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!!

March 28th – Market Update – Times Colonist

Thank you to the Victoria newspaper (Times Colonist) for continuing to express various submissions of complaint about Bill 7. Important to be informed.

“Wrong direction’: B.C. Chamber of Commerce latest group to decry tariff bill” Opinion: Times Colonist March 28, 2025


Times Colonist

Bill 7 would give the cabinet powers to react to challenges from the actions of a foreign jurisdiction, or for a purpose “supporting the economy of British Columbia and Canada” without requiring debate in the legislature.

Rational oversight needed for Eby

Proposed legislation in British Columbia to give the cabinet sweeping powers to respond to threats from foreign governments amid Canada’s tariff fight is “a step in the wrong direction for democratic institutions,” the president of the provincial chamber of commerce says.

Fiona Famulak becomes the latest to voice concerns over legislation tabled this month that the provincial government says it needs to respond to U.S. President Donald Trump.

In a letter to Premier David Eby and Attorney General Niki Sharma released Wednesday, Famulak said the legislation known as Bill 7 lacks “guardrails” and allows the government to make nearly any change it wants to provincial laws “with the stroke of a pen.”

“As a nation, we universally decry the progression towards authoritarian rule through decree by the executive branch of the United States. There is no justification for taking similar steps here in British Columbia or Canada,” Famulak said.

“By not being accountable to the legislature, government is requiring that we move forward on faith and trust alone. This is neither sufficient nor acceptable.”

Famulak said the organization, which represents 36,000 businesses in the province, is concerned the legislation would allow government to remove or impose new conditions on existing licences or permits if it believes the action would support the economy, throwing business operations into flux.

The bill also includes sections that would give cabinet the power to implement charges on vehicles using B.C. infrastructure, allow the politicians to make directives about public-sector procurement, and eliminate provincial trade barriers by allowing goods produced, manufactured or grown elsewhere in Canada to be sold or used in B.C.

Ravi Kahlon, chair of B.C.’s cabinet committee on tariff response, said in a statement Thursday that they are hearing some concerns and questions about specific details of the bill and are talking to government partners now.

“We want to address any concerns and ensure B.C. is prepared to act with urgency to respond directly to Trump’s actions and protect B.C. businesses and jobs — as people expect us to do. This may mean additional guardrails,” his statement said.

Famulak said the chamber “wholeheartedly” endorses the removal of interprovincial trade barriers as part of the government’s response to the “unjustified and counterproductive tariffs.”

After praising the legislation’s focus on internal trade when it was released, the Greater Vancouver Board of Trade issued a letter the next day calling for the separation of the internal trade section from the rest of the bill.

“The other parts of Bill 7 are truly unprecedented in scope, including the sweeping powers that would be conferred to the cabinet,” president Bridgitte Anderson said in her letter.

“While it’s clear Trump’s trade war has spurred an economic emergency, it is not clear to us that the sweeping powers are required or justified.”

When the bill was tabled, Eby said Trump is “unpredictable” and “erratic” and the province needs to be able to move quickly to minimize damage from his actions.

“When there’s an emergency, like a natural disaster, we have these authorities. This is a human-caused disaster,” he said.

The legislation comes with a 2027 sunset clause and requires that the government report on its actions.

Trump has placed and then paused 25 per cent tariffs on Canadian goods since he became president, and on Wednesday signed an order that would put a 25 per cent tariff on automobile imports to the United States starting next week.

On April 2 he is set to implement what he calls “reciprocal” tariffs by raising U.S. duties to match the tax rates that other countries charge on imports.

B.C.’s government has said a 25 per cent tariff on Canadian goods and a similar response from Canada would cumulatively cost the province $69 billion in lost GDP if the trade war lasts the entire four years of the Trump presidency.

Concerns about the provincial legislation have also been raised by the Independent Contractors and Businesses Association, which called the bill an unprecedented attempt to concentrate power in the hands of the premier that must be stopped.

The Justice Centre for Constitutional Freedoms said the bill “erodes the distinction between the legislative and executive branches of government in British Columbia, thereby putting pressure on the constitutional principle of the separation of powers.”

Politicians return to Victoria next week and the bill is expected to be a major test for Eby’s government, which holds a majority of only one seat.

