Market Analysis

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

GVR – September 2026 – Metro Vancouver Market Report

Home sales registered on the MLS® in Metro Vancouver declined 8.4 per cent relative to September last year, weighed down by the apartment segment.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,717 in September 2026, an 8.4 per cent decrease from the 1,875 sales recorded in September 2025. This was 25 per cent below the 10-year seasonal average (2,289).

“While sales were down about eight per cent overall in September, this figure hides the fact the weakness is contained to the sizeable apartment segment, which typically accounted for half of sales in any given month in recent years. By contrast, sales of attached and detached homes finished slightly up from last September, consistent with our view that end-users are primarily driving the market, as investor-driven demand awaits more favourable market conditions.”
— Andrew Lis, GVR chief economist and vice-president data analytics

New Listings and Inventory

There were 5,852 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2026. This represents a 10.3 per cent decrease compared to the 6,527 properties listed in September 2025. This was 5.7 per cent above the 10-year seasonal average (5,537).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 16,394, a four per cent decrease compared to September 2025 (17,079). This is 24.3 per cent above the 10-year seasonal average (13,186).

Sales-to-Active Listings Ratio

Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2026 is 10.9 per cent. By property type, the ratio is 9.7 per cent for detached homes, 12.2 per cent for attached, and 11.4 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“The combination of slow sales and inventory trending lower has kept home prices from declining too swiftly, with the composite price index drifting down 0.5 percent month over month. While small month-over-month changes may not appear significant individually, the cumulative effect of many small changes has become more pronounced over time, with all market segments now showing price declines of about three per cent since the start of the year.”
— Andrew Lis, GVR chief economist and vice-president data analytics

September 2026 benchmark prices by property type

All residential
$1,075,900
down 5.5% YoY
down 0.6% MoM		 Detached
$1,784,700
down 7.3% YoY
down 0.8% MoM		 Apartment
$682,500
down 6.2% YoY
down 0.5% MoM		 Townhouse
$1,016,700
down 4.7% YoY
down 1.2% MoM

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,075,900. This represents a 5.5 per cent decrease over September 2025 and a 0.6 per cent decrease compared to August 2026.

Sales of detached homes in September 2026 reached 575, a 4.2 per cent increase from the 552 detached sales recorded in September 2025. Sales of apartment homes reached 777, a 18.6 per cent decrease compared to the 954 sales in September 2025. Attached home sales totalled 358, a 0.6 per cent increase compared to the 356 sales in September 2025.

Curious what these numbers mean for Salt Spring Island and the Gulf Islands? Get in touch.
Report by Greater Vancouver REALTORS®
Shared by Li Read

Welcome October!

Autumn colour along a gated country driveway on Salt Spring Island

October welcomes harvest season with the mid-month Canadian Thanksgiving Weekend. It is a celebration with
family, friends, and sometimes memories. It is a thank you as the final harvest is gathered.

Footbridge to a private dock in a sheltered Salt Spring Island harbour

Arts, Harvest & Hallowe’en

October also offers ArtSpring events, gallery receptions, studio wrap-ups…the inspiring artistic scene
is there to enjoy. Live music venues, spa retreats, special seasonal menus at our great restaurants (check
out Hastings House), wine and cider tastings, and Hallowe’en (island-style) at month’s end.

Aerial view from Skywater on Salt Spring Island across the channel to the Gulf Islands

Election Season

Every four years, civic elections take place, and two trustees per Gulf Island are elected to the Islands
Trust and a regional director is also elected (the CRD for the five Southern Gulf Islands). School Board
positions are also filled. This year the election is the 17th.

Also this October we have a snap provincial election (on the 24th). A busy month! The voting
process is important. It is the population’s recourse to elected officials, if not happy with their
performance. Take time to look at the bios of those running for positions and make sure you vote.

Lavender rows in front of a country home on Mayne Island

The Real Estate Market

Elections often bring uncertainty and that can create market hesitations. Markets do not like uncertainty.
For many different reasons, since 2023, the coastal real estate markets have been in hesitation mode. Low
inventory and relatively stable asking prices have encouraged inquiries and viewings, but sale outcomes
have been slow.

In many cases, unless they have to, most owners do not want to be sellers. Anxiety over the
diminishing purchasing power of our currency has people holding their real estate investment. Lack of
choice makes it difficult for buyers to decide best steps forward. Treading water time is often the
outcome.

