Real Estate Board of Greater Vancouver: October 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 October’s statistics report, we have Oakwyn agents, Ryan Dash and Dan Wurtele here to detail another record-breaking month. Read on for their insight into this surprising October market.
A Big October
Following the record-breaking month of September, October is a close second. The last time Dash and Wurtele note seeing volumes like this was back in 2009 after the recession. Volumes were up 29% from a year ago today and that pushes us to 35% above the 10 year average.
When you look at inventory levels and the fact that we only have about three and a half months of supply on hand, that pushes the sales to listing ratio in a seller’s market for all asset classes. Your average home price right now is $1,045,000 and that’s up about 6% from last year.
Average sale price also hit an all-time high at $1,113,000 and median sales price also found an all-time high at $846,000.
Dash and Wurtele's Key Observations
Firstly, the detached market is the tightest we’ve seen it since 2016. With 30% of all detached homes in the month of October selling above their list price. Detached are the most in-demand, sitting at $1,524,000. That’s up about 8.5% from last year.
Secondly, the average townhouse price is now $813,000. That’s up about 5.3% from last year.
Thirdly, the average condo price today is $684,000, up about 4.3% from last October.
There is a divergence in pricing going on also. There’s a high supply of condos in the marketplace and as such, since about March, we’ve seen condo prices slip by about $6,500. Whereas conversely, townhomes are up by about $23,000 and detached up by $82,000.
Lastly, confidence in the luxury market is increasing. We’ve seen 35 homes around the 5 million dollar mark sold in the month of October with an additional 4 over 8 million.
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.
Get in touch if you want to know specifically about any areas, property types, or trends that you can take advantage of.
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 37: Dealing With Difficult Clients
In our 37th episode, we discuss the challenging topic of dealing with difficult clients. Our hosts give us their learned tips and tricks for vetting clients, setting up expectations, and building confidence.
Episode 36: With Special Guest Steve Saretsky
In this episode, we have a special guest, Oakwynite Steve Saretsky! Our hosts discuss with Steve his experiences on communicating publicly & building a strong digital presence.
Oakwyn Presents: The 2020 Kindness Challenge
For the third year running, Oakwyn is dedicating the month of November to our annual Oakwyn Kindness Challenge, an initiative that aims to celebrate and bolster generosity through small acts of kindness from the Oakwyn team to their communities.
The challenge calls on Oakwynites to participate in acts of goodwill and charity to spread kindness throughout the city – and in a year with so many incomparable ups and downs, it feels more pressing than ever.
Keep your eyes open for our agents’ acts of kindness in and around Vancouver and on social media! #OakwynKindness
Put People First
At the heart of the Oakwyn Kindness Challenge is our commitment and value to “Put People First”. This core value speaks volumes to the work we do at Oakwyn and the values that shape who we are and what we do.
The Oakwyn Kindness Challenge epitomizes our desire to put people first and participate in making the community a better place. This, and our unwavering commitment to Oakwyn and everything it represents, is helping us transform the industry from the inside out.
Together We Can
To kick off this important challenge, Oakwyn President & co-founder Morgan Browne hosted a webinar with Together We Can, a charity whose mission is to educate and support individuals and families who struggle with the challenges of addiction.
Morgan, along with Alex Lekei, Samantha Armstrong, and Courtney Nichols from Together We Can, use the webinar to shine a light on the homelessness crisis in Vancouver and learn of the ways we, as a community and individually, can help those struggling with homelessness or addiction.
“It takes one person to say, ‘we believe in you, you are worth more than this, let’s help you recapture who you were before, and let’s show you the way.’” Alex Lekei, Together We Can.
The revealing and essential webinar is linked below.
Coming Up...
Morgan’s act of kindness begins what is set to be an unforgettable month of generous giving, learning, and a coming together of the Oakwyn community and beyond. Morgan tagged Arlene Chiang, Michael Uy, and the Oakwyn Encore office. We cannot wait to see what they have up their generous sleeves for their portion of the Oakwyn Kindness Challenge.
Week One
November 2nd-8th
Starting With a Bang!
The Oakwyn Kindness Challenge kicked off with a great first week!
For week one we totaled 14 agents who took on the challenge and performed acts of kindness in their communities, and we’re just getting started!
HIGHLIGHTS
- Morgan Browne Oakwyn President & Co-Founder kicked things off with an interview with Together We Can and nominated Oakwyn Encore, Michael Uy, and Arlene Chiang, all of which participated!
