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!

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.

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.

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.

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.