Mortgage rates continue to be very attractive with banks competing aggressively for mortgage business. Many investors are returning to real estate as an attractive alternative to the volatile money market. It has been more expensive to have a new home built than to buy an existing home for almost a decade now. With pressure being put on housing prices to rise, the building option may start to look attractive again soon. Most of the homes that are being built on Salt Spring right now are on parcels that have been owned for some time in anticipation of retirement.
Unemployment is low in the community with most able-bodied workers fully employed.
Prices were stable and there was an adequate inventory for the demand. This year, so far, has been a rocky ride. Demand is strong, inventory is low and there have been multiple offer situations on new listings. It is very important for buyers to find a realtor that they get to know well and trust. Research must be done quickly and accurately to expedite the purchase process to avoid disappointment.