At Oakwyn we’re always wanting to present the facts in an engaging way. Every month, one of our agents will unpick current market statistics from the Real Estate Board of Greater Vancouver to help you understand what’s going on in the real estate market and what you should be looking out for.
December’s statistics report comes straight from Adam Chahl. You can read up on December’s insights below to stay up to date on another big month for the market.
2021 saw 43,999 sales, which is a 42% increase in the number of sales from 2020. Compared to 2015 – which was the previous record year – last year’s sales numbers were 33.4% higher. We saw the most listings and sales in the Vancouver area of all time during 2021.
Adam also looked at the average number of listings last year, and the average number of listings was 11% higher than the 10-year average. Now, with the sales being the highest number of all time and the listings 11% above the average, Adam asks: Do we really have an inventory problem or is the problem on the demand side? Adam suggests we could be seeing less of an inventory problem and more of a demand problem and asks what will our government do to address this.
There are two things Adam is mainly watching: the first one is when are these interest rate hikes going to happen and what effect is that going to have on the demand side? Secondly, is the “spring market” – which is typically when people think is a good time to sell their home – going to bring more inventory into the fray, or are people still going to sit on the sidelines because the home, the townhouse, the house they want to buy is so much more expensive than it was last year? Only time will tell.
Work with your Oakwyn agent, work with your trusted real estate advisor, and come up with a plan that makes sense for you in 2022 if you’re thinking about making a move.
To keep up with the latest market statistics and join the conversation, be sure to follow us on Instagram and Twitter, and visit our website.
by Oakwyn Realty
What’s a great conversation starter for the listing season of the new year? Co-hosts Michael Uy & Morgan Browne discuss the recently released BC Assessments and how to contact clients or potential home-sellers to discuss the value of properties.
Tune in to this week’s mini-episode to get co-hosts Michael Uy & Morgan Browne’s Top 3 Recommendations for resources to Pursue Growth and Learning to help kick off the new year!
And just like that, December rolls around again! December always marks a time in the Oakwyn calendar to reflect, unwind, and celebrate another successful year.
While last year we were unable to physically gather to ring in the end of the year, this year we are fortunate enough to have several events for Oakwynites and the larger community.
Read on for a round-up of our holiday events, and the initiatives we are putting in place to make sure we are sending off our 2021, the Oakwyn way.
On December 9th Oakwynites gathered to celebrate the phase one opening of the new office in Edgemont. The event was an opportunity for our North Shore agents to come together and toast this exciting new milestone for the Oakwyn North Shore offerings! The office will be expanding in 2022, doubling in size to allow for our growing team!
In true miracle fashion, Oakwyn was able to hold an in-person holiday party this year. Making it the first time some Oakwynites were able to get together and celebrate for many months. We were incredibly grateful and fortunate to be able to get together in this way.
To mark the occasion, and to further Oakwyn’s commitment to giving back to communities who need it most, the event involved a raffle. All prizes were sponsored by Oakwyn Alliances and 100% of proceeds went towards the Red Cross’s BC Floods & Extreme Weather Appeal.
We are honoured to have raised $2,000 for this worthwhile cause. You can see the list of prizes below!
Andre Garrison – International House of Caviar
125g Tin of Certified Organic Northern Divine Caviar
David Asselin – Inspect Canada
2 jumbo sized bottles of Grey Goose
Casey Archibald & Keegan Casidy – Xeva Mortgages
$200 gift certificate to Vida Spa
Tina Saddik & Ayesha Moghal – RBC
Bottle of Cognac
Jonathan Wong of Marine Landing Notary
$150 Nordstrom Gift Card
Sherlock Yam of Win Lui Group
$200 Holt Renfrew gift card
Davis Liu, Minh Nguyen, Lauren Francis, Richard Tseng – Scotiabank
$200 gift card to Miku AND a $100 Nordstrom gift card
Oakwyn was thrilled to offer an exclusive photoshoot with a professional photographer for Oakwynites and our extended Oakwyn family to capture the spirit of the season at the Oakwyn holiday set. The 15 minute sessions were open to individuals, teams, families, and furry friends!
