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Salt Spring Island Real Estate

MLS homes for sale by Scott Simmons

Salt Spring Housing Crisis explained

July 12, 2018 By Scott Simmons Leave a Comment

Is Salt Spring in the middle of a housing crisis?  It all depends on who you talk to and what one defines as a crisis.

If you move to Salt Spring and have limited funds and are looking to rent a home at about $1000 per month your probably out of luck.  There are basically no homes to rent on Salt Spring Island at this time and not just because it’s the usual summer madness.

If you are looking at buying a home there are about 100 homes for sale on Salt Spring at prices from 350k up to 4 million or so and in each price range, there is a fairly good selection of homes for sale and there really is no crisis if you have the means.

So instead of calling it a housing crisis on Salt Spring lets just call it a rental housing crisis.  Can we all agree on that?

Why are there no rental homes for sale at this time? The scapegoat for the last year or so has been the short-term vacation rental homes (STVR).  As a point of full disclosure, I do not own and or operate an STRV but are they the real culprit to all those who post ads on the community list looking for a home to rent? I just checked Air B&B and there are at least 200 or so listings for Salt Spring Island.  However, some are tents, trailer, Teepee, rooms in homes.  One would really have to look very closely at ever ad and see if it’s a legal B&B suite or a full-size home know as an STVR home and which by the way is illegal according to our land use bylaw here is the definition of a legal B&B;

3.13.8 Bed and Breakfast home-based businesses are subject to the following additional
conditions:
(1) Not more than 1 bed and breakfast home-based business is permitted on
any lot.
BL461 (05/13) (2) Despite Subsection 3.13.1, all bedrooms used to accommodate guests
must be located only within a principal dwelling unit or within a seasonal
cottage, if one is permitted on the lot.
(3) Not more than 3 bedrooms may be used to accommodate guests on lots
that are 1.2 ha or less in area; not more than 4 bedrooms may be used to
accommodate guests on lots that are greater than 1.2 ha in area.
(4) Despite Subsection 3.13.2, the total floor area dedicated primarily to the
accommodation of guests on any lot, including bedrooms, ensuite
bathrooms, closets and common areas, is not to exceed 50 per cent of
the total floor area of the single-family dwelling and seasonal cottage on
the lot, up to a maximum of 100 square metres.
Information Note: Under a General Order of the Land Reserve
Commission, bed and breakfast home-based businesses within the ALR are
restricted to three bedrooms that must be fully contained within a singlefamily
dwelling. The use of further bedrooms will require an application to the
Commission and its written approval.
(5) Breakfast meals only may be provided to bed and breakfast guests who
have been provided with overnight accommodation.
(6) Off-street parking for bed and breakfast home-based business uses must
be supplied as outlined in Part 7 and screened from view from abutting
lots, highways or parks by a landscape screen.
(7) Despite Section 6.1, signs for bed and breakfast home-based businesses
may be indirectly illuminated by a non-flashing light source, external to
the sign. Where illumination is provided, it must consist of a maximum
150 watt PAR lamp mounted between 1 and 1.5 meters from each sign
face.

About 10 years ago I did own and operate a legal B&B and did so for a few years and it was lots of fun.  Every year on Salt Spring there are about 70 legal B&B with about 10 closing and 10 new ones opening every year.   So back to the STVR homes, if you really count hard you could probably come up with 100 or so on the island that are illegal and theoretically could be rented out.

Do you really think having 100 home in the STVR grey rental pool is really making such a difference and if they were all rented out full time would be the end of the rental crisis on Salt Spring? The answer is NO.

The rental shortage or crisis is not caused by the STVR on Salt Spring.  It’s caused because  the island construction insustry is booming.  In 2012, just a few years ago I was a landlord on Salt Spring and owned a rental home and had a hard time finding tenants.  On Jan 1st 2012 there were over 100 homes posted for rent on the community list.  At that time the construction industry on Salt Spring probably had less than 100 people working in it.  There were very few homes being built.  Who would build on an island that had 350 homes for sale at rock bottom prices? Apparently, no one would.

