Salt Spring Island and the Southern Gulf Islands
Here we are, at the very beginning of May, long considered the start of the most alluring months on the entire Pacific Northwest Coast…and those on Salt Spring Island and the Southern Gulf Islands would agree. May to October are the key delectable months in our local world, taking in Spring, Summer, early Fall. Lucky Salt Springers to be enfolded by beauty. So important, no matter the geopolitical concerns that underline our time and bring worries our way, to enjoy this annual splendour of Nature.
Real Estate Market
The real estate market on Salt Spring and the Gulf Islands is showing good action again. Most buyers still continue to be from Vancouver/Lower Mainland. A desire to leave urban for rural remains a key factor. A newer reason for a property purchase might be a preservation of capital consideration. An interest in hard asset investment could be a major reason for owners not wanting to be sellers, unless they “have to”. Low inventory, coupled with renewed buyer action (the pause in activity in 2022 and most of 2023 is over), does lead to price escalation. As a secondary home marketplace, Salt Spring and the Gulf Islands do follow their own pattern.
Seasonal Market Trends
- Early Spring (includes March Break) can show sales action, mainly in entry level price points. This mainly weekend activity runs to late April.
- Early May brings activity in all price points/ property types. This goes to early July.
- The summer market includes early July to late September. It might be the busiest time for showings.
- The late Fall Market can be active, even with changes in weather patterns.
People do buy throughout the year, but it is true that most sales action occurs between mid-March to late October. There is no local market, and since 2016 most buyers have come from Vancouver/Lower Mainland. Low inventory continues to be a factor in Vancouver Island communities, on Salt Spring and the Gulf Islands, and on the Sunshine Coast. This lack of housing, in spite of governments welcoming immigration, is not easily solved. Some government measures to add to housing stock will have very limited outcomes and could be described as ineffective. It is expected that lack of housing pressures will continue past 2030. Hmmm……
Property Types and Buyer Preferences
It’s interesting that most options below one million, on Salt Spring, are townhomes. These strata listings are not always what a seeker for a Salt Spring lifestyle is looking for. Single family homes are few & far between, below one million. Many potential buyers are looking for:
And so on. It can take three visits before a sale is accomplished. The buyer also has to choose “for” Salt Spring as well as for a specific property.
Market Outlook
So, low inventory continues. More buyers are willing to act with an offer in 2024, and price escalation is projected by the summer season. It may not be bidding war territory, but it remains a sellers market.
More information? Contact me. Your best interests are always my motivation.
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Enjoying Salt Spring Island
May…an important anniversary for ArtSpring. ArtCraft at Mahon Hall is getting ready for the season. Ganges Galleries are presenting new works, and coffee stops that showcase artists are welcoming one. New restaurants are there to try and Hastings House, Auntie Pesto’s, and Rock Salt remain faves.
Beachcombing, sailing races, paddle board and kayak adventures, whale watching…walking/hiking trails beckon…Ruckle Park picnics…restorative spa experiences, amazing Saturday Market…yes, it’s Spring-into-Summer and time to jump in. Enjoy!
