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 driving around on Salt Spring and you want to see one of my listings? What about the ban on Dual Agency? Disclosure-of-Risks-Associated-with-Dual-Agency

Can I show you one of my listings? Yes but only give you information that is in the public domain and not information about the sellers.

What happens if you want to write an offer on my listing. I would refer you to another agent who could write up the offer for you after you have signed a Disclosure-of-Representation-in-Trading-Services agreement and she would be your Realtor®.

I hope this help, please let me know in the comments below.

Cheers Scott Simmons

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 and then we can proceed to find your dream home.

The other new thing that happened on the 19th of June was British Columbia Realt Estate Association (BCREA) make a new mandatory Privacy Notice and Consent form that explains why Realtors collect private information like your name and address. Here is the form; PrivacyNoticeandConsent this must be filled out by all buying and or selling real estate in BC.

Cheers Scott Simmons

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 sell in December.” Unfortunately, this myth is sad, but true. The long dark nights of November can make a newcomer mad, so don’t fall into this trap.

All homes on Salt Spring are priced according to size, location, waterfront, water access, and square footage. But, beyond all other criteria, SUNLIGHT is of the utmost importance. Whether you purchase a stunning waterfront McMansion or a little starter home, sunlight and/or the lack of it, can make any home either livable or uninhabitable part of the year. Seasonal affective disorder (SAD) is a real problem on Salt Spring. To counter SAD it is imperative that the home you buy is basking in year-round sunlight.

Between May and July, when the sun is higher than 60 degrees on the horizon, almost all Salt Spring homes are sunny. But, in December, when the sun is not over 20 degrees, it might be a different story. I’m always amazed at homes that are built on the south lot line of a property. Homes should be built on the north end of the lot, leaving the trees on the south end of the lot under the control of the homeowner. This seems so logical, but unfortunately, many homes were not built with this basic logic in mind. Salt Spring is blessed and/or cursed with trees. Trees located to the north of a house can provide a nice windbreak and make a home feel warm and cozy. However, if trees are south of the house, the home can resemble a dark cave with sunlight for just a few months of the year. If those same trees are on the neighbor’s property, there is little you can do to increase the sunlight in the home.

Part of the problem on Salt Spring is homes are generally built to take advantage of the views, not the sun. But, armed with this Sun Chart (or smart phone app) and a compass, you can find out if any home will have year-round sun. Simply figure out where south is and hold up the Sun Chart. If the trees, mountain, hill, buildings, etc. are below the 20 degree mark, the home will get year-round sun.

Sunny homes are warmer, have a better feel and are happier homes. The sun gives us life. When one is living close to the 49th parallel on the west coast, where clouds can block the sun, it is imperative to have the maximum amount of light, especially during the shortest days of the winter. A simple Sun Chart or Sun Chart app can make the difference of enjoying Salt Spring year-round or listing your home for sale in November.

Download Sun Path Chart pdf here. Sun path chart pdf

“Sun Path Chart” is reprinted from BC Hydro book Solar Systems in BC as per their reproduction agreement.

Cheers
Scott Simmons

Market Report

2021 Market Review

Low inventory, robust demand and low interest rates led to continued rising prices in 2021.

The 2021 Salt Spring real estate market review is laid out in chart and graph form below. The numbers are from the Victoria Real Estate Board multiple listings service and there are some sales that are not captured in this data including some listings on other boards, exclusive listings and private sales.

2020 Market Review

Here is a the 2020 Salt Spring real estate market summary in chart and graph form. The numbers are from the Victoria Real Estate Board multiple listings service and there are some sales that are not captured in this data. We estimate that 2020 numbers are 10 to 20% higher if these sales are included.

April 2020 Covid 19

The situation has slowed the real estate market on the island during what is traditionally the start of the busy season. The month of April had only four residential sales close and the number of listings is also down.

2019 Market Review

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.

2019 Market Predictions

Overall 2019 should be a steady year but sellers might have to sharpen their pencils and be less aggressive and more flexible with their prices. The buyers should have more time to look at all the listings in their price range and face a lower probability of multiple offers.

There will be a good selection of homes at the high-end. The middle market is 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 on Salt Spring in 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.

If you have any questions about Salt Spring Real Estate don’t hesitate to call, text or email me.

Cheers, Scott Simmons

2018 Market Review

Here is a summary of 2018 in chart and graph form.

It is the mark of a truly intelligent person to be moved by statistics. George Bernard Shaw

Facts are stubborn, but statistics are more pliable. Mark Twain

Historical Review

Salt Spring Island real estate was a buyers’ market from late 2008 (financial crash) until spring/summer of 2015. The low of the market was probably 2012/13. Since 2015 Salt Spring has been a sellers’ market with prices trending up.

There are three kinds of lies: lies, damned lies, and statistics. Benjamin Disraeli

Footnotes:

We have used median values when possible. It is the middle value which means ½ the numbers are below and ½ are above the statistic given. The average value is different. To calculate the average you add all the values together and divide by the number of values. Here is a graph that shows how different the results are.

The Victoria Real Estate Board Multiple Listing Service ® is the source used for these statistics. The total numbers might be slightly different due to private sale and sales on other Boards.

If you are wondering why the Salt Spring BC Assessment value is sometimes very different from the listing or selling price, there are a few reasons. Most of the properties are unique and work is sometimes done without building permits. One of the many reasons why working with a realtor who knows the market is important.

Virtual Open House

If you have any problems logging in please email me a text email at scottonepercent-site@yahoo.com or text me at 250-538-8316. PrivacyNoticeandConsent If you would like to demo PCS put in this User name DEMO1 password 7416 Take it for a test drive now.
Link to Scott’s Critical Buying info link.

Disclaimer this a virtual open house page and information on this PCS system is general real estate info only the same information you would get at an open house. If you sign up for PCS it’s like your going to an open house. If you want to see a two bedroom home you would go to an open house that offers 2 bedrooms. If you enter search criteria into the PCS it so you will see the right open houses for you. If you are getting information on this page it does not mean you have an agency relationship with Scott Simmons. Unless you have signed a Disclosure of representation in trading services document you are an unrepresented party and do not have an agency relationship with Scott Simmons.

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 a new listings with zero days on the market. This can be very misleading and a listing agent would be telling the truth if they told a potential buyer it was a new listing.

Here is how a Re Listed home looks on the PCS system:

Lots of Real Estate boards through out the USA do not let agent “Re-List” properties. They have a simple system of showing total “Aggregate Days on the Market”. Aggregate Days on the market would show the total number of days a home has been listed by the seller even if they switch listing agents.

For more on Re Listing please see Re Listing page here.

Cheers
Scott Simmons