Tag Archives: life in salt spring

March 2022, Salt Spring Island Market Analysis

The Seasonal Shift on Salt Spring Island

March brings meteorological Spring (early) and calendar Spring (later…the 20th signals the change of season) and this year also welcomes a later local March Break. The days are visibly longer, gardens and orchards show us the seasonal shift, and whispers of real Spring/almost Summer are everywhere.

It is a time to shake ourselves awake from winter’s cocoon message, and allow the season’s ease to invite us to also flower forward.

Salt Spring Island Animals

Yes, clean those windows, gift on things no longer needed, sort out the office (real or at home), and switch up the menus from soups to salads. You know the drill…time to welcome Spring with fresh thoughts and tidy spaces and new possibilities.

What about the real estate market at this very beginning of March? The buyer interest in real estate in secondary home/recreational/rural regions remains very high. IF owners become sellers, it is possible to achieve the asking price and perhaps even be in an “over ask” bidding war outcome.

Is Buyer Interest Still High? Depends.

That said, there have been recent sales that saw price reductions at the point of the sale. Does this mean a mixed market is evolving? Or simply that existing inventory requires serious renovations and the buyers are noting and making offers based on this necessary upgrade perception?

I always think the tone of a year for real estate sales in secondary home markets takes till March Break/Easter to be visible. The first two months of a year seem to carry on the last two months of the previous year.

Salt Spring Island

What are some Signals of Market Conditions on Salt Spring Island?

There are always signals, though, that remind us that nothing ever stays the same, no matter if up or down conditions are in play. The key to everything right now is the continuing lack of inventory, just when buyers are plentiful. If this dynamic of low product and high demand continues, we will see price escalation in any infrequent new listings.

What are buyers hoping to find? Some are looking for acreage, ability to have a garden, maybe some animals (chickens? sheep? goats?). Some are seeking waterfront and, if boaters, a dock. Some just want a view (we are an island, and they want to see that ocean). Others just hope to find sunny privacy, with a sense of calm. They all want internet connectivity. In most cases, it’s a lifestyle rewrite…whether coming with children or couples seeking softer retirement opportunities.

What about those few sellers? Perhaps it’s downsizing or moving closer to children/grandchildren elsewhere, or perhaps they might even reconsider a return to urban if retiring from an earlier retirement island dream. If a purely recreational/cottage property, maybe it’s no longer used by the family. The key to letting go? The feeling that covid is erasing and it might now be safe to return to busier and more crowded environments.

Salt Spring Island Market Statistics, March 2022

At the moment, buyers hugely outweigh sellers, and that creates the “over ask” situations.

Residential

  • 39 residential listings. They are listed between 129,900 and 14,000,000
  • 13 are below one million, 10 are between one and two million
  • 5 are between two and three million
  • 4 are between three and four million
  • 1 is between four and five million
  • 3 are between six and seven million
  • 1 is at 11+ million and
  • 2 are at 14,000,000

(Two of them are mobiles in an adult park where one does not own the pad. Four of them are completion units in a townhome development and not yet built).

Land

  • 19 land listings
  • 12 are below one million
  • 5 are between one and two million
  • 1 is between 2 and 3 million
  • 1 is at 4+ million (a 16 acre working farm parcel).

Sales

In a more balanced market, there can be a total of 280 listings (including both residential and land options). Right now, we have a total of 58 listings.

There have been approximately

  • 27 sales to date
  • 17 sales below one million and
  • approximately 10 sales between one and two million.

(Note: I update market conditions throughout the month via my regular blog entries).

The short supply of listings (and the continuing strong buyer demand) is the scenario in all communities right now. It is another reason why owners in our area are reluctant to list…they can’t find an option in the region they might move to, and do not want to find themselves “houseless”.

Local rules & Regulations to think about

The three levels of government (federal, provincial, municipal) need to rethink their permit process/regulations and also consider helping developers create purpose-built rental and affordable housing opportunities. Supply is always the key to markets. Taxation of existing does not open up healthy buyer or rental outcomes.

