August 2025, Market Update – Salt Spring Island

Salt Spring Island Real Estate Update

So, here we are, on August 1st, half way through the summer vacation time and starting into the last half of the business year.

Salt Spring Island Farm

The first half has been full of chaos and uncertainty. The premiers of the ten provinces and the Prime Minister have not created opportunities for inter-provincial trade. The immediate reaction from some premiers was confrontational re President Trump’s tariffs. Negotiation is not usually successful if confrontation is the only response. What is that old saying? You catch more flies with honey?

The Canadian Spirit

Canadians are a resourceful people, they invent things, they are musicians, comedians, engineers, and are generally kind and non-confrontational. They do not back down. They have been courageously part of wars they believed in. They can be counted on.

In a way, there are ten Canadas…each province is uniquely itself and we haven’t even touched on the Territories. Remember the BlackBerry? It was a Canadian product. What about the Avro Arrow plane?

Marina Docks

Gulf Islands: Where Creativity Thrives

Salt Spring and the Gulf Islands are artists colonies: writers, actors, dancers, musicians, painters, weavers, ceramic artisans, potters, sculptors, lighting experts…creative opportunities are a Gulf Islands trademark. Discover!

“We are not ‘local’…we just happen to have chosen to live ‘locally’.”
— A Gulf Islands Sculptor

Long Harbour Ferry

Community Through Volunteerism

That is also true in real estate…we arrive, we stay, we leave. It’s a choice to live the islands lifestyle, and those Canadian attributes are also part of the volunteer attitude found on the Gulf Islands.

Salt Spring Volunteer Achievements:

  • ArtSpring performance venue
  • The indoor pool
  • The indoor tennis
  • Network of walking paths so do not have to walk on busy roads
  • And so forth…

Note that the first major effort was to build ArtSpring…which sums up Salt Spring’s authentic “arts first” attribute.

Real Estate Market Dynamics

How does real estate fare in an unincorporated environment that is governed by the Islands Trust, a provincial government body created “to preserve and protect”, back in 1974? It follows the patterns of trends, the ups and downs of all markets, and is not detached from global or national impacts.

Markets are markets, wherever they are.

Post-2008 Recovery

In the aftermath of the 2008 economic collapse, urban areas recovered first and more quickly.

Covid-Era Shift

The aftermath of the Covid closures of 2020? A flight from urban to rural occurred. Lack of inventory caused prices to rise dramatically and saw multiple offer situations.

2022-2025 Market Timeline

Between 2022 and 2024, across Canada, a buyer pause developed. Low inventory and relatively stable pricing and lack of buyer interest in action were outcomes of those years. 2025’s first half was full of uncertainty and resulting inaction.

Questions for Leadership

My question: where are the premiers and PM in tapping into the Canadian strength of character? Where is the “honey” in a negotiation with Trump?

80%
U.S. customer share of Canadian goods

7%
Other countries as replacement buyers

Canada has what U.S. might like. Was Canada lazy about connections elsewhere? Does U.S. need us and did our politicians simply stamp their feet or did they consider ways to offset the U.S. changes to their country’s structure? What happened to Canadian creative initiatives? Hmmm….we are smart cookies, aren’t we? And your thoughts are? Always welcome.

Meantime, it’s August 1st, and it starts with the B.C. Day Holiday Weekend…enjoy the special events. It’s still wonderful summer.

Wine Grapes

August 2025 Local Market Snapshot

Inventory

Remains low across all property types

Prices

Relatively stable, although reductions may take place at point of sale

Buyer Activity

Buyers remain uncertain. Inactivity is still with us

Key Insight: Buyers set markets.

We may have to wait to early September, Labour Day Weekend, to see if buyer inertia is over and if there will be a projected Fall Market. August often begins Fall patterns.

Agricultural Gem

More questions about market conditions?

Look forward to hearing from you.

July 3, 2025 Market Update – Greater Vancouver REALTORS®


From Greater Vancouver REALTORS®

July 3, 2025 Market Update

Home Sale Trend Stabilizing in June

by: Greater Vancouver REALTORS® (GVR)

After a turbulent first half of the year, home sales registered on the MLS® across Metro Vancouver are showing emerging signs of a recovery, down ten per cent year-over-year – halving the decline seen last month.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,181 in June 2025, a 9.8 per cent decrease from the 2,418 sales recorded in June 2024. This was 25.8 per cent below the 10-year seasonal average (2,940).