- Scott Wallace, Carson Green, Julia Freeman, Amanda Lehman-Choi, Maissa Hasan, Catherine Worthy, Natalie Finkle, Samantha Cyr, Iwa Lee, and Nomi Malik also participated this week!
- Some of the charities donated to week one include: Together We Can, North Shore Family Services, Wish Drop-In Centre, Downtown Eastside Women’s Shelter, Ride to Conquer Cancer, SPCA, and Backpack Buddies.
- Plus many, many more random acts of kindness to help others!
- You can view all these acts of kindness and more on the Kindness Challenge 2020 highlight reel on our Instagram.
Week Two
November 9th-15th
Snowballing Kindness!
The Oakwyn Kindness Challenge continued with a record-breaking second week!
Week two we are nearing 40 agents who have taken on the challenge and have spread kindness in their communities.
HIGHLIGHTS
- Shannon Denise, Carlo Bustamante, Rina Brown, Caroline Cave, Kelly Hale, Niki Snow, Voy Wong, Deanna Fang, Kikki Kwok, Michelle Adams, Jeff Poh, and Spencer Soo all participated this week!
- Some of the charities donated to include: WISH Drop-In Centre, Movember, Cause We Care Foundation, Lions Gate Hospital Foundation, and Greater Vancouver Food Bank.
- Week two marks halfway through the Kindness Challenge and we cannot wait to see what else is to come!
- You can keep up with our agents’ acts of kindness and more on the Kindness Challenge 2020 highlight reel on our Instagram.
Week Three
November 16th-23rd
Entering the Final Stretch!
The Oakwyn Kindness Challenge continues to break last year’s tallies with another fabulous week for kindness!
Week three and we have passed 50 agents who have taken on the challenge and spread kindness in their communities so far. We’re starting strong for the final week – let’s do this!
HIGHLIGHTS
- Jenny Wun, Jeff Appelbe, Alfred Tse, Elizabeth Uy, Siya Herman, Alan Calimbas, Eric Grant, Jon Samuel, Val Brennan, Toby Daza, Samantha Trifunovich and our Downtown Mortgage Broker Casey Archibald all participated this week!
- Some of the charities donated to include: WISH Drop-In Centre, Greater Vancouver Food Bank, Richmond RCMP Food Drive, Vancouver Ocean Wise, and BC SPCA.
- The finish line is in sight and we cannot wait to take kindness and generosity to new heights in this final push!
- You can keep up with our agents’ acts of kindness and more on the Kindness Challenge 2020 highlight reel on our Instagram.
November 23rd-30th
Wrapping Up the Oakwyn Kindness Challenge 2020
The Oakwyn Kindness Challenge wraps up with another hugely successful week for kindness around the city!
Our final tallies surpass the 2019 challenge and we are so thankful to the 50+ agents who have taken on the challenge and spread kindness in their communities. Thank you for helping spread generosity to the people who need it most.
HIGHLIGHTS
- Sharlene Wark, Vanessa Miller, Ben Loyal, Joanne Jonathon, Brigid Wong, Kevin Chen, Val Brennan, Lauren Lawson, and Tory Haakstad all took on the challenge this past week!
- Some of the charities donated to include: Stocking Stuffers for seniors, Metro Kids Society, North Shore Family Services, and Saints Rescue.
- We couldn’t be prouder of the work our agents have done this month!
- You can catch up with all our agents’ acts of kindness and more on the Kindness Challenge 2020 highlight reel on our Instagram.
From small to large acts of kindness, our agents did a brilliant and selfless job of transforming the lives of those who need it most. For everyone who took on the challenge, or donated in some way – Thank you!
Episode 35: How to Scale Your Business
In our 35th episode, our hosts tackle the topic of scaling your business. Sit back and listen to Morgan & Michael’s tips for how to take your business to that next level through delegation, measurements, organization, and using your resources to maximize your efforts.
Episode 34: New Agent FAQs
After ten plus years in the real estate biz, Morgan & Michael have learned so much from both their own careers and from mentoring countless other new agents. Here are some of the top Rookie FAQs they’ve gathered over the years!
Oakwyn's Neighbourhood Guide: The North Shore
At Oakwyn, living and working in Vancouver and surrounding areas is something we cherish and celebrate every day. Which is why we wanted to put together our North Shore recommendations, so you can live life to the full, the Oakwyn way.
Five North Shore local Oakwynites, who have a deep understanding of North Shore culture and lifestyle, have put together their top North Shore recommendations, and you can explore them for yourself this weekend.
If you’re new to the area, a long-standing local looking to branch out, or a happy visitor – don’t miss our top spots.
