Market Analysis

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

June 3, Salt Spring Island – Market Update


June 3, 2025 Market Update

Buyers Remain Hesitant as Inventory Builds

May saw inventory levels across Metro Vancouver reach another ten-year high, while home sales registered on the MLS® remained muted.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,228 in May 2025, an 18.5 per cent decrease from the 2,733 sales recorded in May 2024. This was 30.5 per cent below the 10-year seasonal average (3,206).

“While there are emerging signs that sales activity might be turning a corner, sales in May were below the ten-year seasonal average, which suggests that some buyers are still sitting on the sidelines or are being especially selective,” said Andrew Lis, GVR’s director of economics and data analytics. “On a year-to-date basis, sales in 2025 rank among the slowest to start the year in the past decade, closely mirroring the trends seen in 2019 and 2020. It’s worth noting that sales rebounded significantly in the latter half of 2020, but whether sales in 2025 might follow a similar pattern remains the million-dollar question.”

Inventory Levels Surge

There were 6,620 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2025. This represents a 3.9 per cent increase compared to the 6,374 properties listed in May 2024. This was 9.3 per cent above the 10-year seasonal average (6,055).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 17,094, a 25.7 per cent increase compared to May 2024 (13,600). This is 45.9 per cent above the 10-year seasonal average (11,718).

Sales-to-Active Listings Ratios by Property Type:

  • Overall Market
    13.4%
  • Detached Homes
    10.2%
  • Attached Homes
    17.4%
  • Apartments
    14.7%

Market Dynamics & Price Pressure

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.

“With some of the healthiest levels of inventory seen in years, many sellers are adjusting price expectations, which has provided buyers more negotiating room and kept a firm lid on price escalation over the past few months,” Lis said. “From a seasonal perspective, sales in the summer months are typically quieter than the spring, but with such an unusually slow spring, we may have an unusually busy summer with so many having delayed their purchasing decisions. Either way, the market continues tilting in favour of buyers, which bodes well for anyone looking to make a purchase this summer.”

Benchmark Pricing Overview

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,177,100. This represents a 2.9 per cent decrease over May 2024 and a 0.6 per cent decrease compared to April 2025.

Property Performance Summary

Detached Homes

$1,997,400

  • • 654 sales (-22.7% YoY)
  • • -3.2% vs May 2024
  • • -1.2% vs April 2025

Apartment Homes

$757,300

  • • 1,087 sales (-18.8% YoY)
  • • -2.4% vs May 2024
  • • -0.7% vs April 2025

Attached Homes

$1,106,800

  • • 469 sales (-10.3% YoY)
  • • -3.4% vs May 2024
  • • +0.4% vs April 2025

June 1, 2025 – Salt Spring Island Market Analysis

From Greater Vancouver REALTORS®

June, 2025

Summer Officially Arrives

June officially invites Summer to these ever lengthening days…meteorological Summer season begins on June 1st. We know the calendar says June 20th…the shortest day of the year.

A month with graduations, weddings, Saturday Market, Tuesday Farmers Market, art and craft fair openings (Art Craft at Mahon Hall, an annual showcase of Gulf Islands artistic pursuits), al fresco dining pleasures at our great restaurants, receptions at Ganges Galleries to welcome “the season”, holiday plans to encourage that summer-summer ease of living, tastings at wineries and cideries, discover the olive farm’s signature oil, evening sailing races, farmgate stands, beachcombing, ocean swimming, lakefront pleasures, ArtSpring fundraiser, so many wonderful reasons to enjoy June on Salt Spring. And your special events? Share!

Salt Spring Island

Market Dynamics

And that ever enticing Gulf Islands real estate market trend? There appear to be two markets in play right now. Although there have been some new listings, many new offerings are re-visited options. Since 2016, Vancouver and the Lower Mainland have provided the buyers for the rural regions. Covid closures in 2020 generated a societal shift…buyers were leaving urban for rural, seeking safe havens and a self-sufficient lifestyle.