Aerial view over a Salt Spring Island harbour and its wooded islets

A Year of Change

Apart from the always interesting real estate market (whether primary/city or rural/secondary options), the
huge change being delivered by AI continues. Early in 2026 it was being mentioned with euphoria. Now, AI is
being suggested as an existential threat to humanity. Serious change always brings fear and drama. While it
settles out to acceptance of “what is”, it’s important to keep on practicing our
periphery vision and to remember we have an editing function.

Seeking specific information on the Gulf Islands and on Salt Spring Island? Contact
me…all questions have answers.

Li Read

GVR – August 2026 – Metro Vancouver Market Report

Home sales registered on the MLS® in Metro Vancouver declined 4.6 per cent compared to August last year, marking the end of a summer season that underperformed the summer of 2025.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,869 in August 2026, a 4.6 per cent decrease from the 1,959 sales recorded in August 2025. This was 20.7 per cent below the 10-year seasonal average (2,356).

“The soft August sales data suggest the modest downward revisions we recently made to our 2026 forecast were a timely and prudent decision. The market’s performance matched our expectations for the first four months of 2026, but since May, sales have lagged our January forecast, and we expect that trend to persist to the end of the year.”
— Andrew Lis, GVR chief economist and vice-president data analytics

New Listings and Inventory

There were 4,100 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2026, representing a three per cent decrease compared to the 4,225 properties listed in August 2025. This was 1.3 per cent below the 10-year seasonal average (4,152) for new listings.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 15,798, a 2.7 per cent decrease compared to August 2025 (16,242). This is 26.2 per cent above the 10-year seasonal average (12,522).

Sales-to-Active Listings Ratio

Across all detached, attached and apartment property types, the sales-to-active listings ratio for August 2026 is 12.3 per cent. By property type, the ratio is 9.6 per cent for detached homes, 15.1 per cent for attached, and 13.7 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Previously, we’ve noted that inventory levels have receded from their 2025 heights. This gradual decline, paired with slower-than-usual sales, has caused prices to drift downwards across all market segments, with the composite price index now down approximately six per cent year over year. Ample selection, softening prices, and stable mortgage rates are considered favorable buying conditions, but they haven’t been enough to bring many buyers off the sidelines. While the renewed trade tensions with the USA are an unwelcome distraction for the market, we still believe the main drivers of this soft market are the slowdown in immigration to our region, reduced investor demand, and mortgage rates that aren’t low enough to incentivize robust buying activity.”
— Andrew Lis, GVR chief economist and vice-president data analytics

August 2026 benchmark prices by property type

All residential
$1,081,900
down 5.6% YoY
down 0.6% MoM		 Detached
$1,799,400
down 7.2% YoY
down 1.3% MoM		 Apartment
$686,200
down 6.6% YoY
down 0.3% MoM		 Townhouse
$1,028,800
down 4.4% YoY
down 0.2% MoM

Sales of detached homes in August 2026 reached 557, a 3.1 per cent decrease from the 575 detached sales recorded in August 2025. Sales of apartment homes reached 891, a 6.8 per cent decrease compared to the 956 sales in August 2025. Attached home sales totalled 412, a 0.7 per cent increase compared to the 409 sales in August 2025.

Curious what these numbers mean for Salt Spring Island and the Gulf Islands? Get in touch.
Report by Greater Vancouver REALTORS®
Shared by Li Read

September – 2026 – Salt Spring Island, BC – Market Report

Aerial view of a Salt Spring Island oceanfront beach backed by forest

September 1st is meteorological Autumn. The calendar says goodbye to Summer and hello to Fall around
September 20th, but we all know that Labour Day Holiday Weekend and “back to school” are the
real markers of seasonal change.

September is considered by many to be one of the most beautiful months on the great Pacific
Northwest Coast. Earlier sunsets and clearer skies promise star-watching opportunities.

Sweeping view over the Gulf Islands from a Salt Spring Island hilltop

Arts & Harvest Season

The Arts community on Salt Spring now enjoys new ArtSpring offerings, ArtCraft continues until the 20th, the
amazing Salt Spring Fall Fair weekend captures the agricultural scene, the Ganges Galleries and home
studios are sharing new works, and spas and restorative options are keeping everyone focused on sharpening
up the alternative health goals. Harvest Season is fully with us…catch the delicious offerings in
the many special restaurants.

