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.
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.