What will real estate trends be like going into the summer season? While there may be an extended pause in activity along the way, the real estate market has seen continued low inventory and buyer interest for quite some time. The effects of this ongoing trend are currently being seen in random pricing (stable, moderate increases, price drops at the time of offer, etc.). This mixed outcome highlights the fluidity of the world today. The watchword of our times is “uncertainty.” As a result, buyer behavior is in a stop-and-start pattern, but one that remains consistent.
Since 2016, most buyers in second home/recreation areas have been from Vancouver/Lower Mainland. Market conditions have been up and down during this time, but overall property values have increased. Recently, there has been renewed interest from both Alberta and Ontario.
Most owners don't want to be sellers. The buyers who are coming to view properties are looking to move from the city to the countryside. There is an increase in listings in the summer and early fall, but not many. When broken down by price and type, we see that inventory continues to be very low. Buyers don't have many choices in their desired category.
A preference for rural areas over urban areas is one of the buyer trends, as is a desire to invest in quality tangible assets. Buyers are concerned about currency issues and see ownership of unique areas as a capital preservation decision.
The Gulf Islands are a late summer/fall market with limited inventory and prices are generally higher than neighbouring Vancouver Island.