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Market Update – Election Day to be April 28th

 

Vote – Election Day to be April 28th

Federal Uncertainty is Over… for now…

Salt Spring Island

So, finally, the federal uncertainty is over…Trudeau stepped down in January and prorogued parliament. This left a void at the federal level, at the very time the U.S. tariffs were initially being considered.

A new Liberal party leader (Mark Carney) was chosen on March 9th, and then he assumed the role of Prime Minister. Today, he has advised the Governor General that he is calling a federal election…Election Day to be April 28th.

The Conservatives, the NDP, the Bloc, and the Green Party will be fielding candidates and running in opposition to Liberal Party candidates.

Mark Carney had advised Justin Trudeau since 2020, and this bid to remain in power is being described by opposition parties as a fourth term for Liberal policies.

It’s important to vote on April 28th…everyone’s voice counts. Be involved, check out the candidates in your riding. It is not a time for apathy.

The real estate markets across Canada have been in “pause mode” in the past two months…markets do not like uncertainty. With a decision as to who will be in charge, at the federal level, and whether in a minority or majority position, is essential to unfolding developments for our more local real estate markets.

At this time, inventory here remains low, and prices remain relatively stable. A desire for rural lifestyles and a sense that a real estate purchase in unique areas is a preservation of capital decision (which is about our bottoming dollar value) also continue to drive activity in secondary home areas.

It will perhaps take until mid-May to see a specific market direction locally for 2025.

As always, Stay tuned!!!

March 23, 2025 – Times Colonist

The concern about Bill 7 has had a North Vancouver writer (Caroline Elliott) observe the following, in Victoria’s Times Colonist newspaper. The Times Colonist is available throughout Vancouver Island and has an online version, too. See her commentary below:

Bill 7 enables Eby’s cabinet to do whatever it deems necessary to “support the economy of B.C. and Canada,” which is so broad it could include anything at all. – Caroline Elliott

Premier David Eby’s proposed Bill 7 would effectively suspend the democratic process in British Columbia for the next two and a half years.

Ostensibly intended to address the impact of tariffs, this autocratic bill — the Economic Stabilization (Tariff Response) Act — is not only unnecessary, but represents just the latest in a troubling pattern of disregard for democratic process by this premier.

This time, however, he can be stopped.

Eby, who formed government with the slimmest of majorities, is no doubt motivated by the prospect of avoiding uncomfortably close votes in the legislature as he pursues his own agenda.

As veteran columnist Vaughn Palmer puts it, this far-reaching legislation “would allow the cabinet to override provincial laws, regulations, authorities and even the legislature itself.”

Its extraordinary reach led Palmer to observe that, “in 41 years of covering B.C. governments, I’ve not seen a legislation as arbitrary and far-reaching this side of the federal War Measures Act.”

Conveniently announced immediately before the house recessed for a two-week spring break, Bill 7 enables Eby’s cabinet to do whatever it deems necessary to “support the economy of B.C. and Canada,” which is so broad it could include anything at all.

As columnist Rob Shaw explains, Bill 7 empowers cabinet to “amend any law, overwrite any policy, change any regulation, levy any fee, or gather anyone’s personal data with simply the stroke of a pen.”

Eby’s argument that Bill 7 is required to address tariffs is misleading. There’s nothing stopping him from convening the legislature at any time to pass any initiatives required to address the impact of tariffs.

Indeed, such extraordinary measures have not been implemented in any other province, or at the national level, despite the fact that these jurisdictions face the same tariffs.

But Eby’s disregard for democratic principles is not new.

Last November, he was denounced for reversing his commitment to hold a fall sitting of the legislature after October’s election. By not calling the house back as soon as possible, Eby avoided testing the confidence of the legislature, a crucial step in demonstrating the democratic authority of his government.

This act, rightly deemed by experts to be “an erosion of democratic norms,” meant the NDP had about four months, until February, to rule essentially unopposed.

Eby was also criticized for introducing the 2023 budget more than three weeks later than normal, delaying important matters of debate in a session he had already shortened by several weeks. This followed the cancellation of a week’s sitting of the previous session. This curtailed debate on two significant and controversial housing bills. These bills were aggressively pushed through.

One of those housing bills, Bill 44, is seriously undemocratic. It overrides decisions made by elected local governments by mandating the elimination of single family zoning in communities across B.C., nullifying official community plans (developed by elected councils on the basis of extensive public consultation), and eliminating the ability of local governments to hold public hearing processes on these matters.

This pattern goes back to the outset of Eby’s premiership. Eby was installed as NDP leader and premier without a vote among the party membership after his team successfully pursued the disqualification of his only opponent.

Time and again, Eby has demonstrated an “ends justify the means” mentality that sees democratic norms as optional in the pursuit of his agenda.

While rallying against President Donald Trump, Eby has consistently copied his methods.

It’s not too late to stop him.

There are 47 NDP MLAs, 41 Conservatives, three independents, and two Greens in the legislature. With the Conservatives and Independents set to oppose Eby’s deeply flawed bill, all NDP MLAs and the two Greens should think hard about how they will vote.

Will they support Eby’s efforts to deny their own constituents their elected voice in the legislature? Or, will they find their democratic conscience and stand up against this authoritarian bill?

In the likely event that NDP MLAs succumb to pressure from the premier, the Greens can still prevent the bill from becoming law.

By voting with Independent and Conservative MLAs against Bill 7, the Greens could render a 46-46 tie in the legislature.

The 47th NDP MLA serves as Speaker, and Parliamentary convention holds that the Speaker only vote in the case of a tie, and that they cast their vote to protect the status quo (i.e., against such radical legislation).

Proposing amendments to the bill, as the Greens have said they’ll do, is not enough. A message needs to be sent, loud and clear, that our democracy is not negotiable.

Unless NDP and (or) Green MLAs find it in themselves to stop Eby’s overreach, or Eby reverses course due to public dissent, it seems likely this shameless circumvention of democratic process will pass.

Let’s not give up our democracy without a fight. Tell your friends, speak up, and reach out to your MLA.

Demand they vote against Eby’s heavy-handed attempt to deny you your democratic voice.”

Stay tuned!

 

Market Update – March 9th, 2025


March 9, 2025

Who will assume the new role of Prime Minister?

So, the forecasted outcome has been settled. Today, Mark Carney won the Liberal leadership “race” to replace Trudeau. He will also assume the role of Prime Minister.

It is expected that he will call for an immediate election. After being prorogued by Trudeau, the parliament will convene again March 27-29.

By changing the face of the leader, the federal Liberal party is hoping to continue as the party in power, going forward. Mark Carney also advised Trudeau, and was close to his policies…as was Christya Freeland (who also ran for Leader)

The U.S. tariffs issue will affect Canada.

Unfortunately, the federal government was not seeking economic health in the past several years of being in power. The current head of the BOC (Bank of Canada) had been trying to alert the party in power of this disturbing fact in both 2023 and 2024.

It’s also odd that it’s only now that long-standing barriers to inter-provincial trade are being discussed. This inability to trade between provinces has nothing to do with tariffs.

Some provinces may be more affected than others, but the usual way of doing business has changed. Reciprocal tariffs will be in place. April 2nd has been mentioned as the date this will begin. More later…

Salt Spring Island, May 2024, Market Analysis

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!