The Official Community Plan Strikes Again

Hi Everyone,

For those of you who have been following my blog for awhile, you'll remember my call out last October for folks to take a close look at the proposed changes to our Official Community Plan. Many people did sit up and take notice, and thankfully we were able to stop many harmful additions and changes from being included in the draft.

Well, I'm afraid it's time to take another look. There are a couple more items proposed that could potentially harm our community - including one that could restrict more than half of the island from even being allowed to mow their lawns. Unfortunately the majority of the population has not been informed as to what the ramifications of these changes could be, and the Island's Trust appears to be trying to pass the recommendations through to law before we get a chance to figure it out. Sound extreme? Check out www.islandstrust.com for details on the issues, and what you can do to help.

As always, feel free to contact me if you have any questions.

All the best,
N

Salt Spring Market Holds Value

Hi Everyone,

Sorry for the delay in getting out my next post - things have been busy here on the island.

Here's an article from today's Times Colonist that might interest any of you concerned about property values falling. As you'll see, Salt Spring is one of only a few markets in North America that has held firm and is continuing to do well.

I hope you find it interesting,
All the best,
Neacol

Saltspring properties hold their value

But most recreational listings in Canada have returned to a more balanced state

Carla Wilson

Times Colonist; With files from Canwest News Service

Wednesday, June 11, 2008

Canada's recreational properties are returning to more balanced market conditions as more listings are coming on the market but Saltspring Island properties are holding tight to their value.

That's because demand has increased for B.C.'s Gulf Island properties where the Islands Trust rules have capped growth, said Li Read, of Re/Max Realty of Saltspring Island. "It's a limited inventory."

Fly over the Gulf Islands to see "an awful lot of green," Read said yesterday. "The Trust has done a wonderful, wonderful thing."

A new Re/Max report released yesterday said that nationally, it found a "substantial increase" in the supply of recreational properties listed for sale, as 91 per cent of the areas it surveys were moving from being sellers' markets to something more favourable to buyers.

Exceptions were Saltspring Island, two markets in Saskatchewan, and Newfoundland's east coast, the report said.

Saltspring Island sales are down slightly from last year but the average price has held steady since 2005, the report said.

Most homes sold so far this year were between $600,000 to $900,000. The company cited a starting price of $1.3 million for a three-bedroom waterfront house,

Read said that the advent of the Internet, "opened a global market because it erased geography," Read said. Canadian buyers are often from Alberta or Ontario, while international buyers may be from the U.S. or Europe.

Saltspring is the Gulf Island where property owners can live year-round if they wish because its amenities make is a stand-alone community, she said. Rather than get-away cottages, properties are typically second homes for buyers looking three to five years in the future.

This region's climate and terrific sailing among the Islands attracts buyers, Read said.

Outside of Saltspring, there are more affordable properties for sale in B.C. Re/Max regional executive vice-president Elton Ash said the demand for B.C.'s waterfront recreational properties remains strong, but prices have stabilized, leading to fewer multiple offers pushing up prices.

Bargain U.S. real estate has reduced the number of buyers looking at Canadian recreational properties, he said. "We see U.S. owners of Canadian properties putting them up for sale now so they can take their profits and reinvest them in the U.S Sunbelt."

Across the country, affordability, rising energy prices and Canada's faltering economy have dampened demand, Re/Max said.

As a result, "sixty seven per cent of markets reported softening in the number of sales year-to-date," Re/Max said, blaming part of that on tough winter conditions earlier this year.

"Over the last decade or so we have seen across-the-board double-digit price increases for recreational properties," said Re/Max spokesperson Christine Martysiewicz, crediting the prosperity of the baby boomers and the longest period of expansion since the Second World War for that boom.

"The recreational market continues to experience solid demand -- a trend that is expected to continue throughout 2008, said Michael Polzler, executive vice-president and for Re/Max Ontario-Atlantic Canada.

The trend hasn't dented property values in Tofino, where the starting price for a three-bedroom winterized recreation property is a cool $2 million, the highest price in Canada.

Nor has it depressed values for Sylvan Lake north of Calgary, where prices have climbed to $1.25 million in 2008 from $1 million in 2007 for a similar three-bedroom affair.

Alberta's oil-fuelled prosperity has in fact helped drive up property values in British Columbia, Atlantic Canada and some parts of Ontario, according to the Re/Max report.

Creek House Realty is now Pemberton Holmes!

Hello all,

This week, Creek House Realty is changing over to become the newest branch of Pemberton Holmes.

