Springtime on Salt Spring Island and the Gulf Islands

The very beginning of April brings with it the beauty of authentic early Spring. The end of the month is more like May. This chameleon month is also the first month when one can start to understand the tone of the real estate market for this year.

Fulford Valley 42+ Acres

Although buyers pop in anytime, on Salt Spring and the Gulf Islands, it is generally accepted that most tourism (and resulting real estate activity) falls between March Break and the Canadian Thanksgiving (October). Low inventory continues, most of the listings below one million are strata properties (townhomes). Single family homes are mostly between one and two million. Land listings are also showing extremely low inventory. Most owners are not wanting to be sellers, unless they have to. In 2022/most of 2023, buyers were in pause mode…inquired, sometimes viewed, then paused. So many global uncertainties may have created this pause period. This year, buyers are acting again. The desire to leave urban for rural remains a factor. A desire for safety is another reason to consider a country home/more self-sufficient outcome. Preservation of capital is a further reason to consider a real estate purchase in a secondary home/recreational marketplace. These are also reasons why owners are not interested in being sellers.

Fulford Valley 42+ Acres

At this very beginning of April, there are:

approximately 86 residential listings, not separating out waterfront, view, farms, lots, acreages, townhomes.

• • 28 are between 234,500 and 999,999.
  • There are 30 residential listings between 1,020,000 and 1,985,000.
  • There are 17 between 2,100,000 and 2,995,000.
  • Seven are between 3,285,000 and 3,875,000.
  • Two are in 4 million range (one at 4,295,000 and another at 4,875,000).
  • One listing at 5,250,000 and one at 11,975,000.

there are 29 land listings, not separating out lots, acreages, view, waterfront.

• • 20 are listed between 135,000 and 845,000.
  • Five are listed between 1,100,000 and 1,995,000.
  • Three are listed between 2,150,000 and 2,350,000.

At this very beginning of April, there have been approximately 32 sales to date.

• 24 sales were between 128,000 and 850,000.
• Six sales were between 1,185,000 and 1,750,000.
• One sale was at 2,560,000 and another sold at 9,990,000.

Fulford Valley 42+ Acres

By late May/early June, enough sales will have taken place to allow definitive thoughts on a 2024 trend. Projections are calling for continuing low inventory and price escalation. The busier sales months are always July, August, September. To own on a Gulf Island, with the Islands Trust governance cap on growth, at same time that the market has low inventory and buyer desire, it may be that new potential buyers might want to explore shared ownership models. Ownership may require serious thinking out of the box.

Fulford Valley 42+ Acres

So, inspiring April is here. ArtSpring is celebrating an important anniversary. The Saturday Market is open. Hastings House has reopened for the season. Boaters are back and marinas are busy. Galleries are showcasing new works and the studio tour welcomes you. Wine tastings, cider tastings, craft brewery. Farmgate stands, orchards in blossom, hiking/walking trails to encourage getting out and about, beachcombing, new restaurants and coffee stops to try. It’s April…wash those windows and let the light in. Lighten up…it’s real Spring!