On Salt Spring and the Southern Gulf Islands, which are not municipalities, and which are under the governance of the provincial government body known as the Islands Trust, a reinterpretation of some zonings may be needed. Costs of housing and lack of supply are top of mind right across Canada. Salt Spring and the Gulf Islands are not immune to these pressures.

Hmmm….to protect and preserve the Gulf Islands beauty and rural lifestyle, while encouraging young families to come and so to service that lifestyle, it will require thoughtful outcomes from the people already here. On Salt Spring? Bring your ideas to some of the groups and committees working to keep the Islands their beautiful and thoughtful selves, while also creating present and future opportunities.

May 2021, Salt Spring Island Market Analysis

Bidding Wars & the Rush to Rural

At the beginning of each month, I give my market thoughts. During the ensuing days of that month, I give market updates via my regular blog.

For the past several months, I have referred to the very low inventory of listed properties. This thin inventory is coupled with huge buyer demand. Bidding wars have become standard procedure. The inventory keeps shrinking and few new listings come onstream to replace the steady sales. Owners, unless they have to, do not want to be sellers.

This clear-out of inventory for Salt Spring began around June 23, 2020, when the ten week closures, throughout B.C., ended. When B.C. Ferries reinstated routes and sailing schedules, the rush to rural in our area began.

Salt Spring Island, Land & Luxury Residential Homes

This kind of intensity always begins with entry level residential and then evolves to the luxury residential segment and to undeveloped land opportunities. By late February, 2021, bidding wars were underway in the residential segment. By late March, undeveloped land options began to sell. Most buyers continue to be from Vancouver.

The allure of a rural lifestyle is now in synch with the ability to work from home. The pandemic has created a viable digital lifestyle, and this, along with continuing low interest rates, has resulted in historic sales patterns in all secondary home regions. This includes on Salt Spring Island.

The buyers are looking for a year round lifestyle, with health care options (Salt Spring has a hospital), education options (3 elementary schools and a junior/senior school), and all services/amenities available without having to leave the island.

The form of governance for all Gulf Islands is the Islands Trust (a provincial government body), and for Salt Spring and the Southern Gulf Islands the CRD (Capital Regional District, out of Victoria) is also part of the governance model. Salt Spring and the Southern Gulf Islands are not municipalities.

Truly is a lifestyle rewrite

Buyers at the moment plan to live full-time on Salt Spring…this truly is a lifestyle rewrite. Recreational living has been a mainstay on all Gulf Islands for many years. Choosing to live full-time is different. This may bring about a more sustainable year-round business outcome…with less emphasis on seasonal tourism as the economic driver on the Island.

Post-Pandemic Salt Spring Island

Change is definitely the mantra as we struggle to be fully post-pandemic. Digital ways are predominant. Ever more important to seek new outcomes for marketing and presentation of both real estate and visitor experiences. In change lies opportunity.

Meantime, the splendour of May is erupting all around us…so important to really “see” and to savour the natural world. Nature both restores and nurtures us. Maybe time to re-read those Romantic poets that we endured in school? Salt Spring and the Southern Gulf Islands surround us with beauty…enjoy!

Current Inventory & Sales on Salt Spring Island

And real estate? At this very beginning of May, there are approximately 29 residential listings…without separating out townhomes, waterfront, acreages…just “residential”. These options range from 499,000 to 14,000,000.

At this very beginning of May, there are around 37 land listings. Again, not separating out waterfront, acreages, lots…simply undeveloped land. Prices range from 239,000 to 2,495,000.

At this very beginning of May, there have been 130 “solds to date”. Sale prices have ranged from 199,000 to 5,645,000. Half of the sales have been below one million and half above. The number of sales to date is about the same as sales for all of 2020.