There is lots to do on the North Shore with Oakwyn.
Restaurants & Bars
Dining out might look a little different this year, but it is no less of a necessity for all the foodies out there. With the majority of restaurants offering takeout and dine in, there are plenty of options for diners in and around the North Shore.
The North Shore has a host of delectable offerings, and luckily our team of experts is happy to share their favourite North Shore recommendations with you!
Scratch Kitchen
“Scratch Kitchen is a little hidden gem that most residents closer to the Cove know. They only use fresh, locally sourced ingredients and are known for their unique artisan pizzas & more. They also cater to plant lovers and have lots of flavourful options available. Furthermore, they support local craft breweries and BC wines that pair perfectly with their seasonal menu.”
Julia Beeger
Douce Kitchen
“Our new go to spot for THE BEST fried chicken dinner is Douce Diner at 1490 Pemberton Ave. My family loves their chicken and biscuits and whenever my wife and I suggest it for dinner it always gets a resounding “yes” from the kids. You can order it online and they do curbside pickup. The chicken and waffle breakfast is also a must have.”
Gavin Hughes
Lift Breakfast Bakery
“I strongly recommend Lift Breakfast Bakery – Great coffee and pastries as well as a very nice dinner menu. The baking is what makes this place special. Whether I grab a milk loaf to take home or pop in for a nice dinner, it has always been exceptional. Lately my lunch favourite has been the ‘Cut Chicken club’ and for dinner the ‘Fungi’.”
Paul Fraser
Farina a Legna
“Farina a Legna is incredible. Chef Alex (Alessandro Vianello) is the exec chef and created an amazing casual and intimate Italian menu experience all catered around a wood-fired oven. Go enjoy the house-made bread, pastas, and pizzas. My favourite drink is the bicicletta or the spritz. Having dinner here is always a great evening out.”
Brian Young
Seaside Provisions
“I love Seaside Provisions at the new Seaside Hotel in the Shipyards. It’s a little secret hideaway, small, beautiful room in a boutique hotel with the most amazing food and the delicious cocktails. Chris, who runs the bar, has some beautiful and inventive creations. Currently, I’m obsessed with his Bourbon sours. They are so delicate and perfect. Everything on their food menu has been outstanding as well. We usually start with Kushi oysters, and some of my obsessions there are the grilled calamari, tuna poke cigar, wagyu appetizer and halibut if they have it on the menu.”
Bernadette Dunnigan
Local Businesses
Whether it’s a local coffee shop, florist, deli, or general store, supporting local is paramount to creating community, one of our core values, and is even more important this year. When in doubt, support local!
For inspiration on North Shore recommendations and favourites, here are our agents’ top spots.
United Strangers
“United Strangers are a new locally-owned coffee shop located off of the Seymour Parkway. They have wonderful caffeinated beverages, artisanal pastries & delicious vegan ice cream squares (I am not a vegan, but they are delicious!). They are a wonderful addition to the Blueridge community and they also support many local & Canadian businesses by featuring their various products in their shop. In a rush – not a problem, because they now have online ordering!”
Julia Beeger
The Corner Stone Bistro
“The Corner Stone Bistro in Pemberton Heights located at 1096 W22nd is a true hidden gem of the North Shore. If you’re looking for a delicious latte in the morning, or you want a gourmet meal on the patio at night with a cold beverage, the Corner Stone has it all. The Corner Stone also serves as a neighborhood hub and meeting place and if you ask anybody who’s been there they will tell you just how special this place is. Try their great selection of gourmet frozen foods when you’re too tired to make dinner.”
Gavin Hughes
Blitz Auto Spa
“Blitz Auto Spa has been a regular visit for me over the past few years. I love cars and so do they. I like their attention to detail and they are consistent in their service and punctuality.”
Paul Fraser
Room 6
“Megan who owns the shop is a long-time Deep Cove local and advocate in the community. She worked to limit the number of tour bus companies that can drive to the Cove as well as eliminating single-use plastic bags for all local shops in the Cove. Room 6 is often where I can find great house warming gifts for my amazing clients. They have an excellent selection of children’s books, handmade ceramic planting pots as well as mugs. Megan is also working to turn the store into a non-profit. Next time you go hike Quarry Rock, grab a donut from Honey’s and walk down to Room 6 and you won’t be disappointed.”
Brian Young
Buddha-ful
“Still on the topic of food, I love Buddha-ful, which is vegan organic food. Smoothies and their bowls are exactly what I crave after working out.”
