Salt Spring Island & Southern Gulf Islands market thoughts...

By
Real Estate Broker Owner with Sea to Sky Premier Properties (Salt Spring)

The real estate market on the Coast, including on Salt Spring Island and on the Southern Gulf Islands, continues to inch its way along into consistent activity. No one has a crystal ball, of course, and there is still a lot of gloomy financial news waiting to be reported. People have lost jobs, globally, and many have also lost homes with inability to pay mortgages. Equity has been erased from many homes, in many areas. The stock market continues to shudder up and down, and the only people able to make it work for them are traders. For the average investor, the stock market is still a place to lose money. Financial institutions are still shaky, and there are failures of banks, in other countries. There is a growing fear, too, that cash may well and truly be the next "bubble". So much being printed, with little backing same except more paper, and a government. Those with some discretionary funds, then, are seeking hard asset investments, in "protected" areas, and locally, there's that Islands Trust.

In creating a "preserve and protect" mandate, via severe growth controls, the Trust created an enclave area on the Gulf Islands, and the temperate microclimate enjoyed on the Southern Gulf Islands grouping (Salt Spring, Galiano, Mayne, Penders, Saturna, Thetis, and the nearby water access only options) is a strong attractor. Listing inventory remains relatively "thin" on all the Islands. As soon as one states a price range, a property type, whether a view is essential, etc., the choices start to thin out dramatically.

In 2008, which I am calling the Year of the Fear, buyers did not want to act. Since we are a secondary home/discretionary marketplace, buyers could put us "on hold", while the dusts of change settled.

In this societal shift that we are currently in, there is a lot of fear out there, and fear can stop activity. Fear can also propel, though, and in our area it may be the underlying reason for the uptick in action. Prices have not seen any increases, and there is often a substantial price reduction delivered by the buyer, at the point of the offer. Nevertheless, it is not 2008, and buyers are back looking, and they are making offers, and there is good activity in real estate sales. Yes, it started in the low end residential, but we are now entering our main grid of activity (May to September), and we are seeing a more affluent buyer profile begin to appear, and to consider offering on some very fine oceanviews and prime waterfronts.

More info? Give me a call! Always quickly available.  (liread33@gmail.com)

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Topic:
Real Estate Market Trends
Location:
British Columbia Southern Gulf Islands
Groups:
Local Expert
Outside Blogs
Posts to Localism
Real Estate in British Columbia
Realtors®
Tags:
end of april market thoughts
salt spring island
southern gulf islands
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Additional Information

real estate, b.c. real estate, salt spring island real estate, Canadian real estate, luxury real estate, waterfront specialist, private islands specialist, estate style properties, secondary home marketplace, active rain, Li at Sea to Sky Premier Properties, Mayne Island, Galiano Island, Pender Islands, Saturna Island, Salt Spring Island, southern Vancouver Island.