Salt Spring Island

Salt Spring Island

This attrition of listings is the same in all secondary home markets, including on Salt Spring and the Southern Gulf Islands. Owners are wanting to stay where they are, unless they have to sell. Buyers wanting to move full-time to a rural area are on the move. The ability of the internet to now support working from home…wherever home happens to be…allows this choice. The acceptance by consumers of this work from home concept is a part of the shift. A perfect storm, resulting in profound societal change. (And, we didn’t even get to look at peer to peer connections in the block chain era!).

Well, Thales, one of those savvy Ancient Greeks, did alert us that we never step in the same river water twice

May is one of the most beautiful months on the entire Pacific Northwest Coast. Give yourself the gift of experiencing it all…choose a different place to visit, on Salt Spring and the Southern Gulf Islands, every day. Lucky us to be here!

December 2020, Salt Spring Island Market Analysis

'Tis the Season, 2020

We have arrived at the very beginning of December, in this most awkward and disturbing year.

Covid, and its attendant government closures to flatten the curve of this potentially deadly virus, have caused several interruptive pauses throughout 2020.

Although the calendar says Winter starts officially around December 20th, we in the great Pacific Northwest Coast know that November signals the seasonal shift in our region.

‘Tis the Season (of 2020)

Real Estate on Salt Spring Up or Down?
Salt Spring Island in the Snow

A darker time of year, coupled with continuing covid closures, is disturbing to many…and afflicts many businesses struggling to survive.

It’s rare that the Southern Gulf Islands get snow…when it happens, islanders love to take photos…and when it occurs, it doesn’t last long. I always think that Winter in this area is like a long late Fall or a lengthy early Spring…depending on one’s point of view. Shorter days are a factor.

Covid has cancelled the seasonal traditional pleasures at this December time of year. It is so important to listen to the shop local, think local, be local messaging in each small community. The hope is that visitor-centric communities will see business survival over the winter season.

People in many locales are decorating, putting seasonal lights up, and doing it earlier. A great idea! To be a billboard of light, for those passing our homes, gives such pleasure…maybe that’s our holiday gift to family, friends, neighbours.

How is Covid-19 affecting Salt Spring Island?

And what about real estate in the time of covid? That first closure, on March 12th, which lasted for 10 weeks, and a bit longer on the Gulf Islands (travel is tied to ferry schedules and they had to reinstate routes and sailings), signaled a lifestyle change. City dwellers, able to work via the internet and thus able to choose a rural area for their year-round living choice, began to check out all the secondary home/rural regions.

Snow on Lake in BC
Snow on Lake on Salt Spring Island, BC

Hong Kong Chinese, many with Canadian passports, looked beyond the provincial government tax suppression measures that had caused a pause in Vancouver sales (between 2017 and 2019). Suddenly, Vancouver sellers were turning up in all secondary home regions as buyers, and this also ignited sales on Salt Spring and the Gulf Islands.

Is the Real Estate Market Up or Down in BC?

Locally, the market clicked into place around June 23rd, for residential properties. Vancouver sellers had sold a house and needed a house at this end. To begin with, most sales were below 800,000…and then the price point went steadily up to around 1.4. A handful sold between 2 & 3 million. There may have been price reductions en route to an offer and there were still many price reductions at the point of an offer.

Undeveloped Land On the Gulf Islands

Real Estate on Salt Spring Up or Down?
Real Estate on Salt Spring Up or Down?

Now, at the beginning of December, the inventory for residential listings is exceptionally low. Very recently, we have seen buyers starting to consider buying an undeveloped land parcel and to begin a building project. This usually occurs as soon as good residential options have evaporated. It often presages, too, price escalation. At this moment, prices have stabilized.

So, at this very beginning of December…approximately…

  • 55 residential listings
  • 66 land listings.
  • 220 “solds to date”

The inventory of available listings remains extremely low and sales volume has increased over the year, in spite of various covid-related closures.