Now, here we are in the summer of 2018 and Salt Spring is booming with construction.  Just try and call an electrician and ask them how long it would take them to come over to your home and put in a new plug? They would laugh.  They do not have the time they are to busy with all the new homes going up.  Or call a plumber and see if they will even answer the phone.   At this time on Salt Spring I do suspect that there are over 1000 people working in the construction industry on this island.  They all have to live somewhere and what do you think younger carpenters, plumbers, and electricians do for housing? Some rent but lots buy.  Do they buy waterfront homes? No, they buy up all the lower end homes and renovate them over time.  Once the housing resale market came back to life in 2015 the tradespeople moved back to Salt Spring from places like Edmonton and Calgary.   This is why there is a housing crisis or rental shortage on Salt Spring.

When will the rental shortage on Salt Spring be over? When the construction slows down, maybe a year or two or three or four years from now.  It always does just end like ever boom they do come to an end at some point.

Yes the STVR homes a grey area and some do not like it, I know I would not want to live beside a party home but then again all those tourists are keeping our market vendors, restaurants, and stores hopping all summer long.

2012 was not a fun time on the island, the island was facing stagnation and for some, it looked like we were never going to get out of the depressed state we were in.  Now it’s booming and some are not happy, but would they be happy renting in 2012 when there were no jobs on the island.

If you would like to read about the economics of a rental home see this post.

Feel free to comment below.

Cheers Scott Simmons

Filed Under: Salt Spring construction, Salt Spring News

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CRITICAL BUYING INFO

Two things buyers should know before they offer:

Price History

Total time on market

Forms for the new BC Real Estate rules
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Salt Spring Real Estate Market Report

If you are looking for Salt Spring Island Real Estate it would be well worth your time to check out my Salt Spring Market Report pages.

To help you search for a Salt Spring home for sale I have two systems you can use.  One is a map based mobile search system for tablets and/or phones. This system works really well if you are on Salt Spring, as it will automatically show you properties as you drive around the island.

The other system is a data base (Advanced MLS system or PCS) for laptops or desktops.

These two systems display information in real time, which allows you to view new listings within one second of them coming on the market. You will also find the “sold” prices of homes, as well as other useful information.

Radio Real Estate Shows

TV show Realty Reality on Salt Spring

So glad shooting for the new Real Estate TV show “Realty Reality” is over. It was a lot of work. It all looks so easy on TV but in reality it was not easy. I think they were waiting for the “moment” to happen. You know the big fall down the steps or fall of […]

Home inspection on Salt Spring Island

Home inspection on Salt Spring Island happened yesterday at a 42 year old log home. To accomplish the home inspections the buyer brought in a  Home Inspector, Geo-technical Engineer and a local Salt Spring contractor. Jeff the home inspector tells the story about the bag of Gold he found in an attic; gold story How […]

Salt Spring home face lift

My clients bought this dated salt spring home a month ago and are upgrading it.  The home was built in 1996 and is structurally 100% perfect.  It seams as if the original owner skimped on the finishing.   The main up grade Alex Denny (salt spring master carpenter) will be doing for the owners is re-finishing […]

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Salt Spring rental homes by the numbers

I get many people asking me about buying a rental home on Salt Spring and usually spend a lot of time answering all their questions.  So in this post, I hope to cover some of the factual information. Here are the typical questions and basic answers; What is the rental market like on Salt Spring?  […]

Ban on Dual Agency BC

On June 15th, 2018 the ban on dual agency just came into effect in BC. Here is a post I wrote about how the new rules will change the way I do business on Salt Spring New Rules for BC Real Estate As a continuation of the New Rules post, what happens if we are […]

Buying on Salt Spring Island

Salt Spring rental homes by the numbers

July 18, 2018 By Scott Simmons 2 Comments

I get many people asking me about buying a rental home on Salt Spring and usually spend a lot of time answering all their questions.  So in this post, I hope to cover some of the factual information. Here are the typical questions and basic answers; What is the rental market like on Salt Spring?  […]

Ban on Dual Agency BC

June 16, 2018 By Scott Simmons 2 Comments

On June 15th, 2018 the ban on dual agency just came into effect in BC. Here is a post I wrote about how the new rules will change the way I do business on Salt Spring New Rules for BC Real Estate As a continuation of the New Rules post, what happens if we are […]

New Rules for BC Real Estate

June 16, 2018 By Scott Simmons Leave a Comment

On the 15th of June 2018, the new rules governing BC real estate have come into effect. If you come to Salt Spring to look at homes and or land Scott will go over the form below and ask you if you would like agency representation and ask you to sign this Disclosure-of-Representation-in-Trading-Services as a represented part […]

Salt Spring Island Trust Land Use Zoning bylaw 355

February 17, 2018 By Scott Simmons Leave a Comment

On Salt Spring Island the Island Trust is responsible for our local zoning.  You can find our zoning info here at the Salt Spring Island Trust LUB 355. The bylaw has maps that cover every part of the island.  Believe it or not every few months or so I get an email from someone saying […]

Is an offer an sale?

