Market Analysis

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

Salt Spring Island, September 2023, Market Analysis

Earlier Sunsets on Salt Spring

A lovely month in the Gulf Islands and on Salt Spring Island…September retains Summer moments and slowly segues into true Fall. Shorter days, earlier sunsets, star-watching pleasures, and the delectable harvest time.

On Salt Spring? Catch the amazing Fall Fair (September 9/10)…the old island meets the current one and each day is totally different. Don’t miss this annual event. The Ganges Galleries are showcasing the output of their signature artists, ArtSpring events are offered, and ArtCraft will gently close for the season. Wine and cider tastings, Saturday and Tuesday Farmers Markets continue, and farmgate stands are showcasing their produce. Lucky SaltSpringers! Labour Day Holiday Weekend starts the month.

Fall Market Salt Spring Real Estate

And what about that Fall Market in real estate? Several years ago, Summer and Fall became a busy time in the Gulf Islands. It can be busier than the Spring market, and some call this time of year “the second Spring”.

Although the 2023 year began late (mid-April?), it was consistent. Inventory remained low. Entry-level price points and residential listings found most of the action in the Spring/early Summer timeline. Towards mid-August, some upper tier priced properties also found their buyers. It is usual to see higher end opportunities finding their buyers in September/October/November, year after year.

Low inventory is likely to continue. Unless they have to, most owners are not interested in being sellers. IF they were interested in selling, they can’t find listings in the areas they might consider moving to. No one wants to be houseless.

Lack of Construction + Invitation for Immigration

The Canadian government’s invitation for immigration (500,000 + a year) bumps into the past forty years of lack of construction. Strong desire to buy, coupled with lack of housing options, result in price escalation. A lack of affordable housing (whether to purchase or rent) remains a Canada-wide issue.

Why Invest on Salt Spring Island

Salt Spring and the Gulf Islands governance model is under the provincial government body known as the Islands Trust (created in 1974). The purpose was to preserve and protect the environmental beauties of the Gulf Islands for the benefit of all B.C. residents. In a sense, these islands are like park reserves. Growth is capped via strong zoning/bylaws restrictions. The Islands Trust restrictions also keep inventory low, regardless of market trends.

Concern over currency uncertainties may be another factor in low inventory…choosing hard assets is one way to preserve capital in uncertain times. Owning property on Salt Spring and the Gulf Islands can be viewed as an important decision in one’s investment portfolio.

Seeking a successful real estate outcome on Salt Spring and the Gulf Islands? It’s very important to me that things work to optimum for you, whether selling or buying. Questions? Call me. Your best outcomes truly are my motivation. Information is key.

Fall is the season of mellow fruitfulness…

Meantime…it’s early September and the season offers beauty everywhere. September 1st is meteorological Fall…in spite of the calendar saying it’s summer till the 20th. As the poet John Keats described, Fall is the season of mellow fruitfulness.

Time to hike the trails at Ruckle Park, the Mt Erskine trail system, the Channel Ridge trails. Time to dine out at our amazing restaurants and taste the delights of the harvest season. Time to meander the galleries and discover the meaning of talent. Time to star watch and ponder a bigger picture. Time to choose fresh veggies and fruits at farm markets and test drive your culinary skills. Time to welcome the cosy season.

Fall’s softer season is there to enjoy. Accept the invitation.

Salt Spring Island, August 2023, Market Analysis

August, 2023.

Salt Spring Island Attractions

Wow…Summer is at the half-way point. August has arrived.

Time to enjoy the fruits of the season…shop the Saturday and Tuesday Farmers Markets for home grown delights. Dine out al fresco on the patios and decks at our exceptional restaurants. Kayaking, paddle boarding, sailing through these beautiful Gulf Islands…whales, sea lions, seals sleekly move among us. Hiking trails, forest bathing choices, spa retreats, beaches for sunset viewings and swimming in lakes and ocean. How lucky we are to experience the real reality of this special part of the great Pacific Northwest Coast. Lucky Salt Springers!

Salt Spring Real Estate Market

And that always interesting real estate market in this secondary home/recreational region? The theme remains: low inventory and stable pricing.

This year is also seeing a return of buyers, in spite of the continuing worries about interest rate rises, supply chain issues, lack of good choices, inflationary pressures, currency concerns, wars and rumours of wars…the surround sound of our current moment seems to be worry-worry. In 2022, it paused activity. In 2023, although there was a late start to the year’s cycle, action is again with us.