This change is effective as of this morning, and we are all delighted to become a part of such an upstanding, family and community oriented company.

Come help us celebrate and learn more about Pemberton Holmes on Saturday, May 3rd from 12 to 2. We'll be unveiling our new sign, and there will be goodies and live music and balloons for all the kids. It's also market day here in Ganges, so there will be lots to do!

Have fun,
Neacol

Globe and Mail - Interest Rate Cuts

Hi All,

The following was in the Globe and Mail today - I thought it may be of interest to some of you.

All the best,
Neacol

HEATHER SCOFFIELD

Globe and Mail Update

April 17, 2008 at 11:15 AM EDT

OTTAWA — An aggressive 50-basis-point interest rate cut from the Bank of Canada is more of a sure thing now that inflation for March has proven to be benign, economists say.

Total inflation was 1.4 per cent in March from a year ago, the slowest pace since in well over a year and the fourth straight month of deceleration.

The core rate of inflation, which excludes the most volatile prices such as energy and some types of food, was just 1.3 per cent over a year ago, compared to the 1.5 per cent pace recorded for February.

“These figures give Bank of Canada officials more leeway for a larger cut when they meet next Tuesday, and we are changing our call to a 50-basis point rate cut,” Goldman Sachs economist Andrew Tilton wrote Thursday in a note to clients.

Normally, the central bank moves its key rate in increments of 25 basis points (a basis point is one one-hundredth of a percentage point). But the new governor of the bank, Mark Carney, kicked off his tenure with a 50-point cut in March, with an eye on a U.S. recession, struggling Canadian exports and tame Canadian inflation.

Steep interest-rate cuts by the U.S. Federal Reserve also pressure the Bank of Canada to move aggressively, so that the spread between U.S. rates and higher Canadian rates doesn’t grow and spark further appreciation of the loonie.

Mr. Carney has indicated that more interest-rate cuts are in store to bolster the Canadian economy going into 2009, but opinion among economists had been divided about whether he would move 25 or 50.

This week, however, the central bank’s quarterly business outlook survey pointed to softer corporate activity in the coming months. And Thursday’s consumer price numbers show there is very little to stop him from moving 50, many economists said.

“Frankly, the growth data so far do not appear as dire as some had feared, and do not necessarily mandate a larger cut on their own. So we certainly do not view a larger move as a ‘slam dunk.’ But new Governor Carney has shown a willingness to act aggressively,” wrote Mr. Tilton.

The Canadian inflation picture contrasts starkly with concerns around the rest of the world that inflation is getting out of hand. On Wednesday, the United States reported that the pace of inflation was running at about 4 per cent, while China’s is above 8.

Canada’s inflation, however, remains mild because the strong dollar makes imports cheaper, and has prompted intense competition among retailers, economists say.

Notably, the rising currency has pushed down prices for automobiles, books and some kinds of food, said Avery Shenfeld, economist at CIBC World Markets.

Compared to a month earlier, the consumer price index for all goods rose 0.4 per cent in February, the same as the previous month. Core inflation rose 0.3 per cent on the month in March, slower than the 0.5 per cent seen in February.

For the 12-month change, the main inflationary pressure came from mortgage interest costs, which rose 8.3 per cent, even though the central bank is cutting its key lending rate. The inflation number is one more sign that the global credit crunch is taking a toll in Canada, despite attempts by the Bank of Canada to mitigate the costs.

Gasoline prices rose 7.9 per cent over the past 12 months, which is much less than the 17.1 per cent jump noted in February, Statistics Canada said.

Looking at the 12-month change in the core rate of inflation, which the Bank of Canada uses to monitor how close prices are to its 2-per-cent inflation rate target, the deceleration was mainly due to lower automobile prices, Statscan said.

By province, Ontario showed the most stable prices, with total inflation reaching just 0.8 per cent for the past 12 months – a reflection of that province’s slowing economy.

In Alberta, prices came back down to earth, with total inflation at 2.9 per cent in March, over a year ago, compared to 3.5 per cent seen in February.

The highest inflation rate in March was seen in Saskatchewan, where total inflation was 3.2 per cent, pushed by a whopping 46.7 per cent annual increase in the costs of maintaining a home there. The province is in the midst of a raging real estate boom.

“Inflation remains of little concern in Canada,” said Derek Holt, economist at Scotia Capital. “Shelter and transportation costs have really been the only broad sources of upward pressure on consumer prices in Canada.”

Mr. Holt said he expects inflation to continue to decelerate in Canada as home prices cool.

