Well, I keep saying that the Real Estate Market will be slowing...it's mid-October after all! However, it just isn't slowing as much as I thought. When people ask about "off shore Buyers" I jokingly point out they come by ferry from Vancouver and sometimes Victoria. The reality is that I am seeing a fair number of Vancouver (and sometimes Victoria) Buyers coming to Salt Spring to Buy. They range from retirees who want to escape the city to young families who cannot afford a home and often not even an apartment. They come here, buy a nice house with some land and they are very happy. Salt Spring has 3 ferry terminals so if you really need to head back to the city for a visit...no problem. However, you may end up staying and enjoying the island. I like the fact I usually know the person serving me my coffee or meal...we do have 10,500 residents but after a while, certain ones you end up seeing regularly. If you're interested in Salt Spring...contact me.
Well, the market certainly seems to be slowing in the cities but what about little Salt Spring?
So far we have lots of Buyer interest (mainly from Vancouver with Victoria and other parts of Canada also in the mix). Our prices are rising sharply in the lower to middle range of housing, likely because the stress test has reduced the borrowing power of many so they can borrow less and thus need to look for less expensive properties....I'm talking in the $600,000 and under properties.
Above $600,000 up to around $1,000,000 has steady interest and over $1,000,000 is more of a "Buyers' Market.
Contact me if you want more information/advice on buying on Salt Spring. The comments I get from Buyers coming from Vancouver is that they need to get out of a noisy, crowded and very expensive city. We have 10,500 people, three ferry terminals and the noise is pretty minimal...those chickens can cause a bit of noise at feeding time, of course. :-) Oh...and no traffic lights!
Well, that's a good question! I also get asked, "Do you have many off-shore Buyers here?" I usually answer, "Lots!...they come over from Vancouver by ferry!" And that's the truth. Lots of Vancouver (and some Victoria) Buyers who are tired of living in Vancouver with all the noise, traffic, crowding and incredibly expensive homes/apartments/condominiums.
The Market is busy because of the Vancouver "refugees". I see young couples with a child moving here from a small apartment to a nice home on an acre of land with trees, flowers and grass. I see middle aged couples with high school children coming to get away from the "rat race". I also see retirees coming here because they also want to get away from the city and spend some quiet time relaxing and enjoying the views...and we have a lot of views, ranging from lake, mountain, fields, ocean or a combination of some of those.
Back to the question about the Market...it's busy, we have fewer properties than usual for sale and there are a lot of different things Buyers need to be aware of and informed about. Do you know how a septic system works, a well, how to check water quality? Do you know if the asking price is reasonable or way too high? Do you know about bus routes, the school system, best places for amenities? No? That's why you need to have a Realtor working for you! Call me...I work for FREE! (Seller's Realtor pays my commission)