The BC Green Party, which signed a confidence agreement with Eby’s New Democrats, said its representatives continue to meet with the government this week over Bill 7.

Interim Green Leader Jeremy Valeriote said in a statement last week that Bill 7 in its current form has “vague wording” and “could allow for sweeping economic decisions without clear limits or transparency.”

This report by The Canadian Press was first published March 27, 2025.

Ashley Joannou, The Canadian Press

March 28th, 2025 – Market Update

Thank you to the Victoria newspaper (Times Colonist) for continuing to express various submissions regarding Bill 7. Important to be informed.

Premier David Eby walks back tariff bill after ‘anxiety’ from stakeholders – Eby says the legislation known as Bill 7 needs appropriate “safeguards” after a wave of criticism about potential overreach

Times Colonist – March 28, 2025

British Columbia Premier David Eby says his government is walking back a key portion of its controversial tariff response law, admitting the proposed legislation “didn’t get the balance right.”

He says the legislation known as Bill 7 needs appropriate “safeguards” after a wave of criticism about potential overreach.

Government to pull controversial provisions

Eby says the government has emergency powers for natural disasters, and this bill was designed to give the government emergency powers to respond to disasters “created” by U.S. President Donald Trump.

But he says a key portion of the law is being “pulled,” which would originally have given the cabinet sweeping powers to make regulations to addressed challenges “arising from the actions of a foreign jurisdiction.”

The premier says stakeholders expressed a higher level of “anxiety” than he and Attorney General Niki Sharma anticipated.

The reversal comes on the same day Prime Minster Mark Carney briefed premiers on his conversation with U.S. President Trump, and Eby expressed his skepticism about Trump’s intentions, saying he varies from being insulting to complementary to Canada, depending on the day.

“And I think that what we’re going to see over the next four years, and this isn’t a great insight, this is common sense to British Columbians and Canadians, is any number of versions of the president,” he says.

The premier says his government will also reconsider the section of Bill 7 that set a two-year expiry clause.

“I understand the objection that the 24-month horizon was too long for people. It’s a legitimate concern that’s been raised, and it’s one that we’re looking at addressing in terms of other safeguards we can put in place,” Eby told a news conference.

However, Eby says he still believes the government needs to be able to respond swiftly to further “economic attacks” from the United States.

The bill came under fire from legal circles, the Opposition B.C. Conservatives, the BC Green Party and the BC Chamber of Commerce, which wrote to Eby and Sharma earlier this week calling Bill 7 a “step in the wrong direction for democratic institutions.”

Interim BC Green Leader Jeremy Valeriote criticized the bill for its “vague wording,” warning it “could allow for sweeping economic decisions without clear limits or transparency,” while the B.C. Conservatives called Bill 7 “the most undemocratic, power-grabbing legislation in history.”

“This bill would grant David Eby unprecedented powers to override provincial laws, regulations, and even personal privacy rights,” the B.C. Conservatives posted on X on March 20.

Party Leader John Rustad said the bill would give the “NDP government sweeping, almost unlimited powers with zero oversight.”

Sharma had previously defended the purpose of the legislation, saying it would allow the province to “move nimbly” in the face of Trump’s “random, erratic threats.”

“We need to make sure that we have ability to respond rapidly in a temporary way to protect our economy,” she said last week.

This report by The Canadian Press was first published March 28, 2025.

Darryl Greer, The Canadian Press

March 25th – Market Update – Times Colonist

Below, are some letters to the editor responses to the recent Times Colonist newspaper editorial, warning of the serious impact of Bill 7. The Victoria newspaper is available throughout Vancouver Island, and is to be commended for bringing Bill 7 to our attention. See below:

“Opinion: Times Colonist March 25, 2025”


Times Colonist


With his financial record, don’t give more power

The recent letters and the editorial criticizing Premier David Eby’s attempt to grant himself dictatorial powers through Bill 7 are well justified.

Justin Trudeau tried the same thing early in the pandemic, but was forced to retreat by public outrage and solidarity of the opposition parties.

B.C. citizens need to apply similar pressure with their local MLAs.

The type of judgement that has seriously weakened B.C. by turning a $5-billion surplus into an $11-billion deficit in the past two years is not the kind of judgment that should ever be given unfettered power.