Food prices in Canada rose 0.4 per cent in March compared to a year earlier, with bakery products climbing 9 per cent because of the rising cost of wheat. But the price of fresh vegetables dropped a huge 17.8 per cent, the largest annual decline in 12 years. While the strengthening dollar contributed to the drop, fresh vegetable prices spiked higher at this time last year because of extraordinary frost in California, Statscan said.

Excluding food prices at restaurants, grocery prices in Canada declined again, falling 0.3 per cent compared to a year ago.

“This benign report simply reinforces the point that Canadian inflation remains an oasis of calm amid raging global price pressures,” said Doug Porter, deputy chief economist at BMO Nesbitt Burns.

Pushing the inflation rate up, the cost of fuel oil surged almost 30 per cent over the past year, with the biggest increases seen east of Ontario.

Also, homeowners’ replacement costs were up 4.8 per cent from a year ago.

But these increases were offset by a 7.1 per cent slide in prices to buy and lease vehicles. The prices were driven lower because car dealers were offering more incentives, and because manufacturers were suggesting lower retail prices than a year ago, Statscan said.

Computer equipment also got cheaper, declining 14.9 per cent in March compared to a year ago.

Economists noted that the January cut in the Goods and Services Tax makes total inflation look lower than it really is, but even accounting for the tax cut it is still well below the central bank’s 2 per cent target.

How to Choose a Realtor Anywhere

One of my past clients from Vancouver recently contacted me, hoping to have me list her home in the near future. I, sadly, was unable to as my expertise now lay on Salt Spring, and it would have been unethical for me to list her home in a now unfamiliar market. Instead I provided her with a reference for a Realtor in Vancouver I have complete confidence in - and so the question came up - what do I, as a Realtor, look for in another agent?

There are a several things I look for in another agent - and there are even more specific criteria I look for on Salt Spring. Generally speaking, what I want is someone who will go above and beyond, and someone who will use their expertise to sell my home as soon as possible, or help me find the right property - either transaction on terms and for a price I am happy with. Any agent can do the bare minimum. Furthermore, whatever commission is negotiated, I want to feel like I'm getting my money's worth.

When interviewing a Realtor(R), I highly recommend looking for the following:

A Solid Marketing Plan - So they'll list it on MLS...and then what? I want an agent who will use several methods of marketing. Professional listing sheets, personal websites, property signs, and open houses are a few examples of what I would expect from my agent. Due to the popularity of Salt Spring all over North America, I'd like to see some method of advertising off island and out of province. Also, look at their business cards and ask for samples of their marketing to get an idea of how well they will represent your home.

A Good Reputation - Show me the testimonials. I'm not concerned with the number of sales in the last year, but I do want to know that the services they did provide were so exceptional, that their clients took time out of their lives to write a testimonial. Also - on Salt Spring it's a good idea to see if you can get a sense of their relationship with other Realtors on the island. If they are highly regarded by their colleagues, that could be of benefit to you.

A Seller's AND Buyer's Agent - Many agents get to the point where they are so busy they hand off buyers to another agent. I want an agent that works closely with both sellers and buyers. Who knows? If they have several buyers already looking for homes such as mine, they might be able to get it sold even faster. And if I'm looking for property, they will have a better chance of knowing what's coming up on the market - maybe just the right house is coming onto the market next week...

Professional Communication - This is a big one for me, a real deal breaker. I want someone who will return my calls and emails quickly, and just generally keep me informed and up to date on what's happening during each step of the process - and even after the completion of the sale, it's nice to get a call or two checking in to make sure everything is fine.

Interpersonal Skills - Finally, it's important to me to actually like and trust the person I'm working with. If I like them, others will too, and I want that kind of person representing me and my home - or my offer for purchase. Knowing they understand what I care about, and that their caring goes beyond the cash value of the sale is a must. Furthermore a calm, positive outlook from my Realtor will help me maintain my composure in stressful dealings.

These are my key factors in finding another agent to refer to, either on Salt Spring or elsewhere.

As always, please let me know if you have any questions,

All the best,
-N

Salt Spring Island - Perfect for Families

Hi Everyone,

I firmly believe that Salt Spring is an ideal place to live for nearly everyone, but especially for families and retirees. Since my husband and I moved to Salt Spring for the purposes of the former, (with dreams of the latter) I'll speak on this subject first.