“On a trended basis, signs are emerging that sales activity is rounding the corner after a challenging first half to the year, with the year-over-year decline in sales in June halving the decline we saw in May,” said Andrew Lis, GVR’s director of economics and data analytics. “If this momentum continues, it may not be long before sales are up year-over-year, which would mark a shift toward a market with more demand than the unusually low demand we’ve seen so far this year.”

Inventory Levels Surge

There were 6,315 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2025. This represents a 10.3 per cent increase compared to the 5,723 properties listed in June 2024. This was 12.7 per cent above the 10-year seasonal average (5,604).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 17,561, a 23.8 per cent increase compared to June 2024 (14,182). This is 43.7 per cent above the 10-year seasonal average (12,223).

Sales-to-Active Listings Ratios by Property Type:

  • Overall Market
    12.8%
  • Detached Homes
    9.9%
  • Attached Homes
    16.9%
  • Apartments
    13.9%

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.

“As home sales regain their footing, inventory levels aren’t building as quickly as we’ve seen lately,” Lis said. “Most market segments remain in balanced market conditions, which has generally kept prices trending sideways since the start of the year. With over 17,000 listings on the market right now, and with mortgage rates down around two per cent since last summer, buyers are enjoying some of the most favorable conditions seen in years.”

Benchmark Pricing Overview

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,173,100. This represents a 2.8 per cent decrease over June 2024 and a 0.3 per cent decrease compared to May 2025.

Property Performance Summary

Detached Homes

$1,994,500

  • • 657 sales (-5.3% YoY)
  • • -3.2% vs June 2024
  • • -0.1% vs May 2025

Apartment Homes

$748,400

  • • 1,040 sales (-16.5% YoY)
  • • -3.2% vs June 2024
  • • -1.2% vs May 2025

Attached Homes

$1,103,900

  • • 473 sales (+3.7% YoY)
  • • -3.0% vs June 2024
  • • -0.3% vs May 2025

July 1, 2025 – Salt Spring Island Market Analysis


July, 2025

Summer-Summer is Really Here

Salt Spring Island scenic view

Summer-summer is really here…July 1st is Canada Day, the birthday celebration of the country’s beginning days. Although with less razzle-dazzle than the U.S. version on July 4th, both these dates unite the very different provinces and states that make up the two neighbouring countries.

On the Gulf Islands, they melt together and boaters love the protected waters between the Canadian Southern Gulf Islands and the U.S. San Juan Islands. Summer is a short season…catch all the amazing array offered right now and remember to enjoy it all.

Gulf Islands waters

The Ever Interesting Real Estate Market

What about that ever interesting thing called the real estate market? No matter the season, it’s always expressing buying and selling. Like all markets, it’s never static…up or down or in that mid-moment when it’s traveling in either direction. All markets are restless and they are dependent on buyer action.

Salt Spring Island landscape

The covid closures in early 2020 could be the reason for the erasing of inventory and the resulting price escalation in rural areas. Although 2022 to 2024 continued the lack of inventory and the relative stability of prices, buyers were pausing in action. A tiny flurry of activity between October 2024 and January 2025 promised a steadier market in many forecasts.

Between February and May, disruptive issues came to the fore, and market conditions were uncertain. Another buyer pause developed. As we enter July, the tone of 2025 will become evident.

Salt Spring Island property view

A Powerful Societal Shift

What is happening? We are in a powerful societal shift. Millennial and GenZ voices are in the ascendant. It’s essential to understand social media as marketing platforms. Seamless interaction with AI is important. Those are just surface shifts. A decade from now, 2020 will seem like ancient history.

In a societal shift time, anyone can be thoughtful and can invent the new solutions. So there you are, in a ferry line-up, the hills rising up from Fulford Harbour, and you have the opportunity to invent a solution and get the message out on many platforms…thank you Steve Jobs. So, what do you do? Go for it!

Sunny July Awaits

Meantime it’s sunny July: Saturday Market, Tuesday Farmers Market, farmgate stands, award winning restaurants, patio dining with a view, wine tastings, cideries, Salt Spring Olive Oil, picnics at Ruckle Park, Drummond Park, Fernwood, Vesuvius.

Sunsets, star-watching. Hiking trails, ocean and lake swimming. Spa retreats, specialty shopping with local opportunity, studio tour…lots to see and enjoy and lots of time to lazily swing in a hammock, a fat book in your lap, and to just “be”.

It’s July. Enjoy!

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!.