In a recent census in the U.S., it appears that 3.5% of the housing market falls under the label "secondary home". This means recreational, occasional, seasonal usage patterns in home ownership. The largest secondary home market in the U.S. is apparently Maine.
Salt Spring Island and the Gulf Islands could be best described as secondary home markets. Summer/weekender properties, occasional use homes, retirement options waiting in the wings, investment rentals....
Yes, of course many people choose to live year round on the Gulf Islands, but there are also a significant number of "sometimes" owners...sometimes here & sometimes there.
In a large & populous country, such as the U.S., only 3.5% of the home ownership falls into this discretionary category. It would be interesting to know the correlation of Canadian second home stats.
Yes, there are some incredibly beautiful secondary home areas in Canada...Nova Scotia's Mahone Bay, Ontario's Muskoka Lakes, Alberta's Jasper, B.C.'s Gulf Islands...& Vancouver Island & the Sunshine Coast....the Pacific Northwest Coast is one of the most beautiful regions in the world.
A buyer has a lot of choice, for a discretionary purchase. Why here? Why not there? Time decisions as to when to purchase are also discretionary...no one "has to" buy a retreat or second home in any particular timeframe.
So...not that large a segment of the population looking for that retreat opportunity in the first place...and, with the internet, some place is suddenly in competition with every place...an explosion of choice can further cause time lags in decision-making.
This is a magical area, and if you've discovered this and are looking to buy, please call me.
Successfully connecting sellers and buyers since 1989, as a full time & full service real estate agent, I look forward to bringing my expertise and my knowledge (of both inventory & trends) to your benefit. Your success is my motivation.
How may I help you to buy your special Salt Spring Island or Gulf Islands property?