Bernadette Dunnigan
Experiences & Activities
Few skylines can compete with the North Shores’ six peaks – Black, Strachan, Hollyburn, Grouse, Fromme, and Seymour Mountains, make it one of the most beautiful spots in all of Vancouver. Due to its rugged terrain, the North Shore has no lack of outdoor activities.
Hear from our agents on their North Shore recommendations below (and pray for a sunny weekend because it’s going to make you crave an adventure!).
Boating up the Indian Arm
“I like to cruise slow and admire all the beautiful boat access homes before beelining it to Granit Falls. It’s truly an experience to see the raging waterfall up close. No boat? No problem, Deep Cove Marina rents pontoon boats, so you too can experience beautiful BC from the water.”
Julia beeger
Murdo Frazer Park
“Located just off the highway in North Vancouver, Murdo Frazer Park has 6 newly surfaced tennis courts and pickle ball courts now too. These hidden courts are mostly known by locals and are tucked away in a beautiful park like setting. My wife and I have been playing there for years and are always love playing in the summer as some of the courts are hidden from the sun. We’ve even managed to drag our teenage son with us a couple of times.”
Gavin Hughes
Shipyards Night Market
“When we first moved over to Lower Lonsdale from downtown we were pleasantly surprised by the night market. We looked forward to it every week during the spring and summer. The food trucks all parked right down on the water, some tacos, a lemonade and maybe a pocket pie to finish, perfect! It was routine for us.”
Paul Fraser
Hiking St. Mark’s Summit
“A very scenic 11km hike from the top of Cypress Mountain parking lot. Dog friendly and if you have friends in from out of town they won’t believe the view! Overlooking Bowen, Gambier, and Gibsons on the Sunshine Coast. I could also go on and on about the mountain biking, gravel riding, and road riding we love to do all over the North Shore… we currently have 14 bikes hanging in the garage!”
Brian Young
Capilano Fish Hatchery
“You can walk into the Capilano Fish Hatchery to see Salmon rush up the fish ladders and it’s especially cool during the salmon runs. It’s quite amazing to see. We took our kids there all the time when they were younger and they loved it.”
Bernadette Dunnigan
There you have it, our tips on how to maximize living or visiting the North Shore and making the most of all the wonderful things it has to offer. You’re never far away from an adventure, with Oakwyn.
For more information on the North Shore, or to talk to one of our agents, contact us!
THANK YOU to Julia Beeger, Gavin Hughes, Paul Fraser, Brian Young, and Bernadette Dunnigan for their thoughtful suggestions!
Episode 33: How to Stay Motivated
In our 33rd episode, Morgan & Michael delve into one of the most important, but sometimes hardest parts of being an entrepreneur, staying motivated! Our hosts break down the elements to set you up to consistently stay driven to succeed!
Real Estate Board of Greater Vancouver: September 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 September’s statistics report, we have Oakwyn agent, Jeff Appelbe here to add a little bit of clarity to the real estate market. Read on to have Jeff enlighten you on the September market.
An Unstoppable September
September 2020 sales were 45% above the 10 year average for the month. This has been the busiest September on record. Due to COVID slowing the market earlier in the year, we’re seeing a spring market happening late. Usually, March, April, and May are the busiest months of the year and those would have, in a typical year, more sales than we just had this September yet it was still a “super hot September”, according to Jeff.
Jeff's Key Observations
Firstly, buyer demand and needs have changed substantially. Many people that lived downtown or who previously sacrificed space to live close to all the action, are suddenly now working at home, and are craving more space. People are looking for more space so they’re moving into East Vancouver, the Tri-cities, or elsewhere in BC where they can buy a home.
Secondly, the other main factor is interest rates. They are extremely low right now. Interest rates haven’t been as low really ever before. In a reaction to the sputtering economy post COVID, the Bank of Canada lowered interest rates in an attempt to boost the economy. Buyers can currently get a 5-year variable mortgage for 1.75%, which last year was around 3.3%. The affordability difference in just this 12 month period is substantial.
Finally, we’re seeing condo sales in Kitsilano and Mount Pleasant as two of the busier areas which are selling really well. We’re seeing a move out of condos in 30 story towers into lower density condo areas, maybe with a little bit more space, and a little older as well. Additionally, Yaletown, downtown, the financial district, and Gastown, are going against the trend in most other areas and we’re actually seeing softening prices there.
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.
Get in touch if you want to know specifically about any areas, property types, or trends that you can take advantage of.
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 32: Referrals
In our 32nd episode, Morgan & Michael dive deep into the incredible method of compounding leads through Referrals. Our hosts discuss all the tips and tricks they’ve learned to help incentify referrals & generate business.
