Quarterly Newsletter, October 2008

Gabriola real estate activity for the past quarter

There were 17 sales and another 5 that are conditional for a total of 22 sales since July 1st, 2008 as compared to 50 sales for the same period in 2007. The median price is $285,000 for the third quarter of 2008 as compared to $300,000 for the same period in 2007. 4 of the sales are over $400,000 for this period in 2008 as compared to 13 sales over $400,000 in the same period of 2007. There are currently 122 properties on the market, 45 are bare land and the rest are residential, plus there are another 5 commercial properties currently for sale.

A CIBC senior economist has said that the housing market in Canada could soften further, but it won't collapse because Canadians have a very small percentage of risky mortgages compared to the US, and Canadians have a lighter debt load and higher net worth. Also there has been much less speculation in the real estate market in Canada than there was in the US. The average price of a resale home in Canada declined 4.6% in August over the previous year according to the Canadian Real Estate Association, BC had the highest decline in the volume of sales.

Islands Trust Public Hearing

The Islands Trust is holding a public hearing for bylaws 249 and 250, these are changes to the current land use bylaw. You can find information on their web site regarding these changes, www.islandstrust.bc.ca. The item that will affect residential properties the most is the attempt to reduce the height of accessory buildings on lots less than an acre from the current 29.5 feet to 16.4 feet. This effectively restricts accessory buildings (not the dwelling) to one story. If you are interested in commenting on this or just want to attend it will be held at the Agricultural Hall on Wednesday, October 8, at 7:00 pm.

Fall fun on Gabriola

Live music, film noir and comedy at The Roxy Theater.

Gabriola Duplicate Bridge Club, Sunday nights at the Rollo Seniors Centre.

Wednesday morning walks with the Gabriola Walking Club, 250-247-9774.

Tai Chi at the Agricultural Hall, starts October 15, for info 250-247-7215.

Many activities at The Gabriola Commons.

Activities for teens, The Gathering Place.

Thanksgiving Studio and Gallery Tour, maps are available at the Coast Realty office.

Halloween Fireworks after dark on the beach at Taylor Bay.

And all the fun - choirs, music, craft fairs, lights, plays, etc. - that Christmas on Gabriola has to offer!

Our new baby!

AnnieRobyn and her husband, Peter, have a new baby girl named Annie. She was born in the beginning of September and is Lesley's fourth grand-daughter! To read more about our family and life on Gabriola visit our blog.

Thanks for reading our newsletter and we hope you enjoy the fall season!

All the best,

Lesley, Robyn & Carly McMahon