January 26, 2018 By Scott Simmons Leave a Comment

This last month I had an accepted offer on a home and had a backup offer come in.  The backup offer was a very weak offer because the condition precedent (subject to clause) was so subjective.  It was subject to the buyer viewing and liking the lot.  Normally no one would take an offer like […]

More Posts from this Category

 

SALT SPRING NEWS

Salt Spring Housing Crisis explained

July 12, 2018 By Scott Simmons Leave a Comment

Is Salt Spring in the middle of a housing crisis?  It all depends on who you talk to and what one defines as a crisis. If you move to Salt Spring and have limited funds and are looking to rent a home at about $1000 per month your probably out of luck.  There are basically […]

Candidate for Regional Director CREA

March 7, 2017 By Scott Simmons Leave a Comment

I’m running for the position of board member Regional Director for BC for the Canadian Real Estate Association (CREA).  Below is my official platform after edits suggested by CREA lawyers. My name is Scott Simmons. I’m a REALTOR® on Salt Spring Island BC. If you go to the REALTOR.ca site and put in Salt Spring […]

CRD sewer and solid waste

January 23, 2017 By Scott Simmons Leave a Comment

The nuts and bolts of local goverment are really the non glamours basics of water, sewer and garbage (solid waste).   The CRD is the local service provider for Salt Spring.  On the night of 24 Nov 2016 Russ Smith Senior Manager, Environmental Resource Management for the CRD put on a waste presentation.  Here is a […]

Incorporation – A Third Option: Self-governance with contracted services

May 11, 2016 By Scott Simmons Leave a Comment

This was just posted on the Salt Spring exchange in 4 parts.  I have permission from John Gauld the author to publish this document on my Salt Spring web site;   SSI is known as a community that questions conventional practices and is creative and innovative in its response to community challenges. Perhaps the up-coming […]

Salt Spring’s new SSIWPA PAC

November 4, 2014 By Scott Simmons 2 Comments

If you live on Salt Spring you have to get used to all the acronyms.  If you have not heard of SSIWPA it’s because it’s new.   SSIWPA stands for Salt Spring Island WaterShed Protection Authority.  Today  was the first meeting of the SSIWPA PAC (Public Advisory Committee). The ideal behind SSIWPA is that it […]

 

Critical Salt Spring Buying Info

Ban on Dual Agency BC

June 16, 2018 By Scott Simmons 2 Comments

On June 15th, 2018 the ban on dual agency just came into effect in BC. Here is a post I wrote about how the new rules will change the way I do business on Salt Spring New Rules for BC Real Estate As a continuation of the New Rules post, what happens if we are […]

New Rules for BC Real Estate

June 16, 2018 By Scott Simmons Leave a Comment

On the 15th of June 2018, the new rules governing BC real estate have come into effect. If you come to Salt Spring to look at homes and or land Scott will go over the form below and ask you if you would like agency representation and ask you to sign this Disclosure-of-Representation-in-Trading-Services as a represented part […]

Sun Path Chart

Does the home get sunlight?

February 28, 2013 By Scott Simmons 1 Comment

If you’re planning to live on Salt Spring year-round, one of the most important things to consider when buying a property is SUNLIGHT. Do the neighbor’s trees or a mountain block the sun during the winter months?  According to Salt Spring real estate mythology, “If they buy in August, they will list in November and […]

Aggregate Days on the Market

January 2, 2012 By Scott Simmons Leave a Comment

What are “aggregate days on the market”? On the Victoria Real Estate board an agent can “Re-List” a property for a mere $25 fee.  An example would be if a home has been listed on the board for 180 days the listing can be taken off the market and then “Re-Listed” and appear to be […]

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