Oceanview acreage on Salt Spring Island looking across the channel to Vancouver Island

The Real Estate Market

The real estate market continues to display low inventory (most owners not wanting to be sellers). Prices
continue to be relatively stable…reductions tend to take place at the point of an offer/possible
sale. Each year, including 2023 till now, has seen buyer interest coupled with a hesitation in outcome
decisions. Uncertainty has been different each year, but buyers have responded with inactivity. The
outcomes in Vancouver still drive many sales in the secondary home markets…approximately 30 days
later.

Shoreline and moorage along a forested Salt Spring Island bay

A Fall Market in 2026

It is a Fall Market in 2026. The timeline for results runs from mid-August to end of January. By
mid-October, we should see the tone of this year filling in. It may be a time of entry level price points
finding action, although it is also very possible that upper range properties will also sell. The main
driver of action continues to be concern over our currency and the diminishing of its purchasing power.
It’s difficult to project at the beginning of September…more details mid-month.

Sailboat at a private dock in a protected Salt Spring Island harbour

A Year of Change

2026 has so far been highlighted by change. The possibilities of AI are only at the beginning of a major
societal shift, along the lines of the impact of Gutenberg’s printing press in the 14th Century.
It’s interesting that space itself is in the mix. The need for data centres has arrived at
suggestions to port all information into space…a huge area…does this mean there will be no
end to data collection? Hmmmm….

BC Ferry threading the Gulf Islands in early autumn light

In times of change, it’s essential to practice our periphery vision and to remember our editing
function. September offers opportunities to enjoy remaining bursts of summer and also to welcome cooling
moments of serious Fall. Farmers Markets, gallery receptions, live music venues, wine and cider tastings,
alluring hiking/walking trails, thoughtful evening classes to inspire, and everywhere the beauty that is
the signature of Salt Spring and the Gulf Islands.

It’s September. Welcome!

Li Read

August – 2026 – Salt Spring Island, BC – Market Report

Salt Spring Island summer vista across the Gulf Islands with a snow-capped mountain on the horizon

Welcome August!

Here we are at the mid-point of the summer season…short and sweet…an invitation to enjoy Salt Spring and the Gulf Islands at their best. Remember the Omar Khayyam alert: the bird is on the wing. A reminder to jump in…don’t delay…Fall is next.

Boats moored at a Salt Spring Island marina on a bright summer day

Connect with the Sea

In the heart of some of the best protected boating waters in the world, it’s time to connect with the sea…sailing, kayaking, paddle boarding, yachting. Coves, bays, beaches, swimming…say hello to seals, sea lions, whales, dolphins, eagles. It’s an inspiring time, this segue into August.

Ripe grapes on a Salt Spring Island vineyard

Markets, Farms & Vineyards

Saturday Market, Tuesday Farmers Market, roadside farmgate stands, orchards laden with fruit, berries, vegetables, salad makings, vineyards and wineries, cideries…the 20 mile diet is a possibility. Lucky Islanders!

Ganges Village on Salt Spring Island in summer

Artists Haven

ArtCraft, Ganges Galleries, studio tours, ArtSpring…feed the soul with the energy of the many talented artists who have chosen to live on Salt Spring and the Gulf Islands: painters, actors, fabric artists, dancers, potters, ceramics, musicians, photographers, sculptors, writers, videographers, and more. Salt Spring has long been recognized as an artists haven.

Coastal Gulf Islands scenery in late summer

The Real Estate Market

What about that ever interesting Real Estate Market? Since 2016, most buyers for the secondary home/recreational markets have been from Vancouver/Lower Mainland. Since 2023, although for a different reason each year, the marketplace was a hesitation pattern. Inventory was low, prices fairly stable, buyers would respond and often would come to view, but sales outcomes remained uncertain. Buyers were reluctant to act.

This hesitation dance eased in May of this year. April saw action in Vancouver and a month later it was evident on Salt Spring. This time lag is often the case. The sales were mainly in entry-level prices, in residential (not yet in land sales), and although some higher end listings did come on market by late June/July, the sales in that category have not yet clicked in.

