Elevated home sale activity continues to outstrip the supply of homes for sale in…
“Vancouver’s scariest pumpkin” isn’t the monster of the week for a Doctor Who episode, or even the title of SyFy Channel’s newest B-Movie. The pumpkin doesn’t hover ominously, nor does it move when you’re not looking at it.
It’s far worse than that.
(Photograph By REDDIT / SURVIVALGUY87 )
This carved pumpkin, the brainchild of Deva and AJ, two Metro Vancouver residents, is a grim reminder of what it’s like to find a suitable home to buy or rent in the city.
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The carving resembles a small house, together with a door, two windows, a small yard, and a driveway made of pumpkin seeds. The scary part however, is the for sale sign, which reads: “House for sale. Basement entry bungalow with custom ocean algae exterior so no upkeep! Open concept no bed/bath and new appliances. Eco friendly roof and windows. Well landscaped and in great neighbourhood. Laundromat a quick 20 min bus ride away”
The price tag? $1.68 million.
Deva and AJ’s creation was an entry to their office’s annual office Halloween pumpkin carving contest (which they won). A photo of it was uploaded to Reddit, where it caught the eye of many Vancouver residents who found the pumpkin hilarious, and the situation all too relatable.
“We wanted something visually impactful but also funny because everyone enjoys having a good laugh,” Deva says. “What better way than to laugh at ourselves? Since we’re all in this market together in some way.”
With the Real Estate Board of Greater Vancouver’s latest market report showing the benchmark price for a detached property at around $1.52 million, the pumpkin’s price tag is uncomfortably accurate.
However, there is some glimmer of hope for Vancouver’s homebuyers. With the REBGV’s latest report showing that residential home sales in the Greater Vancouver Area dropped to a 26.8% below the 10-year October sales average, and housing inventory hitting levels unseen in over four years, we’re finally seeing the effects of extensive governmental policies meant to cool off the real estate market.
“The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market is about four years,” said Phil Moore, the REBGV president. “For home buyers, this means you have more selection to choose from.”
Market analysts generally agree that home prices begin to fall when the sales-to-active listings ratio falls below 12% for a sustained period. The report shows that October’s ratio for all property types was 15.1%. By property type, the ratio was 10.3% for detached homes, 17.3 for townhouses and 20.6% for condominiums.