Real Estate Board of Greater Vancouver: December 2020 Statistics Update
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.
For December’s statistics report, we have Oakwyn agent, Adam Chahl here for his market update.
A Year Like No Other
Taking a look back on 2020, it’s quite remarkable that we ended the year with as many transactions as we did. In early 2020 the market stalled as the pandemic took centre stage.
However, as the year progressed we’ve seen a huge uptake in the number of transactions, driven by people’s desire for more space and more affordable housing.
We’ve seen an exodus over the course of the year as people move away from the downtown core, not only to the valley but places like Surrey, Langley, and Kamloops.
At the end of 2020 we ended up with 30,944 sales. Compared to 2019, that’s a 22% increase in the number of transactions and an increase of 25% compared to 2018.
Adam's Key Observations
The month of December saw 3,093 sales which is 53% up from December 2019. That striking number tells us that half as many more sales happened during the month of December 2020 than the previous year.
Adam notes 2 key questions being asked of him.
“Do you think we’re going to see an increase in the level of foreclosures that we see and an increase in the level of de-stressed sales in 2021?”
When we look at the increase in the last twelve months; 10% on detached homes, 4.9% on attached homes, and 3% on attached apartments, there is an increase in equity across the board. So, even if a small business owner needs to sell their house to fund their business, they still increased the equity that they have in their home over the last twelve months.
Because there’s been that increase in equity, people will still be able to sell if they need to. Adam concludes that it is unlikely, given the increase in equity, that the number of foreclosures will increase.
“Why is the detached market just so crazy right now?”
We’re seeing a hugely low level of inventory in the detached market. In fact, our 2020 inventory levels were the lowest we’ve seen in a very long time. This is driving the stories that we’re hearing in the valley where we’re seeing 23 offers and 60 showings on the first day.
The increase in the prices on average is further compounding this lack of inventory. On average, our incomes are not increasing that much compared to the increase in house price. So if you can’t afford to make that move, you’re not going to list your property. If you’re not going to list your property, that further compounding of the low inventory happens. Whilst the prices are increasing, this will further compound the inventory problem.
Get in Touch!
As always, we’d love to get your take on this. Comment and let us know if these trends and observations are something you’re seeing with your buyers and sellers as well.
As with all our market updates, it is property type specific. So 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.
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.
Episode 46: BC Assessments
In this episode, Morgan & Michael discuss the recently released BC Assessments. Our hosts explain how BC Assessments work and how they are evaluated. They then go on to offer some tips on how agents can use the assessments as a communication tool with your clients.
Episode 45: Predictions
Welcome to 2021! Our hosts open with a conversation on their experiences with mysticism and predictions. Morgan & Michael then discuss what their predictions were for 2020, the trends they noticed in our community and local real estate market over the year, and what we might see in 2021.
Oakwyn Presents: Our Experience of 2020
For our 2020 theme of the year, Oakwyn chose to focus on The Experience— not just of our agents, but of our clients, our communities, and our world. Closing the year, we couldn’t have predicted how The Experience of 2020 would completely change the world as we once knew it. 2020 has been transformative in so many ways.
Despite the inordinate challenges, we are proud of the year we have had, and invite you to catch up on our Experience of 2020 with our Year in Review video below.
Our Year in Review
Just like the rest of the world, the start of 2020 had Oakwyn struggling to navigate the new and unrecognizable normal. Yet, over time, we managed to find a way, first to exist in this new world, and then to begin to grow.
Our experience of 2020 has shown us that learning no longer lies in individual perception. Instead, it lies in how our lives and collective experiences are connected. This unity has shown us understanding, but above all, it has taught us the importance of empathy – in business, and in our personal lives.
This is why Oakwyn spent our 2020 learning, connecting communities, and creating positive change. We have focused on collective growth, rather than individual, and we have challenged ourselves to think of the larger picture and how we, as individuals and communities, can make a difference.
Pivoting all Oakwyn culture and education to virtual allowed us to remain together even when apart.
Oakwyn and AntiSocial Solutions Present...
We are proud to introduce our Year in Review video, made in collaboration with our friends at AntiSocial Solutions.
Thank You!
2020 has certainly challenged us in ways we could have never imagined, but we thank you for living the experience with us.
Now, we move into 2021 knowing the importance of embracing and driving change, and striving for a world that is better.
Keep up with our 2021, and follow our Instagram
Episode 44: Podcast Review
In our last episode of 2020, our hosts Morgan & Michael, along with producer Brayden, go through our first year of the Oakwyn Podcast and some highlight moments.
Thank you everyone for listening & supporting our pod, we’re looking forward to seeing you in 2021!