Salt Spring Island

Capital Preservation & Market Stability

By 2024, this desire to live differently had expanded into a sense that one needed to preserve capital by recognizing the diminishing purchasing power of the Canadian Dollar…yes, gold and commodities, but also real estate in unique and special areas (thank you, Islands Trust). These two drivers to action continue. Pauses in times of uncertainty remain a feature, but sales continue, inventory remains low, and prices remain relatively stable. Reductions may take place at the point of an offer.

Salt Spring Island

Looking Ahead

It’s important to assess all issues right now, to consider all outcomes, to pay attention to monthly reports. Details on sales are often 90 to 120 days behind the beginning of a sale process. Feb and March were worrisome and April was stronger. Stay tuned. The 2025 year may be later and longer. Let’s see what late July brings. By then, we should see responses of federal and provincial governments to the changing dynamics of the Trump era…and his insistence on tariffs. Are there concrete ways to generate positive business outcomes for the provinces?

Spring and Summer introduce the Gulf Islands to seekers and late Summer into Fall months start to deliver the outcomes of those introductory visits. Time is a component in all sales in the secondary home/recreational markets. Discovery, thoughtful decision-making as to “where” and “when”, and then a seeker may turn into a buyer. The process can take over a year. Sometimes over two.

Salt Spring Island

Keep an Open Mind

In times of extreme shift, it’s important to keep an open mind. To leave room for the new. (Any news from the AI front?). Projections are calling for small percentage upticks in the secondary home markets. This appears to be the case. Turmoil and losses in some segments are forecast for primary residence markets. This does appear to be underway.

Meantime, it’s splendid Summer-Summer, time to enjoy Nature’s abundance and our softer seasonal lifestyles. Smile…June says hello.

May 1, 2025 – Salt Spring Island Market Analysis

May, 2025

May…the beauty month on Salt Spring and the Gulf Islands. A month where Nature spills out its largesse, where longer days invite one to enjoy the ease of the season.

Salt Spring Island

What of that real estate market? The same tune is being hummed: low inventory and buyer interest, leading to stability. The chaotic weeks in February, March, April ended with the election. It may well be a later and longer sales market, but strength remains and buyers are active up to a mid-two million price range.

Salt Spring Island

It usually takes until August for the higher price points to fill in. Several years ago, Salt Spring and the Gulf Islands became a late summer/fall market. Although there have been some new listings, reflecting the Spring market timing, they are not plentiful. It’s interesting that undeveloped land options are also finding their buyer.

Salt Spring Island

The uncertainties of the past few months, however, and the consistent worries about tariffs impacts, have created a bit of a pause mindset. The activity goes in bursts. We’re still ok? Then there’s another burst of activity. One also notes that price reductions take place at the point of an offer. So…sense of stability and yet one is aware of blips on the radar. Important to pay attention.

Salt Spring Island

Meantime, it’s marvelous May! Victoria Day Weekend, Round Salt Spring Sailing Race, Memorial Day Weekend, Swiftsure Sailing Race, Saturday Market in the Park, Tuesday Farmers Market, Ganges Gallery receptions, hiking/walking trails, beachcombing, spa retreats, Mother’s Day welcome at Hastings House, blossoms like confetti, wine tastings, cider tastings, farmgate stands, and everywhere the eruption of Nature at its best. Enjoy!.

Market Commentary – April 2025

Market Commentary – April 2025

Our Canadian federal election is at the half-way point. Voting day is April 28th.

President Trump’s promised reciprocal tariffs process is underway in the U.S.

Salt Spring Island

It’s generally accepted that everything has changed. Tourism has been the number one “industry” across Canada, for many years. The recent complaints about the U.S. often sound personal as opposed to a recognition that a political decision may not represent the opinion of “the man on the street”. I hope people from the opposite side of our shared border will still visit…and vice versa.

In looking at the real estate markets across Canada, many value suppressions have been noted. At the same time, it’s also noted that rural / recreational markets in unique areas are retaining value…along with low inventory.

Locally, we are seeing some small increase in listings…but many were listed before, came off over winter, and are now relisting for the Spring Market. The available inventory remains exceptionally low. Prices are also remaining stable.