Dan Graham – North Cowichan

Rational oversight needed for Eby

With respect to the NDP government’s proposed Bill 7, it seems Premier David Eby is taking a leaf out of Donald Trump’s playbook by trying to use a declaration of emergency to give him and his cabinet dictatorial powers to bypass the legislature and enact any kind of policies and actions be they related to tariffs or other matters.

This is both unnecessary and undemocratic and is typical of the high-handed governing style of this government.

Further, on counter-tariff issues, I think it is dangerous to the country’s overall interest if provincial premiers start taking individual actions outside of a co-ordinated strategy led by the federal government.

This is why some kind of rational oversight is required.

Graham Williams – North Saanich

Alice in Wonderland has lessons for Eby

Re: “Provincial government’s Bill 7 is a disgraceful overreach,” editorial, March 21.

Premier David Eby has run amok with Bill 7.

As the Queen of Hearts was wont to say in Alice in Wonderland, “off with his (legislative) head.”

Sayonara, Mr. Eby.

Rick Lee – Victoria

Pass this legislation at your peril

Re: “Provincial government’s Bill 7 is a disgraceful overreach,” editorial, March 21.

I couldn’t agree more with the editorial. I have been an NDP voter but if this bill passes, not anymore.

I am tired of a political class that believes they know best and the citizens should just thank them for their superior brain power.

The opposition parties that garnered one less seat than the NDP will not be permitted to debate anything, but the government will consult with Indigenous peoples who represent about 5% of the population. This is not democracy, it is a power grab similar to the “executive authority” used by Donald Trump.

Wayne Cox – Saanichton

Stand up to our leaders, make them work for us

Re: “Provincial government’s Bill 7 is a disgraceful overreach,” editorial, March 21.

There is old adage that hard cases make for bad laws. The threat to Canada makes for a hard case but Bill 7, the Economic Stabilization (Tariff Response) Act, is the epitome of a bad law. Not only is it unnecessary, its very existence does more harm than good.

Canadians have come together in unprecedented fashion to stand up to American threats and President Donald Trump’s insulting attacks. Canadian premiers have been tripping over themselves to get in front of the crowd.

Ontario’s Doug Ford bills himself as Captain Canada, threatening drastic retaliatory acts, then withdrawing them for lack of practicality, then threatening them again.

Alberta’s Danielle Smith and Saskatchewan’s Scott Moe are effectively threatening to sell out Canada by seceding from the federation if we don’t surrender our energy, potash and agriculture. And B.C.’s David Eby wants to go all Viktor Orbán and pull an end run around our democratic institutions.

Meanwhile, our newly minted prime minister is struggling to show the world a coordinated approach, bolstering the military, affirming alterative foreign alliances, and promoting trans-Canada trade but it’s a tough gig without a mandate and herding a room full of cats.

It’s time the 90 per cent of Canadians who want to save this country stand up to their leaders.

Force Eby to re-holster his Bill 7, Smith and Moe to start pulling in the right direction, and engage in a federal election to choose a national leader with the experience, skill and mandate to realign Canada’s economic, social, and international infrastructure so we can survive this bad case, united and strong.

Gerry Klein – Maple Bay

This bill would destroy our democratic system

Re: “Provincial government’s Bill 7 is a disgraceful overreach,” editorial, March 21.

Section 19 of Bill 7, the “Economic ­Stabilization (Tariff Response) Act” allows cabinet (read Premier David Eby, who has total control of cabinet) to “make a regulation under this Part for one or more of the following purposes: (c) supporting the economy of British Columbia and Canada.”

Of course, almost any regulation could be justified under such an undefined non-specific broad purpose. This government recently determined that it was “good for the economy” to take away vested land-use rights from people operating perfectly legal short-term rental businesses.

What might be next under this new law? Eliminating other established and lawful activities to react to U.S. demands, or appease the American president would be possible under Section 19.

We shake our heads in disbelief at how executive orders can be made in Washington with no input or involvement of their elected congress and senate.

How are Section 19 regulations any different? This ability to “un-make laws” previously duly enacted by our elected representatives in the legislature is nothing short of the destruction of our democratic system.

We do not react to a loss of control south of the border by allowing ourselves to lose control.

Bill 7 must be stopped.

Elgin Bulova – Victoria