Salt Spring Island Market Trajectory 2020-2021

Projections are calling for continuing interest in rural regions, and with price increases for any new listings may be on the rise. It is not expected that inventory will increase substantially. Low inventory and high buyer demand usually lead to price escalation. It may take until late February to see the tone of 2021.

Rare whiteout day on Salt Spring Island
Rare whiteout on Salt Spring Island

When will the Canada-U.S. Border Reopen

No place is apart from global outcomes. A change of government in the U.S. will affect Canada. A majority NDP government in B.C. will affect provincial outcomes.? A vaccine against covid will bring change. A re-opened Canada-U.S. border may allow the re-emergence of a traditional buyer in the Gulf Islands. Change, change, everywhere a change…..

Hard asset investment may be another reason why real estate is looked on favourably right now. What I call “land bankers” are now recently turning up to look at undeveloped land parcels. The Islands Trust, a provincial government body created in 1974, did cap growth through its strict zoning bylaws. This cap on growth, over time, is appealing to that investor-buyer.

The season/weather is actually irrelevant in our Gulf Islands area. Although more people might visit Salt Spring and the Gulf Islands in the summer months, it is very usual to see Fall-Winter offers/sales. The Gulf Islands are “seasonless” regions and real estate interest and outcomes occur year-round.

How may I help you to fulfill your Gulf Islands and Salt Spring Island desired real estate outcomes? Look forward to hearing from you.

Market Analysis, November 2018, Salt Spring Island

November 2018, Salt Spring

The Fall Real Estate Sales Season

November 2018, Market Analysis

The Fall real estate sales season separates into two parts: late summer/early Fall (end of August to mid-October) and late Fall (mid-October to early December).

Salt Spring is really a “seasonless” market…buyers turn up throughout the year, and sales from later in a calendar year can take place right into very early January of the following year.

Although tourism is most evident in late Spring/Summer months, and a successful visitor experience usually leads to a real estate purchase in our discretionary marketplace, the two don’t always occur at the same time.

It often takes two visits, if not three, for an interested potential buyer to decide to make an offer. There can be substantial time lags between visits…it can take one to two years to have a successful sales transaction, even in a buoyant real estate trend.

Where Do the Buyers Come From?

Buyers are not local. They look in other areas, too. It’s perhaps about “being sure” about the “where”.

Whether they live a ferry trip away or are a substantial flight distant, the buyer usually leaves some time between visits (a few weeks to several months). Their own lives come first and it just takes the time it takes to have a result in any secondary home/discretionary marketplace.

That said, we enter November 2018 with a continuing “thin” inventory of available listings.

Prices stabilized in Fall, 2017.

The provincial government’s February 20, 2018 budget included taxation measures to cool the Vancouver market.

These measures were also expanded to include Victoria, Nanaimo, and Kelowna.

Since mid-2016, Salt Spring has been chiefly dependent on Vancouver buyers. As a recipient marketplace, Salt Spring is affected by events in the areas where the buyers come from.

Anecdotally, it seems that people take around five months to get over anger at something and then to just get on with things. The lack of solid action between February 20 and September 15 has now been replaced with some increased activity. Hmmm….

The last two months of a year and the first two of the following year can be seen as a cohesive timeline.

A Market Trend for properties below 900,000

The market trend right now is showing most action in properties below 900,000. Over half the current listings are over one million. Will we see substantial price reductions at the point of an offer, in order for a transaction to proceed to completion? Will prices begin to suppress, to reflect those marked reductions now evident in Vancouver? Are we starting back into buyer’s market territory? Hmmm….

November 2018, Salt Spring Real Estate Market

Although there is a lovely sense of apartness to the Salt Spring lifestyle, no location is exempt from global issues. Currency concerns, tariff wars, prohibitive tax measures, etc…outcomes in countries around the world also end by impacting SSI. There’s that butterfly concept again.