Episode 43: Personal & Professional Lessons
On our 43rd episode, Morgan & Michael open up in a deep discussion on the big personal & professional lessons of 2020. They then go on to discuss some of the bigger lessons for Oakwyn from the year.
Episode 42: Action Plan for Goals
After the last two episodes, we reviewed our 2020, set our goals for 2021, & now we’re going to create an action plan! Our hosts go through how to plan your prospecting system, build your marketing plan, and tighten your administration to accomplish your 2021 goals!
Oakwyn Through the Holidays
December marks a time for reflection and celebration, but in 2020, this hits a little differently. While we all need to make time to digest and unpick the events and monumental changes of 2020, we also need to make time to celebrate the small and large successes of the year. It’s been a ride, but we made it.
While we won’t be able to be together physically this year, at Oakwyn we are finding ways to celebrate, support, and ring in the new year in positive, uplifting, and COVID-safe ways.
Read on for updates on what our holiday season looks like, and the initiatives we are putting in place to make sure we are still sending off our 2020, the Oakwyn way.
Oakwyn’s Shop Local Gift Guide
This year, it’s more important than ever to support local businesses and communities as we wrap up the most challenging year most of us have ever known.
Small businesses have taken a huge hit during the pandemic, which is why Oakwyn is committed to helping small businesses this festive season. As part of our core values that exist to bolster and improve communities, we encourage you to shop local and support small businesses for the gift-giving season.
To help you, we have compiled a list of some of our favourite spots around Vancouver that offer COVID-safe protocols, and could use your support now more than ever.
Find our favourites below:
Oakwyn Gives Back
Every year, Oakwyn agents and their loved ones get to celebrate another momentous year with the Oakwyn Holiday Party. The holiday party is a chance for Oakwynites to recognise the great work we have done, and get the whole community together to do what Oakwynites do best- have fun!
Due to the pandemic, we have had to cancel Oakwyn’s Holiday Party this year, and whilst this is difficult, we wish to use this as an opportunity to give back to a community that has supported us so much over the years. While we may not be able to have the Oakwyn Holiday Party we had hoped for, we are making sure we do something just as worthwhile.
Instead, we will be repurposing the funds put aside for the 2020 holiday party and donating to a charity of our Oakwynites’ choice.
Stay tuned, the charity will be picked by Oakwyn agents soon!
Oakwyn Holiday Party 2019
Oakwyn and BC Crisis Hotline
Furthering our efforts for philanthropy and community support during this challenging year, we are working with the BC Crisis Hotline this December to demystify and break the entrenched stigma surrounding mental health.
Oakwyn understands that the holidays can be a difficult time, and knows, even more, the weight that this year can bring to those who suffer from mental health issues. This is why this year, we wish to leverage our platform to raise awareness and support for those who may need it this festive season.
The BC Crisis Hotline is a 24/7 service that answers phone calls from vulnerable individuals across BC. Research shows that December and January are the most depressing months of the year, and during a pandemic are expected to be even more so, making the work BC Crisis Hotline does for those who need a listening ear, even more vital than ever.
Oakwyn is choosing to be there for our community by sponsoring a Help Hotline and helping raise awareness by sharing information across social, opening up the conversation, and normalizing asking for help.
If you are able, please consider making a financial gift.
If you or someone you know is struggling, please reach out:
Vancouver Coastal Regional Distress Line: 604-872-3311
Anywhere in BC 1-800-SUICIDE: 1-800-784-2433
Mental Health Support Line: 310-6789
Online Chat Service for Youth (Noon to 1 am)
Online Chat Service for Adults (Noon to 1 am)
Oakwyn Holiday Playlist
Finally, in true holiday spirit, we wish to share our Christmas playlist so you can bask in holiday cheer, the Oakwyn way.
Share it with your friends and family and say “Happy Holidays!” with Oakwyn.
Episode 41: Goals for 2021
After last week’s episode on Reviewing 2020, we start to look forward to our goals for 2021. Our hosts go over the basics of goal setting and explain the importance of clarifying, focusing, and itemizing your specific targets to further your business from one year to the next!
Episode 40: Reviewing your 2020
It’s December and 2020 is coming to a close! Morgan & Michael discuss their tips and tricks on how to take a pause to review your year as a whole and how to gather key takeaway information to better your business.
Episode 39: With Special Guest Pete Shpak
In this episode, we get to know Oakwyn’s top producing agent Pete Shpak! Sit back and listen to his story from growing up, to his start in real estate, getting in on the emergence of digital advertising, and where he’s at now.
Episode 38: With Exclusive Vancouver's Mary Porohowski & Ken Leong
In our 38th episode, we have two special guests, Michael & Morgan’s real estate agent crushes Mary Porohowski & Ken Leong! Sit back and listen to how Mary & Ken teamed up, their careers in project sales & the importance of doing the right thing!