The quest for the idyllic dream of country living draws many people to explore real estate opportunities online. Over the years, the market has experienced numerous fluctuations, reminding us of the crash in 2008 and the steady rise that followed. A notable shift occurred in 2020, when an influx of families moved to Pender Island, drawn by its promise of a peaceful island lifestyle.
This surge in population has strained local resources, causing daycare and schools to reach full capacity. As a parent of three daycare-aged children, I know firsthand the challenges of finding childcare. We finally secured spots for two of our children—after a four-year wait—but only for one day a week.
The allure of island life often comes with a couple of surprises. Real estate agents have observed a fascinating trend: a three-year cycle where newcomers embrace island life but eventually return to city living due to the challenges posed by long, dark, and damp winters and the logistical headaches of daily ferry commutes.
The transition to remote work has made living on the Gulf Islands more feasible, a stark contrast to pre-internet days when it was challenging to earn a living from these remote locations. However, solutions to urban challenges—like work-from-home flexibility—do not solve all the problems.
Meanwhile, in Calgary, Toronto, and other Canadian markets, the vacancy rate is astounding. With many properties sitting empty, are investors unloading assets before the likely crash? Perhaps the substantial appreciation in property value—even with increased capital gains taxes—provides motivation.
I personally witnessed this dramatic increase in my own investment: I purchased my home from my father in 2020 and watched its value (and my property taxes) double over the last few years. Yet, while these market trends indicate significant gains, they also highlight the growing problem of housing scarcity.
Pender Island, in particular, is teeming with second homes—properties largely uninhabited save for brief, periodic visits from their owners. Are these homes destined to hit the market as new STR regulations take hold in BC? Investors are positioning themselves for potential shifts, and after Christmas, we may see a buyer’s market emerge.
The question remains: how can we reconcile the existence of numerous vacant homes with a nationwide housing crisis? Perhaps it's time to scrutinize the underutilized resources amid the Gulf Islands’ raw beauty. Those who can afford a second home in the Gulf Islands, as part time residents, should have a community tax imposed on their property to support local resources. Their second home is taking valuable housing out of our community.
The house I'm in now we will have to vacate for 3 weeks in the summer so the owners can enjoy the island. This style of living doesn't work for most families. Our family has shifted to the new age of movement in spaces. We live like gypsies moving in and out to enjoy these different homes. I hope our journey will help you think differently. Our society is built on hundreds of years of commonwealth property ownership. It's time we think outside the box.
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