Over the past couple years, my husband and I were deciding where we should move to in order to start a family. Living in Vancouver, we had come to understand that the city was probably not our ideal environment for our children. We weighed a lot of options, both larger and smaller communities, and had several requisites and preferences. After much deliberation we realized there was truly only one choice. Granted, I grew up here on the island, so my opinion could be biased, but here are the main reasons we felt Salt Spring was the place for our family:

- Access to health care (including state-of-the-art and comfortable birthing rooms on island, and short to non-existent waits at the local emergency room)
- Quality and variety of education (numerous standard and alternative elementary schools, and well established middle and secondary schools)
- Daycare and preschool availability
- High level of personal safety (exceptionally low crime rates, and the island has it's own Police, Fire and Ambulance stations)
- A warm community that celebrates family, diversity, creativity, eco-friendliness, and world-mindedness
- Access to amazing natural beauty (lake swimming and hikes are the norm)
- Easy access to the 'outside world' (museums, concerts, medical specialists etc. are close enough to take advantage of)
- Relatively inexpensive housing when compared to Vancouver
- Possibly the best weather in Canada

Since we moved here there have been a few more additions to the island that have made it even better. These include our new bus service and our first indoor pool which is set to open early next month. Also, we've noticed many people are moving here with the same ideas we did, creating a excellent, supportive, sub-community of young families.

We have been very happy with our decision, and are now looking forward to the arrival of our first baby in September. I know our little one will adore this island as much as we do.

If you are considering moving to Salt Spring to start or raise your family, feel free to contact me with any questions or concerns.

All the best,
Neacol

Revisiting Past Posts #4 - Why a Mortgage Broker is Better than your bank

Hi Everyone,

I found this post on my old Vancouver blog, and it's just one more that's as useful today as it was when I first posted it.

Hope you find it useful.

All the best -N

Why a Mortgage Broker is better than your bank.

The first step to buying is getting that mortgage pre-approval out of the way, and I always recommend to my clients to work with a mortgage broker and not their own banks. There are several reasons for this, and they all stem from the fact that your bank is limited to working with what they can offer, while a broker works with what every bank and other financial institution can offer. They have more flexibility, and can even get different companies to compete for your business. Here are a few examples of how they are a better choice:

Lower interest rate: I can almost guarantee you'll get a better interest rate through a mortgage broker than through your own bank, no matter how long you've been a customer there. The bank can give you their lowest rate, but almost always there is someone else out there who can do you one better - and a broker can find that gem for you.

More mortgage options: Banks have a limited number of mortgage types available to offer. Mortgage brokers have access to several kinds of product, from 100% or even 103% financing, to cash back options and more. They can give you options your bank will never be able to. Brokers tend to be a little more creative and flexible as well, they may come up with options you never considered before.

Mortgage assumption: You've found the perfect house, and now you discover the current owners have an assumable mortgage that will save you thousands of dollars a year - what a find! Trouble is, if your pre-approved mortgage is through your bank, and their assumable mortgage is from somewhere else, you'll have to start from scratch with your approvals at the new bank. This can cost valuable time while trying to get your subjects removed, and you now have a new relationship to build with a complete stranger from another bank. If you worked with a mortgage broker, they could easily work the assumable mortgage for you - no new applications, no surprising new relationships.

When looking for a mortgage broker, it's important you seek out a good listener, and someone who really understands your financial situation. If you'd like a recommendation, or have any questions, I'd be happy to help, as always.

Have fun,
N

New Listing - Waterfront home on nearly 60 acres

Hi Everyone,

I wanted to share one of my new listings with you - a truly unique 'off the grid' waterfront home, on nearly 60 acres of potentially sub-dividable land. The 425' of oceanfront is suitable for both swimming and deep moorage. The home is beautifully finished on the main floor, and the upstairs has four bedrooms and an additional bath roughed in and ready for your input to complete.

Every time I visit this property I wish I never had to leave - it just has a special allure you so seldom find.

For more details and photos, visit my website at www.neacolmiller.com/222_shepherd_hills.htm

All the best,
Neacol

Busy Winter Market

Hi all,

Well, I've said it before, and I'll say it again - I cannot believe the amount of activity this market on this island has seen in the past few months. December and January are normally the sleepy months of year in any market, and February often sees a bit of a warm up - but the market here on Salt Spring barely paused for Christmas this year. I recently scheduled ten viewing appointments (all mid-range in price) - and literally half of them already had some sort of offer in place.

If you've been waiting for the busy season to list your home - don't wait any longer. Folks are looking and buying now.

Same goes if you've been waiting to buy - prices are still going slowly but steadily up with no signs of reversing and BC is fast becoming known as one of the safest places for real estate investment in North America. If you're waiting for prices to drop, I'd seriously advise you to think again - you may be waiting indefinitely.

