October Market Update: Harvest Season & Real Estate Insights
October welcomes the fulfillment of the Harvest Season. Mid-month is the Canadian Thanksgiving Weekend celebration. The countdown to the shortest day of the year is underway. Star-watching opportunities inspire.
The elements that allure one to Salt Spring and the Gulf Islands are clearly understood: forest, sea, mountains, the play of light, the preservation of the environmental beauties of this narrow ribbon of the Pacific Northwest Coast…an invitation to enjoy calm and beauty.
September & Early October: The Dynamic Harvest Season
September and early October are mirrors of this dynamic Harvest Season…they melt together. September saw the Labour Day holiday weekend, the continuing Saturday Market and Tuesday Farmers Market, the wine and cider tastings, the olive grove, the farmgate stands displaying their largesse, the Fall Fair.
“Hands Across the Water” connected Orcas Island with Salt Spring Island…a flotilla of boats reminded the two countries of similarities in island lives. The SSNAP (Salt Spring National Art Prize) event opened September 27 and runs to October 19. The annual beloved Apple Fest was celebrated on the 28th. September ended with the Truth and Reconciliation commemoration (an annual statutory holiday on September 30).
October continues the emphasis on artistic presentations, and on Harvest enjoyment. The poet John Keats called October the “season of mists and mellow fruitfulness”.
Real Estate Market Update
Market Activity
Random sales with lengthy pause periods since 2021
Inventory
Low throughout 2022 to now, slight increase for buyers
Pricing
Relatively stable despite pause periods
Since the outburst of sales action in 2021 (post-covid closures), there have been random sales and many lengthy pause periods. Inventory remained low throughout 2022 to now. At the moment, it looks somewhat promising for buyers…a few more listings to consider. Scarcity of product still remains an issue…those very few additional listings will sell and there are no other options like them to fill in. This points to sellers being favoured again. There is no definitive trend to point to.
The Buyer’s Journey
There are no local buyers on the Gulf Islands. The process unfolds in four deliberate steps:
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1.
Hear about the area and available listings -
2.
Visit the chosen island and assess fit -
3.
Revisit and explore properties in preferred range -
4.
Make an offer
Patience is always a part of every real estate transaction in a recreational/secondary home region. Some reasons for a buyer to choose a Gulf Island might be about seeking safe haven lifestyles. This might also be about currency concerns…wanting a real estate investment to preserve capital.
Important to remember that a primary residence/city marketplace is different from a secondary home/recreational option. Although slower in achieving a sale, Salt Spring and the Gulf Islands remain important investment opportunities. Along with continuing low inventory, prices have remained relatively stable, in spite of long pause periods between action.
Why Gulf Islands?
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Ability to be self-sufficient -
Privacy without isolation -
Islands Trust preservation governance model
Looking Ahead: Change & Opportunity
Change has been a serious description of 2025. In spite of these very significant shifts that have played out to date, and more yet to come, the desire to own real estate remains a goal for many.
About that change: looking into winter’s slower pace, it’s time to take the time to understand what AI really means. Ready, set, go!
This might be a change that is like the impact of the printing press in the 14th Century. Your thoughts? Always welcome!
More info? Contact me.