You can see some highlights below!
To further celebrate the holiday season and encourage the support of local businesses, we’ve compiled a list of holiday happenings and events around Vancouver and the Lower Mainland. There are so many fun activities to enjoy this year, so make sure you check out our handy guide on Instagram to add some local holiday cheer to your itinerary.
View this guide on InstagramA guide shared by Oakwyn Realty (@oakwyn)
A guide shared by Oakwyn Realty (@oakwyn)
“Innovation doesn’t have to be just technology, it could be just the smallest things you’re changing in your day to day lives to make things better” —Arlene Chiang, Oakwyn President & Co-Founder
Every year Oakwyn defines the year ahead and sets an overarching theme for our brokerage, agents, and wider Oakwyn community. The theme of 2021 was Innovation, selected for its powers of transformation and regeneration. We are immensely proud to see how the Oakwyn community has innovated in 2021, adapting to change and leading the charge into an exciting 2022.
You can watch our Year in Review video below!
Thank you for another great year. We look forward to welcoming 2022 with you. Keep up with all our holiday happenings on social media.
The new year is approaching fast and co-hosts Michael Uy & Morgan Browne are here to give their predictions for the local real estate market! Based on trends in community development and personal investment decisions, tune in to find out what they forecast for 2022!
As we near the end of 2021, co-hosts Michael Uy and Morgan Browne discuss the success of our Oakwynites and the thriving and resilient Vancouver real estate market over the past year. They also provide helpful tips on how to connect with clients over the holidays.
Jenny Wun is back on this week’s episode to announce Oakwyn Realty North West! ‘The Queen of Burnaby’ and a pillar of the Oakwyn community, Jenny will be an incredible leader to ensure success for the new office space. Tune in to hear more about her personal and professional experiences and contact her to learn more about the new office!
Host Michael Uy is joined by our producer Brayden, the Podfather, in this week’s episode as they discuss how to find the right people to maintain (or elevate) the level of customer service for your growing business so you can go from being a one-man show to a rockstar band!
Michael Uy continues the conversation with Arlene Chiang, C.O.O + Co-Founder and a licensed Managing Broker for over 8 years, as they discuss the role and importance of a Managing Broker and shifting the perception in the real estate industry. Shout out to our superstar Managing Broker team for their continuous support of Oakwynites!
Arlene Chiang, C.O.O. + Co-Founder, joins Michael Uy on this week’s episode to discuss the BC Government’s proposed Cooling Down Period that will be implemented in the Spring of 2022. Hear their thoughts on how this will impact the housing market and how it will help purchasers and sellers make informed decisions.
For October’s statistics report, we have Jeff Appelbe here to detail another intriguing month. Read on for his insight into the changing October market.
Buyer demand continued to be very hot this month. Sales were up 22%, over the 10 year average for October. Inventory is down 35% from last October. Jeff observes a continued problem: buyer demand is hot, inventory is low. This, he notes, is driving prices up.
The thing that’s changing is interest rates. The Bank of Canada has now signaled that interest rates will be climbing likely next year. This means all the banks will change their 5-year fixed rates. Jeff estimates that we will have a bunch of people rushing to get their rate-hold used before it dries up in the next month or two.
Condo prices in the whole region are up 1.2%, detached home prices are up 1.2% as well. If we jump into the sales-to-active ratios. Downtown is virtually flat. Downtown is the only place where inventory is not an issue. Lower Lonsdale went from 44 to 83%, East Vancouver 34 to 48% sales-to-active ratio, so we did see things ticking up a little bit. On the detached side, North Vancouver detached homes went from 35 to 54% so quite an increase in the ratio of buyers to inventory. This is something Jeff is watching as he expects prices are going to continue to trickle up.
Work with your Oakwyn agent, work with your trusted real estate advisor, and come up with a plan that makes sense for you in 2021 if you’re thinking about making a move.
In this week’s episode, co-hosts Michael Uy and Morgan Browne get deep and personal about the homes they grew up in and how their family dynamics have influenced the way they have purchased their own homes. Tune in to hear some tips on how to purchase your own principal residence as a real estate agent!