The rhythm is not the over ask frenzy of 2021. There are subject offers now, there is time for a buyer to do due diligence, and sellers listen to buyer thoughts on offer prices.

The thing for a seller to remember: a buyer chooses to come to Salt Spring. No one “has to” buy on a Gulf Island. It’s always a two-step dance: a buyer chooses the Gulf Island to live on and then chooses the property on that island. Very different from a primary residence/city marketplace.

There is always a time element to a purchase…often takes three visits before an offer is made. There can be months between visits. Patience is a part of all property purchases on all Gulf Islands.

Push for Immigration

The federal government push for immigration (500,000 a year from 2023 to 2025) is occurring at same time as a lack of housing…right across Canada…and on the Gulf Islands/Salt Spring Island, too. Lack of rentals, work rentals, and affordable housing persist. This lack of inventory is projected to bring serious price escalation.

So, a desire for hard asset investment to preserve capital in inflationary times…and increased immigration with low housing inventory…these seem to promise a strong real estate market.

I always think it takes till mid-September to see the real tone of a real estate market on any Gulf Island. We are almost there… Several years ago our recreational/secondary home region became a late summer/fall sales market…stay tuned.

Something to pay attention to during these last lazy days of summer, as August unrolls…the impact of AI (those in the know say it is going to create profound change, more than was experienced with the arrival of the internet). Maybe leave the fat entertainment book in the hammock and look into this game-changer?

Meantime, it’s still summer-summer in our real reality location and August brings earlier sunsets, star watching opportunities, lush gardens, a sense of needing to quickly capture this amazing time of year…September and Fall are on the horizon…don’t delay. The bird is on the wing.

A little sail out the Harbour? Meet you at the dock. It’s Summer. Catch it.

Salt Spring Island, July 2023, Market Analysis

July, 2023.

Canada-wide Celebration

Canada Day introduces delectable July…a Canada-wide celebration on the 1st. Happy Birthday!

Lots happening on Salt Spring and the Gulf Islands: artist studios are open, the famous Saturday Market and Tuesday Farmers Market on Salt Spring, Ganges galleries showcasing their amazing artists, ArtSpring events, ArtCraft at Mahon Hall, patios and decks at restaurants and coffee places (al fresco is the gift), wine and cider tastings, hiking trails, swimming in lakes and ocean, kayaking, sailing, live music venues…it’s all here…just waiting for your enjoyment and summer ease.

How’s The Salt Spring Market

The real estate market? It’s the same continuing tune: lack of inventory and stable pricing.

There is a sense that prices will rise. It may take until late August to have clarity on this definite possibility. Lack of supply (combined with strong buyer desire) is the reason. Most owners do not want to be sellers. Further, Canada’s immigration policy is set to welcome 500,000 immigrants a year and the lack of available housing will keep prices higher.

The Islands Trust effectively capped growth on the Gulf Islands when the provincial government created it in 1974. This is apart from real estate trends over time. Basically, it’s a “this much, and no more” item. Another reason for price stability and price increases, though. Questions? Call me. (liread33@gmail.com).

Short & Sweet Days of Summer

Summer is both a sweet and a short season. Already we see shorter days (by seven seconds a day). Time to “take five” as the great Dave Brubeck played. In our on/off, on/off binary world, it’s important to breathe life into our editing function. Yes, we do have a pause button. Yes, we do have the ability to close the screen and simply “be”. Summer is the perfect time to simply rediscover “ease”.

Try sitting beside the sea, calm, high tide, late afternoon light shimmering, reflections softening our thoughts. See? Real summer approaches. Be still and enjoy the peacefulness. Real reality is here. The gift of summer is with you.

Salt Spring Island, June 2023, Market Analysis

June, 2023.

The Low Tides of Summer

It’s June…the month when the calendar says “Summer”, when schools are out for summer vacation, when the days are longest and beaches beckon (yes, those are low tides).

Summer has the word “ease” at the heart of it. Kayak to Chocolate Island, sail through these amazing Gulf Islands (some of the best protected boating waters in the world), enjoy beachcombing, swim in the lakes, hike the trails, picnic wherever your fancy takes you, enjoy al fresco dining with a view at the super restaurants around the island.

A highlight of June? The annual Tour des Iles weekend (voyage between the five Southern Gulf Islands…live music and new discoveries. A WOW). Check the Visitors Centre for dates and details.