All the best - N

Salt Spring Market Stays Strong Despite Ecomonic Fears

Hi Everyone,

This article appeared in this week's Driftwood - and I thought it would be of interest to many of you.

All the best - N

Salt Spring market strong despite continental jitters

January 23, 2008

Low-end values rise as high-end properties fall

As the world’s markets continue to fall and the U.S. economy contends with a looming recession, realtor Tom Navratil doubts Salt Spring’s real estate market will feel the pinch any time soon.

And if 2007 offers any indication, he may be right.

“The anticipation for 2008 is the continuing moderate sales price increase with good solid volume, despite the doom and gloom south of the border,” said Navratil, an island-based realtor who has kept a close watch on the local housing market for more than a decade.

While the island’s real estate prices may no longer be experiencing the phenomenal double-digit growth encountered as recently as 2005, the median price of all island properties sold last year still increased by nearly six per cent, from $412,000 to $435,000. The average selling price of a Salt Spring Island property in 2007 was $540,640, 20 per cent more than the average island property’s B.C. Assessment value.

The increase coincides with average assessment increases of 8.2 per cent for non-waterfront properties and 17.1 per cent for waterfront residences.

Though values may not be increasing as much as they have in past years, Navratil said, there is ample evidence the number of buyers is on the rise.

“The preliminary stats show that we indeed ended up the year 2007 with the anticipated high volume of sales,” he said.

“In 2007, we sold an all-time high record number of non-waterfront residential properties, 171, representing 57.6 per cent of all properties sold.”

Even the soaring Canadian dollar fails to darken Navratil’s forecast as an influx of buyers from Alberta and the Lower Mainland have helped pick up the slack from U.S. residents coping with higher exchange rates.

“We are getting fewer buyers from the U.S. as compared to before the 9-11 era when the Canadian dollar was in its low to the U.S. dollar,” Navratil said.

Yet the outlook still doesn’t bode well for first-time homebuyers looking to get their foot in the door without committing to a property valued at more than $300,000.

While the average median sale price of oceanfront properties was down 15 per cent in 2007, the average sale price for residential non-oceanfront properties rose by 7.36 per cent over the previous year.

The 2007 stats showed a rebound in the sale of vacant land under two acres, more than doubling to 23 sales from the previous year. Average price increases for properties in this category averaged 22.2 per cent.

Even if the price of higher-end and waterfront properties came down slightly, a continued rise in the price of entry-level properties has affordable housing advocates like the Salt Spring Island Land Bank’s Neddy Harris worried the dream of home ownership on Salt Spring is increasingly beyond the reach of many islanders.

Of the 171 non-oceanfront homes sold on the island in 2007, only four per cent were under $300,000.

Figures like that may be the reason Harris has had to field an increasing number of calls from would-be home owners looking for guidance.

As a follow-up to the Land Bank Society’s affordable rental project on Dean Road, Harris said, plans are in the works to develop a homeowner program sometime later this year. The new program would provide low-cost, market-controlled properties to Salt Spring residents for between $170,000 and $200,000.

Thanks to funding from the B.C. Real Estate Foundation, the Capital Regional District and the Islands Trust, Harris anticipates getting access to a housing needs assessment survey that will provide a clearer picture of the need for housing on the island.

For any project to work, she added, participation from multiple levels of government is required. For example, rezoning of properties to increase density may be needed to make any project financially sound.

“Once there is an indication of what is needed, then we can begin discussions putting the project together,” she said. “We can show there is a need for this.”

Interest Rates Coming Down?

Hi all,

So we've all been listening to the radio and watching the news with bated breath regarding the economy lately. The US is, or will be soon, in recession, and we're all worried about how or if it will effect us up here.

While I remain ever optimistic about our province's prosperity and ability to pull through this period with less damage than anywhere else in North America, I can't see the future. But one positive element that has already come out of this is that the Bank of Canada has announced they are lowering their rate by a quarter point.

Invis Financial, one of Canada's largest Mortgage Brokerages, released this notice today:

"Today’s announcement by the Bank of Canada that it is reducing its key interest rate by a quarter point means that lenders will be under competitive pressure to decrease rates for variable-rate mortgages and lines of credit based on the prime rate. However, lenders differ in when exactly they adjust their variable rates. Call an Invis Mortgage Consultant for more information on how a particular lender may implement a variable rate change.

