Pacific Northwest Real Estate Market in February
In the Pacific Northwest, February often sees the start of an early spring market, and while 2024 trends may not become clear until the March holidays, February sees early activity begin.
Salt Spring Real Estate Market – Early February
Here's what we'll see in Salt Spring's real estate market in early February: The trend of low inventory continues, a trend we've seen in competing Vancouver Island communities. The property shortage isn't just a Gulf Island issue.
Why owners are hesitant to sell
There are many reasons why owners may not want to become sellers. Even after the pandemic, the flight from cities to the countryside continues. It may be due to a desire for safety. Geopolitical concerns are part of the location decision. The desire to get away from urban problems is a strong driver of behavior…it makes sense to seek a “kinder, gentler” lifestyle. There is also a “back to the land” element, being self-sufficient if supply chains stall. These factors may encourage buyers, but they deter owner-sellers…they already enjoy these factors. If they did consider selling, they would find they could not find a replacement property elsewhere…there is no inventory…and so it goes.
Gulf Islands Governance and Real Estate
The Gulf Islands' form of governance, in place since 1974 (the Island Trust, whose mission is to “preserve and protect” the environmental beauty of the Gulf Islands for the benefit of all British Columbians), guarantees buyers that their purchase/investment will remain exactly as they were when they purchased it. In this time of rapid change, preserving what one fell in love with and purchased is a major hallmark of the decision to invest in the Gulf Islands.
Market Trends and Future Trends
This will also contribute to higher prices. Will we see multiple owners as a buyer profile going forward, allowing them to enjoy ownership in Gulf Island real estate? Hmm…there will always be a workaround, and with prices rising and inventory remaining static, creative ownership models may be one outcome that will drive ownership opportunities.
Salt Spring Market Analysis for February 2024
That said, the start of February continues to see low inventory, increased buyer interest across all price ranges and property types, and a growing awareness of the need to act. The lull in activity seen in 2022 and 2023 appears to be over. Oddly enough, this increase in activity began in November 2023. Interest rate fluctuations remain a factor in buyer outcomes. Those who need to renew their mortgages in 2024 and 2025 will also be making the decision to hold or sell. A lack of inventory to buy or rent may see some people struggling to hold on to their current ownership interests.
Real estate as asset protection
Many people, both buyers and sellers, are looking at real estate as a means of capital preservation, and concerns about the declining purchasing power of the currency have people thinking about how to preserve the value of their holdings.
Predict future outcomes
Many results are still waiting to take shape… it's only the beginning of what is likely to be a busy year. Attending seminars and financial webinars is a good idea… every bit of information is useful in times of change. Also, keep an eye on AI… an implant that allows thoughts to bring about change? Hmm… mid-February marks the Asian New Year and the Year of the Wood Dragon. In the Western Zodiac, Pluto is in Aquarius, an alignment not seen since the French Revolution. The recipe for change? Activate your editing function.
Local exploration in February
It's February. Check out your garden. Early flowering bulbs and shrubs are blooming. Gift yourself something new. Take a quick trip to Victoria or Sydney to see another wall. Don't forget the Cowichan Valley. It's on our doorstep and there's so much to see and do. Beaches as far away as Parksville/Qualicum and Tofino. Check out the other nearby Southern Gulf Islands too. Each has its own character. It's nice to be able to experience Salt Springs' many charms again on a day trip. With the Family Day holiday weekend in mid-February, I'd love to try other places nearby. Luckily, it's time for an adventure.