August, 2023.
Salt Spring Island Attractions
Wow…Summer is at the half-way point. August has arrived.
Time to enjoy the fruits of the season…shop the Saturday and Tuesday Farmers Markets for home grown delights. Dine out al fresco on the patios and decks at our exceptional restaurants. Kayaking, paddle boarding, sailing through these beautiful Gulf Islands…whales, sea lions, seals sleekly move among us. Hiking trails, forest bathing choices, spa retreats, beaches for sunset viewings and swimming in lakes and ocean. How lucky we are to experience the real reality of this special part of the great Pacific Northwest Coast. Lucky Salt Springers!
Salt Spring Real Estate Market
And that always interesting real estate market in this secondary home/recreational region? The theme remains: low inventory and stable pricing.
This year is also seeing a return of buyers, in spite of the continuing worries about interest rate rises, supply chain issues, lack of good choices, inflationary pressures, currency concerns, wars and rumours of wars…the surround sound of our current moment seems to be worry-worry. In 2022, it paused activity. In 2023, although there was a late start to the year’s cycle, action is again with us.
The rhythm is not the over ask frenzy of 2021. There are subject offers now, there is time for a buyer to do due diligence, and sellers listen to buyer thoughts on offer prices.
The thing for a seller to remember: a buyer chooses to come to Salt Spring. No one “has to” buy on a Gulf Island. It’s always a two-step dance: a buyer chooses the Gulf Island to live on and then chooses the property on that island. Very different from a primary residence/city marketplace.
There is always a time element to a purchase…often takes three visits before an offer is made. There can be months between visits. Patience is a part of all property purchases on all Gulf Islands.
Push for Immigration
The federal government push for immigration (500,000 a year from 2023 to 2025) is occurring at same time as a lack of housing…right across Canada…and on the Gulf Islands/Salt Spring Island, too. Lack of rentals, work rentals, and affordable housing persist. This lack of inventory is projected to bring serious price escalation.
So, a desire for hard asset investment to preserve capital in inflationary times…and increased immigration with low housing inventory…these seem to promise a strong real estate market.
I always think it takes till mid-September to see the real tone of a real estate market on any Gulf Island. We are almost there… Several years ago our recreational/secondary home region became a late summer/fall sales market…stay tuned.
Something to pay attention to during these last lazy days of summer, as August unrolls…the impact of AI (those in the know say it is going to create profound change, more than was experienced with the arrival of the internet). Maybe leave the fat entertainment book in the hammock and look into this game-changer?
Meantime, it’s still summer-summer in our real reality location and August brings earlier sunsets, star watching opportunities, lush gardens, a sense of needing to quickly capture this amazing time of year…September and Fall are on the horizon…don’t delay. The bird is on the wing.
A little sail out the Harbour? Meet you at the dock. It’s Summer. Catch it.
