March…Spring is here. Meteorological spring arrives on March 1st, and calendar spring on the 20th.
Will he come in like a lion or like a lamb? It's a mixed month weather-wise, with longer light as daylight increases by eight seconds each day and the upcoming change to daylight saving time also contributing factors.
Gulf Islands Real Estate and Seasonality
March also marks the start of the Gulf Islands seasonality in the real estate market. The period from March Break (mid-month) through Canadian Thanksgiving weekend (mid-October) is often referred to as Salt Spring and the Gulf Islands “season.”
Current Market Overview
While sales occur throughout the year, tourism, property exploration and purchasing decisions appear to be driven from March through October throughout the Pacific Northwest coast, including the second home/recreation environments of the Gulf Islands.
The start of March is coming in with the same cadence that has characterized the Salt Spring and Gulf Islands real estate market since the fall of 2023…lack of inventory. Most owners don't want to sell.
A two-year hiatus in buyer activity (until November 2022 and 2023) has not seen an exodus of properties. While rising interest rates may have caused part of the hiatus and some owners refrained from selling during the low activity period, the larger reason for the decline in listings may be the fact that potential sellers are unable to find properties to relocate to. Lack of inventory is a problem on the coasts. No one wants to be “homeless.”
Across Canada, all levels of government (municipal, provincial and federal) are struggling with a housing shortage. Increased immigration puts even more pressure on housing. Owners who don't want to sell may want to hold onto the safe haven they already own…perhaps they want to hold onto it as a tangible asset to preserve capital. In the Gulf Islands, under the management of the Island Trust, the Trust limits growth…growth has always been low and a regulated model is in place (the Trust has been in place since 1974).
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A combination of low inventory and buyer appetite will drive prices up. We may see a full recovery of this market trend in late April. With state elections in October, there are initiatives to build more homes. These concepts may not come to fruition for more than two years and may add only 7,000-10,000 units. Whether buying or renting, low inventory will likely remain an issue in the housing crisis.
Real Estate Listing Overview As of early March, there are 74 residential listings in Salt Spring, ranging in price from $254,900 to $11,975,000, aside from single family, townhome, waterfront, lot, view, acreage, and farm. As of early March, there are 30 land listings in Salt Spring, ranging in price from $229,000 to $3,999,000, aside from waterfront, acreage, lot, and view options. As of early March, there have been 18 sales so far, a mix of homes and land, ranging in price from $128,000 to $9,900,000. As buyers will tell you, there are few options when it comes to buying. Buyers must be creative.
March Activities and Events
March: A mix of winter remnants and spring-like weather brings longer days, flowering bulbs and early-flowering shrubs, galleries opening to show new work, live music venues to enjoy, Hastings House reopens for the season, Home & Garden Show weekend (thanks Windsor), early Easter weekend (last weekend of the month). Saturday Park Market season is upon us (enjoy the newly redesigned Centennial Park). Look for ArtSpring's March presentations. Art is thriving in Salt Spring. Check out the special menus at great restaurants and coffee spots. Spa retreats, beachcombing discoveries, hiking/walking trails to explore… it's time to awaken with the season.
In March, we sing songs of spring. Welcome!