The beginning of April brings with it the beauty of true early spring, while the end of the month gives off a May vibe. This chameleon-like month is also the first month we begin to understand real estate market trends for the year.
Fulford Valley 42+ Acres
In Salt Spring and the Gulf Islands, buyers will drop in any time, but it is generally believed that most tourism (and associated real estate activity) is concentrated between the March holidays and Canadian Thanksgiving (October). Inventory is low, with most properties under 1M being strata properties (townhouses). Single family homes are mostly between 1M and 2M. Land properties also have extremely low inventory. Most owners do not want to be sellers unless they have to. For most of 2022/2023, buyers have been in pause mode…inquiring, sometimes viewings, then pausing. So much global uncertainty may have created this pause period. This year, buyers are taking action again. The desire to leave the city and move to the countryside remains a factor. The desire for safety is another reason to consider a rural home/more self-sufficient outcome. Capital preservation is an additional reason to consider real estate purchases in the secondary home/recreation market. These are also reasons why owners are not interested in becoming sellers.
Fulford Valley 42+ Acres
As of early April, the numbers were as follows:
There are approximately 86 residential properties and they do not distinguish between waterfront, view, farm, subdivision, acreage or townhouse.
28 are between 234,500 and 999,999. 30 residential properties are between 1,020,000 and 1,985,000. 17 are between 2,100,000 and 2,995,000. 7 are between 3,285,000 and 3,875,000. There are 2 properties in the 4 million range (one at 4,295,000 and one at 4,875,000). There is 1 property between 5,250,000 and 11,975,000.
There are 29 land listings, and they don't differentiate between lots, acreage, views or waterfront.
20 are listed between 135,000 and 845,000; 5 are listed between 1,100,000 and 1,995,000; 3 are listed between 2,150,000 and 2,350,000.
As of early April, there have been about 32 sales.
24 sales prices were between ¥128,000 and ¥850,000. 6 sales prices were between ¥1,185,000 and ¥1,750,000. One sales price was ¥2,560,000 and one was ¥9,990,000.
Fulford Valley 42+ Acres
By late May and early June, there will be enough sales to give us a clear idea of the trends for 2024. Forecasts predict low inventory and prices will continue to soar. The most active months for sales are consistently July, August and September. With low market inventory and buyer aspirations to own in the Gulf Islands, where growth is limited by Island Trust governance, new potential buyers may want to consider a shared ownership model. Ownership can require some serious outside-the-box thinking.
Fulford Valley 42+ Acres
The exciting month of April is upon us. ArtSpring celebrates an important anniversary. The Saturday Market is open. Hastings House has reopened for the season. Boaters are back and the Marina is bustling. Galleries showcase new work and studio tours welcome you. Wine tastings, cider tastings and craft breweries. Farm shops, flowering orchards and hiking/walking trails encourage you to get outside, beachcomb, try new restaurants and coffee spots. It's April. Wash your windows to let in the light. Let the light in. It's truly Spring!