Uncertainty is not good for any market. We began 2018 with a strong seller’s market underway. We are ending 2018 with the impacts of the coalition provincial government measures to suppress that Vancouver “hot market”. These measures, short term, have been successful.

At the same time, there does seem to be renewed interest out of Ontario (other provinces like to retire to coastal communities). Toronto does not have the tax suppression measures seen in Vancouver. That may augur well, going forward into 2019.

Albertans & US Buyers?

We are still not seeing Albertans or U.S. buyers. Before the economic meltdowns of late 2008, these two buyer profiles were 50% of our buyers. They were also seasonal. The Vancouver buyers want to live on Salt Spring. This may be why they take longer to choose the “where”. Salt Spring has competition from nearby Vancouver Island communities…why choose here? Why not there? Hmmm….

Late Fall-into-Winter season, a softer time for tourism, is also an opportunity. The fallow field moment allows for some creative thinking, to keep that Salt Spring allure in play. The outcomes of the “real” 21st Century are around us all…Salt Spring is not exempt from the profound technological changes that are now the surround sound of our lives. Yes…block chain technology is our present.

Initially, the Islands Trust, created by the provincial government in 1974, had the purpose of preserving the environmental beauties of the Gulf Islands, for the benefit of all B.C. residents…the Trust capped growth and effectively created a park-like ambiance. Now, in our always-on, always-connected world, perhaps the real value of visiting and of living on Salt Spring Island is the ability to enjoy an experiential lifestyle…and not a mere searchable environment.

The Gift of Reality

The gift of reality…real reality, not virtual, not augmented…perhaps that’s the point of 1974 meeting up with 2018?

Markets are always a wave of up and down. Over time, an investment in real estate, in an area where growth is strongly controlled, where a community blueprint pays homage to 1974 concerns about over-growth, will become an enclave area…it will rise in value. Important, then, to always be thinking five years out.

At this moment in time, listings remain low, buyer interest is very present, and the allure of Salt Spring as a destination is high. Projections for early 2019, in areas that deliver buyers to Salt Spring, are about a bounce back in real estate dynamics. Hmmm….

Meantime, November unrolls before us: craft fairs (WinterCraft), Village galleries showcasing their artists, studio tours, continuing Farmers markets, theatre and dance and choral presentations at ArtSpring, hiking/walking trails beckon, and kayaking adventures and sailing races delight year-round.

There’s always lots to see and to do, on special Salt Spring Island.

Enjoy the softer season!

Market Analysis, October 2018, Salt Spring Island

October 2018, Salt Spring

Ganges Harbour

Ganges Harbour

We are now well into Fall…all the Harvest events, Farmers Markets, farmgate stands are busy inviting us to enjoy this fruition time.

Early Fall is a mix of rainy days, sunny days with almost summer warmth in afternoons, darker mornings and evenings as the days shorten…plus crisp evenings perfect for star watching. And yes, that is Orion, the Hunter constellation, creeping up the sky…the herald of Winter.

The Fall Market in real estate on Salt Spring and the Southern Gulf Islands can be busy. Buyers may have come in late Spring/Summer to “look”, but they often wait till Fall to offer.

People looking at properties on Salt Spring, right now, are seeking permanent homes…they are not, in the main, looking for recreational options.

That’s actually a change. In previous years (up to the economic meltdowns of late 2008), we saw many Albertans & U.S. buyers on Salt Spring and the Southern Gulf Islands. These were recreational buyers…this was not their primary residence.

Post-recovery (mid 2016), the main buyer profile became a Vancouver buyer…who had sold in their venue for large dollars. They were seeking a destination to move to…they were not recreational buyers.

So….in seeking that “forever” destination, Salt Spring garnered competition: Sooke/Metchosin, South Cowichan, Courtenay/Comox…hmm…why your area? Why not theirs? Good question!

