2023 Real Estate Market Review for Salt Spring Island

The Salt Spring Team is pleased to present the 2023 property review for Salt Spring Island. This report provides a overview of the local market from January to December 2023, including sales activity and price trends.

The Salt Spring property market has been steady for the past two years. The crazy days of COVID and low interest rates are now behind us. The 2023 year began to show some return to balance with a few more available listings for sale and buyers having more time to make informed choices.

Move in ready properties are still the most popular choice in our market. Raw land sales declined but with construction cost inflation, this comes as no surprise. Construction costs are up 29% over two years and 45% over four years – ouch!

Whether you are currently looking to buy or sell, this year-end market update will give you a sense of what’s happening in the local island real estate market.

What happened in 2023?

Salt Spring Island’s real estate market 2023 finished with a slight dip from the previous year, 173 properties were sold, for a total of $178,549,852. The prior year 2022 saw 174 sold properties amounting to $191,406,895.

The median price for residential properties (including land) rose to $907,500 from the 2022 value of $878,000. The highest price sale in 2023 was $4,288,000 for a beautiful, waterfront home and acreage. The least expensive sale was a manufactured home on a rental pad for $55,000. The median price is the point at which half of sales are above and half are below. The median price is the most typical indicator of market value, as it represents the middle ground between the high and low ends of a spectrum.

The 2022 Salt Spring real estate market review is laid out in chart and graph form below. The source of our data is the Victoria Real Estate Board’s multiple listing service and represents a good overview Salt Spring’s market. There will be a few sales not captured in this data, including listings on other boards, exclusive listings, and private sales.

Looking ahead to 2024 …

Looking ahead to 2024, the market will be more balanced between buyers and sellers. However, there are a few caveats.

The Bank of Canada has raised interest rates, making mortgages more expensive and curbing buying activity. The rate has held steady for awhile, but core inflation is still high. However, signs are indicating that rates may start declining later in the year.

The ability to work remotely, drove migration towards our rural area. That has slowed but it will be interesting to see if the trend stays strong.

As of January 24, 2024, Salt Spring has 83 homes and lots for sale on the Victoria Real Estate Board multiple listings service. They range in price from $138,000 to $11,975,000.

Our island offers a quality of life, climate, unique features and attractions that are rarely available. These will continue to make Salt Spring Island’s real estate market viable and attractive proposition for buyers and sellers.

When you’re ready to navigate Salt Spring Island’s real estate market, or have any questions, please reach out to us for personalized advice and insights matched with your specific needs.

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