The Salt Spring Real Estate Market

So, what about the real estate market at this very beginning of June? The story of low inventory coupled with consistent buyer desire for rural/recreational areas (yes, still the flight from urban to rural) continue to be in place.

The immigration push (federally, the government is encouraging 500,000 immigrants a year, for 2023, 2024, 2025), at the same time as lack of housing (to buy or to rent) remains an issue everywhere, seem to predict rising prices. Lack of supply is always the reason for price increases. It remains, quite simply, a sellers market.

This is not yet the crazy market seen in 2021. So far, we are not noting many multiple offers all at once, with “over ask” outcomes.

Sellers do get close to list, in many cases. In others, price reductions happen first and then often a further reduction at the point of a sale. These differences merely point to the pace of recovery after “the great pause” of 2022. It may take until late August/September to really see the tone of 2023, for real estate patterns.

There are many lingering concerns: interest rate further rises, inflationary pressures, lack of good choices for a buyer, supply chain issues, rising cost of materials (one reason why some buyers ignore undeveloped land listings), geopolitical worries, currency concerns. Worries do create slower outcomes…the persistent refrain: “are we safe yet?”.

Since 2016, most buyers have been from Vancouver in the Gulf Islands, and in other rural venues. These buyers plan to live where they purchase, and so take time in considering “where” to relocate. It always takes time to sell property on any Gulf Island, no matter the market trend.

Close to Everything and Yet Wonderfully Apart…

So, we segue into June with fewer listings and renewed desire to own property on a Gulf Island…close to everything and yet wonderfully apart. Remember, too, our form of governance (the Islands Trust) and its preservation mandate. The Trust also keeps growth low. Between the Trust and the lack of interest from most owners in becoming sellers, and the pressure for housing, one might agree that price points will rise in real estate.

Look forward to helping you with your real estate needs (whether selling or buying) on Salt Spring and the Southern Gulf Islands. Your best interests are my motivation.

E-Mail: LiRead33@Gmail.com

Meantime, June is here…and whether a resident or a visitor, Salt Spring and the Southern Gulf Islands smile a Summer hello. Enjoy!

Salt Spring Island, May 2023, Market Analysis

May, 2023.

Beautiful May.

The great Pacific Northwest Coast

Salt Spring Island

The great Pacific Northwest Coast, including the delectable Southern Gulf Islands/Salt Spring Island, enjoy this month of natural largesse…blossoms tumble through orchards, and gardens flower forward. Lucky us to be here, whether this is home or just visiting.

What about the local real estate market at this very beginning of May, the month that has Spring easing into Summer? This past April continued to show low inventory and significant buyer interest, in options below 1.5 million. The higher priced properties began to get renewed inquiries, but fewer sale outcomes. May usually traditionally begins the sales of upper tier priced opportunities. Low inventory continues as we start into May.

Supply & Demand on Salt Spring Island

Both Canada and local community markets are aware of the continuing lack of housing…at the same time that the federal government is encouraging strong immigration (1.5 million by 2025). Lack of supply and increased demand promise price stability and also seem to encourage price increases.

Most buyers locally continue to be from Vancouver, and the desire to mo

ve from urban to rural remains a strong motivator. Smatterings of buyers from Alberta and Ontario are also present…retirees? Interest from out of country is there, but the federal two year ban on foreign ownership has created misunderstandings. There are many exemptions. One exemption: the ban does not apply to recreational regions and so Salt Spring and the Gulf Islands would be exempt. Important for out of country buyers to check into this.

Not Only A Change In The Weather

BC Ferry

The many societal shifts propelled by covid shut-downs continue to unroll. Working from home is a major change.The authentic ability of the internet to support this allows this significant work change. Will empty office spaces and commercial buildings now be revamped into needed residential housing? Creative designers are needed! On Salt Spring, for example, the vacant upper level office spaces in Ganges Village could be reconfigured into living opportunities.

Real estate has always been both global and local, as far as trends go. Population movements historically change the status quo in all countries. Throughout the world, population movement is underway…the seeking of better lives. All countries thus shift socially in response to massive migrations.

Salt Spring and the Gulf Islands remain unincorporated areas, with a governance format that comes under the Islands Trust and the CRD (Capital Regional District). The post-covid changes were perhaps unforeseen, but the huge impact of artificial intelligence is another significant game-changer…Will the 1974 Trust documents survive unaltered? Hmmm…. Early May may be about more than local real estate outcomes.

