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