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.
