The beginning of May is upon us. It has long been considered the start of the most magical month throughout the Pacific Northwest. Residents of Salt Spring Island and the Southern Gulf Islands would agree. May through October are the most magical months in the region, encompassing spring, summer and early fall. Residents of Salt Spring are fortunate to be surrounded by beautiful scenery. Regardless of the geopolitical concerns that mark and worry our times, it is vital that we enjoy this annual natural wonder.
Real Estate Market
The Salt Spring and Gulf Islands real estate market is performing well again. Most of the buyers are still Vancouver/Lower Mainland residents. The desire to leave the city and move to the countryside remains a key factor. Capital preservation is a new reason for buying real estate. Interest in investing in hard assets may be the main reason owners do not want to become sellers unless they are “forced” to do so. Low inventory combined with renewed buyer activity (ending most of the shutdown in 2022 and 2023) is driving prices higher. As a second-home market, Salt Spring and Gulf Islands is following its own pattern.
Seasonal Market Trends
Early spring (including the March holidays) sees sales activity primarily in the entry level price range. This activity occurs primarily on weekends and continues through late April. Early May sees activity across all price ranges/property types. This continues through early July. The summer market runs from early July to late September. This may be the busiest time for viewings. The late fall market can be active even with changing weather patterns.
While people buy homes throughout the year, it is true that most sales activity occurs between mid-March and late October. There is no local market and since 2016, most buyers have come from Vancouver/Lower Mainland. Lack of inventory continues to be a factor in Vancouver Island communities, Salt Spring and the Gulf Islands, and the Sunshine Coast. Despite the government's welcoming of immigrants, this housing shortage cannot be easily solved. Some government measures to increase housing stock have had very limited results and some could be called ineffective. The pressure of the housing shortage is expected to continue beyond 2030. Hmmmm…
Property types and buyer preferences
It's interesting to note that most of the properties under $1 million in Salt Spring are townhouses. These condominiums are not necessarily what someone looking for the Salt Spring lifestyle is looking for. There are very few single family homes under $1 million. Many potential buyers are looking for something that:
Etc. Sometimes it takes three visits before a sale is finalized. Buyers need to make a choice not only about a specific property, but also about Salt Spring.
Market Outlook
That means inventory shortages will continue. With more buyers willing to make offers and act in 2024, we expect prices to rise by the summer months. While we may not be in bidding war territory, it remains a seller's market.
Need more information? Please contact us. Your profit is always my motivation.
Enjoy Salt Spring Island
May marks an important month for Art Spring. Mahon Hall's Arts & Crafts are gearing up for the season, the Ganges Gallery is showcasing new works, the Artists' Coffee Stand is welcoming artists, new restaurants are opening and Hastings House, Antipeste and Rock Salt remain popular.
Beach combing, sailing races, paddle boarding and kayaking adventures, whale watching… walking and hiking trails beckon… picnics in Ruckel Park… rejuvenating spa experiences, a fantastic Saturday market… yes, it's time to jump into spring and summer. Enjoy!