Islands Trust

On Salt Spring, which is a part of the provincial government mandated Islands Trust (in place since 1974), one understands that development is “capped”. What you buy is what you get. There will not be myriad new subdivisions opening up. A cap on growth also delivers (over time) an increase in valuations: low supply & generally high buyer demand does, in the end, result in price escalation.

Salt Spring offers a hospital, great ferry connections (three ferries with year-round schedules: one to Vancouver, one to Victoria, & one to mid-Vancouver Island), year-round regular sked floatplane services (to Vancouver Airport, to downtown Vancouver, to Seattle, to Maple Bay on Vancouver Island), 3 elementary, a Middle School, a state of the art Senior School, plus indoor pool, plus Arts Centre (ArtSpring), plus alternative health opportunities, plus a strong artistic/cultural base, and…the list goes on. Salt Spring is an eclectic and vibrant Island, with a year round lifestyle.

The real estate market on a Gulf Island, including on Salt Spring Island, is always dependent on outcomes in the areas that generate the buyers. Since mid-2016, that has been a Vancouver buyer.

The current provincial government has purposefully been making taxation decisions that will suppress a real estate market. Their intention was to cool the market in Vancouver, and also in Victoria, Nanaimo, Kelowna. Their measures have worked…sales have softened in Vancouver. As a recipient market, dependent on non-local buyers, Salt Spring may feel the effect of this suppression. It may take longer to achieve a sale and prices may reduce.

Kinder, Gentler Lifestyle

That said, there is a huge desire for Vancouver residents to leave the city and Salt Spring is one of the locations they consider. Perhaps the Vancouver potentials will simply end up accepting the prohibitive tax measures in their area, and decide to just get on with things. That strong desire to live a kinder, gentler lifestyle may continue to uphold the Salt Spring and Gulf Islands markets.

At this moment in time, early October, listing inventory remains thin and buyer desire remains high. Over half of the Salt Spring listings are priced over one million. A very thin residential inventory available below 900,000. Hmmm…. To remain in the entry level pricing category, a buyer might be best served by purchasing undeveloped land and building a cottage or studio. It is a struggle to find a residential property, below 750,000, that does not need serious renovation work.

Meantime, in this era of consistent and constant change, it is a gift to visit Salt Spring and the Gulf Islands…to experience a lifestyle rooted in 1974 (the year the Islands Trust was created, by the provincial government). If one can also consider living here, one immediately understands that all the necessities of a 21st Century experience are available…though wrapped in the charm of 1974. Fall is a superb season to discover the Gulf Islands.

Maracaibo Oceanfront Delight

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Maracaibo Oceanfront Delight

“Maracaibo Oceanfront Delight” is exceptional oceanfront opportunity on special Salt Spring Island. Truly a gem.

In prestigious Maracaibo, close to all services and amenities, and yet in its own serenely “apart” world, Maracaibo offers docks for your boat, cottages for extra guests, tennis, and miles of hiking/walking trails. Your purchase in Maracaibo allows you to enjoy these superb options. It’s like living in your own private park.

Salt Spring Island | Maracaibo Oceanfront

Maracaibo Oceanfront

The home offered for sale enjoys sun, privacy, peace…with dramatic panoramic oceanview, trail to beach below, if desired, plus a custom design/build…many unique features, here. Furniture is all custom designed for the space, and may be purchased separately, if desired.

Formal entry | foyer, dramatic living | dining, feature fireplace, easy access to expansive decking, to expand summer living pleasures. Cook’s dream kitchen, and part of the entertaining space.

Two master bed sitting rooms, both ensuite, with spacious walk in closets. Guest bed/bath, plus office (fourth bedroom?). Wine room, and “hidden” storage. Media room, too! Attached double garage.

Home’s exterior offers a Zen |Scandanavian simplicity, that is mirrored in the interior’s modern take on the “west coast contemporary” design ethic. Absolutely Beautiful.

Please see here for more details or This entry was posted in Salt Spring Island Real Estate and tagged , on by .