Ferry arriving at Long Harbour on Salt Spring Island

A Fall Market in 2026

It is shaping up to be a Fall Market in 2026, which runs from August to January. By October, we may find stronger sales in that 2 to 3 million range. At the moment, most activity has been below one million. Although concern over title issues (indigenous or fee simple?) is not resolved, the move to buyer activity may now be about currency worries and a decision to preserve capital through a real estate investment in a unique area.

The almost daily changes globally and locally continue. 2026 is bringing with it many shifts, and not just in impacts of AI and robotics. It’s important to remember we all have an editing function and also periphery vision. Important not to fall down tunnels of prepared information. Important to be thinking.

Late-summer light over Salt Spring Island and the Gulf Islands

Meantime, this glide into August is the final moment of summer-summer pleasures. Choose your delight (a beach at sunset? Star-watching later?)…immerse and welcome this benevolent season.

Smile…it’s August!

Li Read

July Smiles Hello

Aerial view of a Salt Spring Island waterfront home tucked into the forest above the ocean

Summer is here, and Canada Day on July 1st celebrates the season, right across the country. Many people
consider July, August, September to be the Pacific Northwest Coast’s premier months.

Canada Day offers many special events on Salt Spring and the Gulf Islands. If you love classic
cars, check out the gathering on Salt Spring. Pick up maps and find out about all the events offered in
July, by popping into the Visitors Centre in Ganges.

Forested Gulf Islands hills above a calm summer bay

Summer on the Islands

Long known as a serious artists community, make sure to check out Salt Spring’s studio tour, ArtCraft at
Mahon Hall, the galleries at ArtSpring, the galleries in Ganges. Along with feeding your soul with artistic
expression, there are seasonal menus at great restaurants (including wine tasting dinners at Hastings
House). The natural world of ocean, mountains, forests also offer their restorative powers…hiking/walking
trails, beaches, lakes, ponds, parks…kayaking discoveries…summer’s ease is with us.

Salt Spring and the Gulf Islands are in the middle of some of the best protected boating waters
in the world. The climate (known as cool Mediterranean) allows for vineyards, orchards, olive groves. Check
out the Farmers Markets and roadside stands. Enjoy the wineries, cideries. Catch a sunset and just “be”.

Clear water along a rocky, forested Salish Sea shoreline

The Real Estate Market

The real estate market on Salt Spring began to show improvement in May. The other Gulf Islands now begin
their activity. Low inventory (not a lot of choice for a buyer) continues, and prices show both reductions
and increases, while finally the buyer “hesitation dance” has eased. That buyer hesitation since 2022 was
always about uncertainty.

Each year, the uncertainty varied…late 2025 brought in the uncertainty of title. Would
indigenous title take precedence over fee simple/private ownership? Since May, buyers have returned and
sellers might become more active. The marketplace is not yet showing a definite pattern, but it does appear
to be showing a more positive rhythm. It may well be that 2026 will be characterized as a Fall Market
(August to January). Time to observe…

Aerial view of a Gulf Islands waterfront property with mountains and sailboats at anchor

Land Comes to the Fore

At the moment, undeveloped land sales and properties with only a cottage or studio are slower to find buyer
interest. People are seeking a home to move into, even if it requires renovations. More people are looking
to live on Salt Spring and the Gulf Islands…these are not just recreational purchasers anymore. Inventory in
land only or with a studio on site is also very low…as residential continues to thin out, land will come to
the fore.

Sailboat moored at a private dock in a sheltered Gulf Islands cove

Title, the Dollar, and a Thought on Change

Although the issue of indigenous or fee simple title has not yet been resolved (check into DRIPA…the U.N.
Declaration of Rights of Indigenous Peoples Act for details), the concern over the continuing suppression in
value of the Canadian dollar could be the reason for the recent uptick in buyer desire to act. Preservation
of capital is a strong motivator. That might also be the reason for owners not listing.

Meantime, Summer invites us to pay attention to the beauty in place at this season. It’s a time
to be thoughtful about new discoveries…a time to ponder. 2026 appears to be one of those years that deliver
profound change (our Gutenberg moment)…AI and impacts, fusion as opposed to fission in energy options,
robotics, space exploration, political machinations, cyber security issues, and so forth. Every day seems to
show change. Ever more important to listen, to exercise our editing function, to always question, to allow
our periphery vision to keep us out of prepared information channels. Be attentive.

Summer is here. July smiles hello!

Li Read