Fixed-rate mortgages are not likely to be affected directly by today’s announcement as their rates are influenced primarily by movements in the bond market and not the Bank of Canada’s overnight rate.

Rates on fixed mortgages have been fairly steady recently. Even so, mortgage shoppers can’t go wrong with a mortgage pre-approval with a rate hold. If rates drop, you’ll benefit from the new, lower rate. If rates on fixed mortgages rise during the rate hold period, you still have your original lower rate. "

This could be good news for some buyers or those re-mortgaging their homes. As the Bank of Canada continues to fight the recession worries, I wouldn't be surprised at all to see additional lowering of interest rates in the coming months.

All the best,
Neacol

Assessments Up on Island Again

This article ran in the Driftwood (our local paper) this week - I thought it might be of interest to some of you.

All the best - N

Shacks and mansions keep gaining value

Gulf Islands Driftwood, Wednesday, January 09, 2008

By Driftwood Staff

Gulf Islands property values continued to rise between 2006 and 2007, according to B.C. Assessment, but the rate of change was slower on Salt Spring for the second consecutive year.

Valuation of a “typical” Salt Spring non-waterfront home rose by 8.2 per cent between the July 1, 2006 and July 1, 2007 valuation dates — to $449,600. That jump was 6.9 per cent the year before, 18.7 per cent between 2004 and 2005, and 24.7 per cent from 2003 to 2004.

A typical north Salt Spring Island waterfront residence increased in value by 17.1 per cent to $991,500 in 2007 from $846,300 the previous year.

“Most home owners in the Gulf Islands will see modest increases in the 10 to 20 per cent range,” said area assessor Brian Hawkins.

Salt Spring realtor Tom Navratil, who also analyzes sales data on a regular basis, said his information revealed a seven per cent hike in market-value sales for non-waterfront properties. In waterfront home values, he said, a “correction” actually occurred following a “spectacular” rise the previous year.

While real estate sales are used to determine a property’s assessed value for taxation purposes, other factors come into play.

Pender Island also saw its previously rising price tide recede somewhat, with non-waterfront properties up about 7.2 per cent, and a Magic Lake waterfront residence up 9.8 per cent.

Mayne Island experienced the greatest hikes in value. A typical non-waterfront home on Mayne leapt 23.8 per cent, from $250,400 to $310,000, with a waterfront parcel up to $654,700 from $521,400 (25.5 per cent).

On the other southern Gulf Islands, B.C. Assessment reported: • Galiano, non-waterfront, $405,900 as of July 1, 2007, up 17.1 per cent from $352,600 one year earlier.

• Galiano, waterfront, $747,200, up 15.1 per cent from $672,000.

• Saturna, non-waterfront, $246,400, up nine per cent from $226,000.

• Saturna, waterfront, $561,300, up 16.2 per cent from $482,700.

Overall, the Gulf Islands assessment roll increased to $8.542 billion from $6.16 billion the year before, which includes the value of new construction.

Island property owners who have still not received their assessment notices should contact B.C. Assessment’s Victoria office at 1-800-990-1159.

Anyone wanting to appeal their assessment should also call that number in order to discuss the process.

The office is open Monday through Friday from 8:30 a.m. to 5 p.m.

“If a property owner is still concerned about their assessment after speaking to one of our staff, they may submit a Notice of Complaint (appeal) by January 31, for an independent review by a Property Assessment Review Panel,” said Hawkins.

Panels, which are independent of B.C. Assessment, are appointed annually by the Ministry of Small Business and Revenue, and meet between February 1 and March 15 to hear formal complaints about assessed values.

People can glean more information about assessments of neighbouring properties by visiting the website at www.bcassessment.ca.

Year Over Year Market Increases

Well, the new year is here, and the market is already back in full swing. Eight properties have already come back on the market since new years' and there's already one new listing up - with many more to come in the next few weeks I'm sure.

One of my clients commented recently that she was a bit surprised by the prices of homes on the island now. She was familiar with the market early last year when she sold her home, but now that she's looking again, is a little shocked at how much prices have changed even just since then. And it's true, prices have gone up in the past year - especially in the entry level market. A year ago it was difficult to find a home under $300k, now it's hard to find something under $400k. I dare not speculate where we'll be at this time next year, but I can't see the trend reversing. The benefit of course is that property on Salt Spring has become a solid investment, the detriment is that less people are going to be able to afford to get into the market, especially first time buyers.

My best advice for those who want to buy on the island, but aren't sure if they can afford it is not to wait. Try now, do it fast - it may be your only opportunity.

All the best - N