Here is a summary of the 2019 Salt Spring Real Estate market in chart and graph form. The numbers are from the Victoria Real Estate Board multiple listings service and there are a few sales that are not captured in this data. This was a busy year with prices going up and inventory low.
Overall Salt Spring real estate in 2019 was a steady year but sellers had to sharpen their pencils and be less aggressive and more flexible with their prices. The buyers would have more time to look at all the listings in their price range and face a lower probability of multiple offers.
There was a good selection of Salt Spring homes at the high-end. The middle of the Salt Spring Real Estate market was the most active with decent homes being found in the 600k to 800k range homes in this range typically need a cosmetic update. The low-end sub 500k is almost non-existent on Salt Spring at this time. The construction boom on Salt Spring that started in 2016 will continue for the foreseeable future. The construction boom has brought lots of young construction workers to the island who have rented all the rental homes and bought up most of the homes under 500k or so.
The main source of buyers of Salt Spring Real Estate over the last few years has been the Vancouver area but in 2018/19 the Vancouver market has slowed. The 20% foreign buyers tax will limit the number of US buyers who typically make up around 10% of the market on Salt Spring. Since 2014, we have seen fewer purchasers from Alberta, which had been about 20% of our traditional buyer’s pool.
Cheers,
Scott & June Simmons
The Salt Spring Team