Things may change…it’s important to remain aware…we are in different days. Good time to remember that in change, lies opportunity. Our attitude to change shapes our outcomes.

What might we do? One game-changer is AI…a good idea to learn what it offers and start to use it. Or, what about choosing the artistic voice? Take one photo every day, that will sum up that day’s events. Choose a timeline (May to September?). Let the image speak. This visual diary may showcase what we are finding important. Or…you decide. In times of extraordinary change, where we may feel that we have no input to respond, it’s essential to create our personal answers to the societal shifts.

Good to remember that every closed door will open. Time to see if it’s locked? The key? An action with forward momentum.

Meantime, April is evolving from March into May. Beauty is everywhere. Look and listen. Smile.

Market Segment Report, April 6, 2025

2025 Market Segment Report, April 6, 2025



Salt Spring Island

We live in interesting times in all marketing options, including for real estate offerings.

It was very nice to receive recent acknowledgement from FeedSpot Top 100 Real Estate Blogs, for my consistent blogging.

Check this out: Feedspot Top 100 Real Estate Blogs

FeedSpot highlights many worthy real estate oriented blogs and awards them their badge.

I appreciated being noticed.

Thank you, FeedSpot.

Li.

As always, Stay Tuned!!

April 1, 2025 – Market Update

April, 2025 Market Report

Salt Spring IslandWonderful Spring is fully in play. Whether sunny or raining, the April encouragement for gardens, orchards, wild bracken at road sides to flower forward is spilling out everywhere.

The beginning of the month shares some early bareness with March, and the end of the month wears the signature fullness of May.

Enjoy it all…we are now in the treasured spring-summer coastal season.

Salt Spring Island

The real estate market? The low inventory of listed properties continues and the relative stability in pricing also remains in place at this very beginning of April.

Buyers (after several months of treading water in actions) began to return to the recreational marketplace in October 2024 and this activity continued well into January 2025.

Salt Spring Island

Then the uncertainties of Trudeau stepping down and proroguing parliament, Trumps tariffs threats, time delay in choosing a party successor to Trudeau and whether would be an early federal election, and so on…markets do not like uncertainty.

Buyers were once more treading water. Pauses in action do not necessarily mean a falling market.

The two main drivers to market action in our secondary home/recreational marketplace remain: a desire to leave urban for rural (seeking a more self-sufficient lifestyle) and an investment in real estate in a unique area (such as Islands Trust form of governance on the Gulf Islands) in order to preserve capital at a time our dollar is losing value.

These elements are still in play.

Salt Spring Island

At the moment, most buyers continue to be from Vancouver. We are beginning to see renewed interest from Ontario and also from Canadians currently in the U.S

Due to the many societal issues in late January through to now, culminating in a federal election (on April 28th), it may take until mid-May to get the authentic market tone of the 2025 year.

Although the federal government will be responding to any tariffs brought by the U.S. President, there are ten provinces, with differing agendas for their very different and specific provincial concerns…it’s important to pay attention to the B.C. Premier’s Bill 7…this far-reaching and unilateral Bill (put in place without any legislative process) seems to be beyond a tariffs response. It is not being put in place with any other provinces / territories. It will give “war measures act” options for a two year period and can be extended if provincial government wishes. Hmmm….be informed.

Salt Spring Island(Note: the Premier is now walking back the initial Bill 7 elements. Read some of the concerns expressed about Bill 7 in my March market analysis segment).

Meantime, in spite of unresolved issues (tariffs impacts, federal election outcomes, currency concerns), here we are at the very beginning of amazing April.

Time to spring clean the house, the office, the car…wash those windows and let the light re-enter.

Enjoy those gallery openings, the welcome of the Saturday Market’s return, the ArtSpring seasonal offerings, the live music venues invitations, the spa retreats to wake us up to this new expansive season, with time to dine at our great restaurants and coffee stops (with a view), time to simply ease into the inspiration of wonderful Spring.

It’s April…enjoy!

Stay Tuned!!