September smiles its welcome
Here we are, at the very beginning of September.
A month that holds both late Summer and early Fall in its calendar, and enjoys the harvest season largesse. Farmers Markets, Fall Fairs, farmgate stands…restaurants showcasing the bounty of local farms…it is a time of delicious enjoyment of the “season of mists and mellow fruitfulness” (as beautifully described by the English Romantic poet, John Keats).
September Trend Lines
And what about the trend lines of the real estate market in our secondary home/recreational marketplace? Inventory remains low (as soon as one looks at type and price, one sees this) and strong interest from urban dwellers in moving to rural regions (a desire to be apart and self-sufficient) continues. A desire to preserve capital (the value of currencies) remains a factor for some real estate investor buyers.
Buyers have been cautious throughout the Summer months. The two interest rate cuts from Bank of Canada did not encourage sales. A third cut is expected in early September. This cautious reaction was seen throughout Canada in July and most of August.
What is the Main Buyer Profile on Salt Spring
The main buyer profile on Salt Spring and the Gulf Islands continues to be from Vancouver/Lower Mainland. Outcomes in Vancouver create outcomes in the recreational/rural areas. Pauses there create pauses locally. A Fall Market (often called a Second Spring) has long been a feature of Salt Spring and Gulf Islands sales activity. We are just starting into this usual local trend. It may take till early November to see accomplished outcomes.
The lack of inventory is projected by CMHC (Canadian Mortgage & Housing) to continue for several years…strong immigration and years of inadequate residential development combine to keep real estate pricings high. Although governments have brought in measures to alleviate this lack of product, their mainly negative attempts have not worked, to date. The Islands Trust form of governance (in place since 1974) also keeps growth curtailed on the Gulf Islands.
A Sellers or Buyers Market?
So…the long term issues in place continue to keep prices higher and product options low. There are fits and starts rhythms, but overall the market has remained even. It could still be described as a sellers market. There are always opportunities for a savvy buyer, however, regardless of trend in play.
We enter September with the amazing Fall Fair (two days on Salt Spring) awaiting our pleasure. Don’t miss this annual event, mid-month. Labour Day holiday weekend is followed by back to school. The arts community showcases receptions and openings…check the Ganges galleries, and ArtSpring. Catch ArtCraft before its seasonal closure. Live music venues continue…pop into the Visitors Centre for the latest on events. Shorter days, cooler mornings/evenings and warm summer afternoons…kayaking discoveries of our marine lifestyles…perfect star-watching time in early evenings.
September is also a time to enjoy visits to all the Gulf Islands…it’s the softer season. Feed the body and the soul. Be a tourist in your own backyard, and rediscover the gems that make up the acclaimed Southern Gulf Islands/Salt Spring Island.
September smiles its welcome…enjoy!