The Summer Winds

So, we start into the natural allure of May with continuing low inventory choices for buyers and with a desired lifestyle attracting them…a property on Salt Spring and the Gulf Islands shimmers invitingly. Prices remain relatively stable. Will they rise? Too soon to say…couple huge inward migration with lack of housing options and it would appear upward pricing will continue. It may take until September to chart this. Summer sales need to take place first.

Beautiful May

So…beautiful May. Mother’s Day and the Victoria Day Holiday Weekend are mainstays of this lovely month. Beaches to walk on, sailing and kayak adventures to enjoy, hiking trails that beckon, outdoor patios to allure at our amazing restaurants, wine and cidery tastings, Saturday Market in the Park, Tuesday Farmers Market, farmgate stands, art openings at the Ganges Galleries, ArtSpring events, studio tours, meditation and spa renewals, ArtCraft…wow…feed the mind, the body, and the soul on the dazzling Gulf Islands.

Look forward to meeting you and to helping you with your real estate needs on Salt Spring and the Gulf Islands. Thank you.
(liread33@gmail.com).

Salt Spring Island, April 2023, Market Analysis

Unique Real Estate in Unique Areas

The very beginning of April is with us. T.S. Eliot poetically stated that “April is the cruelest month”. Perhaps he meant that the month begins with the face of March still in place (aberrant weather events) and ends with the wondrous and fully flowered May promise.

What about the real estate market on Salt Spring and the Gulf Islands at this very beginning of April?

All coastal markets are noting that low inventory is continuing.

In the main, locally, many owners are choosing to hold what they see as a good investment…a property on a Gulf Island. The Islands Trust form of governance (put in place in 1974, by the provincial government, to “preserve and protect the environmental beauties of the Gulf Islands, for all B.C. residents”) effectively capped growth through strict zoning/bylaws controls. Regardless of market trend, there is always a low inventory on a Gulf Island. An investment security net?

Occasionally, an aging owner might consider moving…but low inventory is an issue everywhere and they can’t find an option in that area they would consider moving to. They don’t want to be houseless and so do not list.

Global Events

The federal government is seeking strong immigration between 2023 and 2025…up to 1.5 million new arrivals. This policy is happening at the same time as continuing low inventory for either purchase or rent, across the country. For decades, lack of housing has not been addressed. A recipe for price stability and price escalation?

There are many events, often of a global nature, and so beyond individual control, that could be described as “worrying”. Wars & rumours of wars, supply chain issues, insecurity of interest rate rises, currency concerns, stock market fluctuations, a fear that banks will fail, shifting job markets…what to count on? Chaos is a factor.

Post-pandemic, the entire work environment has changed. The ability to work from home, as the internet finally authentically made this possible, has put rural and urban living on the same footing. This may be a driver to action as buyers sell their urban lifestyles and choose rural. A kinder, gentler experience?

In a time of extraordinary change, it’s ever more important to focus on our periphery vision and not to follow the narrow channels prepared for us. Understanding the societal effect of a robust artificial intelligence might be worth a look. Back up a bit, see what flickers on the edges of our visual sphere and pay attention to that…it’s where creativity lives…and any one of us can create the new. Are you looking?

The Preservation Cap?

So, at the very beginning of April, there are not a lot of real estate choices for a buyer in any property type or price point.

Plus: A call from the federal government for significant inward migration.

A desire from a buyer to live in smaller areas that offer a pleasing lifestyle. The fulfillment of the long-standing government “preservation” cap on growth on Gulf Islands. The allure of real estate as a good hard asset investment to preserve capital. The messages seem to suggest that unique real estate in unique areas will continue to be a stalwart investment choice.

April. A good time to immerse into Nature. The annual promise of renewal…Spring’s gift. Important to “see”. Maybe even to look back at another era of extreme change and societal upheaval: the Industrial Revolution of the 19th Century. Time to reconnect with the Romantic movement in literature and music? Their emphasis on the inspirational natural world might work in our era, too?

Things To Do on Salt Spring this Spring

On Salt Spring? Catch the annual Spring Art Show, drop into the annual Home and Garden Show, enjoy the Spring menus at our great dining spots, renew with a healing arts moment at one of the spa opportunities, see an event at ArtSpring, picnic at a beach, explore the hiking/walking trails, kayak to Chocolate Beach…Spring says get up, spruce up, get out…open the doors and windows…breathe.