Salt Spring Island Real Estate Update
So, here we are, on August 1st, half way through the summer vacation time and starting into the last half of the business year.
The first half has been full of chaos and uncertainty. The premiers of the ten provinces and the Prime Minister have not created opportunities for inter-provincial trade. The immediate reaction from some premiers was confrontational re President Trump’s tariffs. Negotiation is not usually successful if confrontation is the only response. What is that old saying? You catch more flies with honey?
The Canadian Spirit
Canadians are a resourceful people, they invent things, they are musicians, comedians, engineers, and are generally kind and non-confrontational. They do not back down. They have been courageously part of wars they believed in. They can be counted on.
In a way, there are ten Canadas…each province is uniquely itself and we haven’t even touched on the Territories. Remember the BlackBerry? It was a Canadian product. What about the Avro Arrow plane?
Gulf Islands: Where Creativity Thrives
Salt Spring and the Gulf Islands are artists colonies: writers, actors, dancers, musicians, painters, weavers, ceramic artisans, potters, sculptors, lighting experts…creative opportunities are a Gulf Islands trademark. Discover!
“We are not ‘local’…we just happen to have chosen to live ‘locally’.”
— A Gulf Islands Sculptor
Community Through Volunteerism
That is also true in real estate…we arrive, we stay, we leave. It’s a choice to live the islands lifestyle, and those Canadian attributes are also part of the volunteer attitude found on the Gulf Islands.
Salt Spring Volunteer Achievements:
- ArtSpring performance venue
- The indoor pool
- The indoor tennis
- Network of walking paths so do not have to walk on busy roads
- And so forth…
Note that the first major effort was to build ArtSpring…which sums up Salt Spring’s authentic “arts first” attribute.
Real Estate Market Dynamics
How does real estate fare in an unincorporated environment that is governed by the Islands Trust, a provincial government body created “to preserve and protect”, back in 1974? It follows the patterns of trends, the ups and downs of all markets, and is not detached from global or national impacts.
Markets are markets, wherever they are.
Post-2008 Recovery
In the aftermath of the 2008 economic collapse, urban areas recovered first and more quickly.
Covid-Era Shift
The aftermath of the Covid closures of 2020? A flight from urban to rural occurred. Lack of inventory caused prices to rise dramatically and saw multiple offer situations.
2022-2025 Market Timeline
Between 2022 and 2024, across Canada, a buyer pause developed. Low inventory and relatively stable pricing and lack of buyer interest in action were outcomes of those years. 2025’s first half was full of uncertainty and resulting inaction.
Questions for Leadership
My question: where are the premiers and PM in tapping into the Canadian strength of character? Where is the “honey” in a negotiation with Trump?
U.S. customer share of Canadian goods
Other countries as replacement buyers
Canada has what U.S. might like. Was Canada lazy about connections elsewhere? Does U.S. need us and did our politicians simply stamp their feet or did they consider ways to offset the U.S. changes to their country’s structure? What happened to Canadian creative initiatives? Hmmm….we are smart cookies, aren’t we? And your thoughts are? Always welcome.
Meantime, it’s August 1st, and it starts with the B.C. Day Holiday Weekend…enjoy the special events. It’s still wonderful summer.
August 2025 Local Market Snapshot
Inventory
Remains low across all property types
Prices
Relatively stable, although reductions may take place at point of sale
Buyer Activity
Buyers remain uncertain. Inactivity is still with us
Key Insight: Buyers set markets.
We may have to wait to early September, Labour Day Weekend, to see if buyer inertia is over and if there will be a projected Fall Market. August often begins Fall patterns.
More questions about market conditions?
Look forward to hearing from you.
