History
Salt Spring Island has been a popular destination for retirement,
recreational investment, and single family homes for many
years. Prices have continued their upward trend for some
time.
There was a softening of the market in 1994 which saw half
of the islands realtors moving on, and prices declining
somewhat, but on the whole the market has been generally
active since the late 1990s.
The past couple of years have been volatile, as in all
of British Columbia, and market economists see this trend
continuing right up to the Winter Olympics in 2010.
Current State of Market (as of April 2004)
We are continuing to experience a 'hot' Sellers’
market. However, sales have slowed over the past few months
due to a serious lack of homes listed under the $300,000
range.
First Time Buyers looking to enter the Salt Spring Island
real estate market are generally qualified (for mortgage
purposes) to purchase under this price tag as conventional
lenders require a 25% down payment. CMHC financing is now
offering up to 100% ($0 down) loans, however qualifying
for the monthly payment commitment is difficult – if
not impossible – for most Salt Spring Island properties.
Almost as soon as something is listed under $300,000, and
has good value, it is sold within days; even condos and
townhomes are selling in the $250,000+ range. Consequently,
it is very frustrating for the modest income Buyers looking
for property on Salt Spring Island at this time.
Traditionally Spring sees more listings and hopefully this
problem will be alleviated in the near future. Prices across
the board are continuing to escalate due mostly to the rule
of “supply and demand” – low supply; huge
demand. The largest percentage of homes currently for sale
on Salt Spring Island are listed in the $600,000 - $750,000
range.
THE
MARKET ON SALT SPRING ISLAND