choose the “where”.

Buyers want to be sure, before committing to the specific island…it’s always a two-step dance. Choose the island and then decide on the property.

As good residential inventory cleans out, there is more interest in undeveloped land and a building project.

There are now many opportunities to showcase a property online. For several years, I have offered 3-D image rich plans and also video walk-throughs and drone videos. Now, these are just required items. Buyers, in spite of these specialty visual marketing options, are often asking realtors to do a face time walk through. Is the next step buying without an on site visit? Perhaps.

salt spring views

What is the Secondary Home Market Like in BC, Canada?

In past years, approximately 50 % of the buyers in the secondary home venues were from the U.S. and Alberta. The closing of the border back in March means no U.S. tourists and no potential buyers. Previously, U.S. & Albertans were recreational.

Since 2016, most buyers have been from Vancouver, and they plan to live in their new areas. This is another reason why it takes two (and often three) visits before choosing for Salt Spring or a Gulf Island…it’s that “being sure” thing, again.

November is the beginning of Winter here, regardless of what the calendar says. Yes, Salt Spring and the Gulf Islands enjoy that “cool Mediterranean” micro-climate and there are more sunny days/less rain than anywhere on the coast. Warmer, less rain, a temperate climate that allows for orchards, olive groves, vineyards, wineries, cideries, craft brewery…lucky us! Salt Spring offers a year-round lifestyle. Questions? Call me!

So…no large gatherings, cancellation of most seasonal events…a different kind of November, indeed, in the time of covid.

What’s Really Important?

Important to pay attention to what is there, right in front of us, to experience and to enjoy. Whether selling, buying, or resting in place, we are in a beautiful environment, with a soft climate, and no thing remains the same forever. When our new normal finally arrives, will we be ready?

That winter pasture, looking sere and lifeless on its surface, is busy at the root level…when Spring arrives that eruption of new growth is suddenly there. Right now is perhaps our “tending the roots” moment.

So: read a fat book, collate family recipes to gift on to younger generations, cook from scratch, light candles for dinner, be cosy by the fireplace, write your memoirs, be totally at ease in the online world (lots of tutorials to look to)…if that’s our surround sound, then let’s be fully immersed in it. Plant bulbs…be wonderfully surprised when they flower forward in February. Decorate for Christmas and give pleasure to others.

October 2020, Salt Spring Island Market Analysis

Is it Fall of 2020?

Livestock
Livestock

October. Here we are…at the 4th quarter in a year’s activity.

It’s also the continuation of the Harvest season…with the Canadian Thanksgiving Holiday Weekend in mid-month.

Covid…whether it’s considered a second wave or just the continuation and possible mutation of the first…remains the background to our days.

Most of us find ourselves saying “these are different days” and they are.

Squash
Squash

As the days shorten, and it cools in the evenings, the restaurants that relied on creative outdoor seating arrangements are grappling with how to social distance when back inside.

Ferries, grocery stores, retail are now making wearing of masks mandatory. Be prepared.

It is flu and cold season, along with covid virus, and the social distancing when out in public, the staying home when not feeling well, and the government encouragement to keep our contact groups small, are all features of this seasonal shift to Fall.

Veggies & Harvest on Salt Spring Island
Veggies & Harvest on Salt Spring Island

Covid has cancelled or re-imagined to a virtual platform many Island events (Fall Fair, Sip and Savour, Apple Fest, Salty Awards, craft fairs, Christmas on Salt Spring among others). Canadians are being encouraged by the federal and provincial governments to forego large family gatherings at Thanksgiving. All meetings and AGMs of various groups are also continuing to be held virtually.

Is The Past Prologue?

Marshall McLuhan reminded us in the 1970s that “the medium is the message”. Our communication methods create us as a species. Online is a talking head process. Will this make us into a species of observers and not participants? What then of Aristotle’s dictum that we are social animals? Hmmm….deep stuff here. Needs some thought. Change is the only constant. Virtual, though, is not the same as “in person”.

Till

So, here we are, at the very beginning of October. In real estate, in all rural/secondary home regions, inventory has thinned right out. That province-wide 10 week shut-down, that began on March 12th, created a huge desire on the part of city dwellers to get to rural/secondary home regions. The Sunshine Coast, the Gulf Islands, Vancouver Island, the Interior communities…all of them experienced a strong real estate sales uptick as soon as the government allowed phase one recovery.

Market Stats:

At this very beginning of October, then, we see

  • 84 residential listings on Salt Spring. This does not separate out waterfronts or farms or acreages…it is just all residential options that are still available.
  • They range in price from $420,000 to $14,000,000. (There are approximately 48 listings between $420,000 and $998,500. There are approximately 24 listings between $1,025,000 and $1,998,500. There are 6 listings between $2,000,000 and $2,700,000. There are 2 listings at $3,128,000 and $3,200,000. There is one listing at $6,688,800, another at $12,000,000, and two at $14,000,000).
  • At this beginning day of October, we see 69 land listings. Again, not separating out waterfront or farms or acreages…just undeveloped land options.
  • The available land opportunities range between $129,000 and $2,495,000. (There are approximately 60 listings between $129,000 and $995,000. There are 6 listings between $1,020,000 and $1,395,000. There are 3 listings between $2,150,000 and $2,495,000).
  • There have been 171 “sales to date”. In this unexpectedly busy year, we are seeing an increase in sales over 2 million (not a feature of our market between 2017 and late 2019).
  • (There have been 121 sales between $120,000 and $998,000. There have been 43 sales between $1,017,000 and $1,900,000. There have been 6 sales between $2,050,000 and $2,600,100).

Rural Shift Continues

The buyers in 2020 continue to be mainly from Vancouver and the desire to redo lifestyles and move to rural areas are the drivers of activity. It is a rewriting of one’s life script.

Bees
Bees

Vancouver buyers plan to live in the location they choose as their destination area…they take time as they first interview the areas they are considering, and so they do check out other rural regions before deciding “for” Salt Spring.

There are few new listings coming onstream to replace the “solds”. Unless they “have to”, most owners of rural properties are holding…they do not want to become sellers.

Thin inventory and high buyer demand can often lead to price escalation. At moment, it seems to be about price stability.

Conditions for Volatility Remain

Next year? There are many variables, including outcomes of elections this Fall, and the continuation of covid responses…the move to hard asset investments may also continue. If so, and inventory remains low, we may see serious price escalation begin. The Island Trust’s cap on growth and the continuing historically low interest rates will both be a part of this.

More information on market trends? Call me! Benefit from my knowledge, expertise, and experience. Your best interests truly are my motivation.

Meanwhile, beautiful October has arrived. Described by the English poet, John Keats, as the “season of mellow fruitfulness”, it is a segue from late summer into winter…enjoy its many Harvest pleasures.

Is Salt Spring Island A Tourist Destination?

The trails for walking/hiking beckon, sailing races have switched from Wednesday evening to Sunday afternoon, the restaurants and coffee stops continue their covid protocols and are offering seasonal delights. The Saturday and Tuesday markets are still underway. Farm gate stands await your pleasure. The Ganges galleries continue to showcase their artists. Watch the ArtSpring newsletter for upcoming events and look for the winter version of ArtCraft (social distancing in place for both, of course).

Salt Spring may have moved into a slower lane, but it remains a treasured place to visit in this softer season.

Li Read - Real Estate Office
Li Read – Real Estate Office

Salt Spring and the Southern Gulf Islands are always lovely, but there is a special beauty on the great Pacific Northwest Coast that belongs to the Fall season and to October in particular.