Episode 30: Goal Setting
In this episode, we start with a life update on Michael’s wedding! The episode then goes on to something very important to our hosts, Goal Setting! They discuss their own experiences with goal setting and break down the elements to set someone up for successfully setting goals.
Oakwyn University: Every Day in Real Estate is a School Day
For Literacy Day this year, we celebrated with five of our Managing Brokers and learned about how education champions one of Oakwyn’s core values – “Pursue Growth and Learning”. To further our reflections on growth and learning at Oakwyn, we want to spotlight an initiative built from that value; Oakwyn University. To celebrate how education is truly setting Oakwynites up for success, we wish to look at the initiative, why it is important, and how it exemplifies Oakwyn to its very core.
Putting the ‘You’ in University
Oakwyn University offers our agents structured foundational learning from the moment they join the brokerage. The 12 segment real estate 101 program is taught by Oakwyn partners and Managing Brokers and was founded the moment Oakwyn opened its doors.
“We combine in-depth contract and compliance requirements with practical hands-on role play scenarios, as well as homework,” explained Oakwyn Managing Broker, Shelly Smee, who is referred to as “the Dean” of Oakwyn University.
The course runs twice a week and is compulsory for our new agents, offering the chance to immediately break away from the pack with functional, practical knowledge of how to truly excel in real estate. The curriculum has been curated to provide new agents with 3 key deliverables; The Business Plan, The Listing Presentation, and The Buyers Presentation.
“It is very satisfying to witness the "Lightbulb" moment, when you know that someone has grasped a concept, or when a student makes a great contribution to the class that everyone, including me, learns from” Shelly Smee, Managing Broker
“It is very satisfying to witness the "Lightbulb" moment, when you know that someone has grasped a concept, or when a student makes a great contribution to the class that everyone, including me, learns from” Shelly Smee, Managing Broker
Elevating Standards Through Education
Oakwyn was founded from a desire to elevate the standards of real estate, and one of the ways we were determined to do that was by building a brokerage that supported its realtors. Oakwyn University is that message incarnate.
When realtors first enter the industry they do not have the practical skills to know how to succeed right away, and that paired with the competitiveness of the traditional real estate industry can make starting off in real estate an overwhelming process. “It is a steep learning curve, there are no shortcuts,” Shelly explained, commenting on how Oakwyn University is designed to create a more streamlined entry for Oakwyn agents.
It’s important we’re supporting our agents as soon as they join the brokerage, which is why Oakwyn University is an invaluable resource for, not just our new agents who are learning the ropes, but for our more experienced agents wanting to brush up on skills, and the wider company in general. It ensures the quality of our work is not just up to par, but far exceeds it.
Oakwyn University, and our commitment to educating our agents, is one of the reasons that 1 in 5 of our agents is Medallion, a statistic far above the industry average.
Collaborate and Listen
“Having a cohort of agents at the same stage of their career would have been awesome” Shelly commented, noting the ways in which Oakwyn University, if available to her, would have elevated her early career.
Oakwyn sets new standards by championing a collaborative approach to learning. Oakwyn University classes are held (pre-COVID) in our main boardroom and (post-COVID) over zoom, where now there is no limit to the number of students we can have in each class. We wanted to create an environment that was collaborative rather than competitive and offered our agents the chance to grow, learn, and support each other, whilst paving out careers in real estate.
The collaborative environment encourages our agents to leave their ego behind, and truly engage in professional growth, learning with their peers, and leveling up in the industry one class at a time. This collaboration doesn’t stop at our agents, the leadership team also makes sure to collaborate in order to make Oakwyn University better. Every semester our students are asked how we can improve the syllabus, course structure, and deliverables. Each new semester is bigger and better than the one before, marking a year on year growth of support for our agents.
By providing agents with this expectation of support and community right from the beginning, we hope to see an end to an industry mentality that lends itself to competition, rather than community, and individualism instead of collaboration. Each day at Oakwyn, we take a step closer towards that becoming a reality.
“The change in confidence level is the most noticeable improvement, and that comes with doing the work” Shelly Smee, Managing Broker
“The change in confidence level is the most noticeable improvement, and that comes with doing the work” Shelly Smee, Managing Broker
Pursue Growth and Learning
“When we look at our 7 core values, Oakwyn University embodies all of them,” Shelly explained, noting that Oakwyn University truly exemplifies the qualities that make Oakwyn so unique.
The pursuit of growth and learning is something that is exceptionally important at Oakwyn, because it is what ensures Oakwyn is staying on the pulse, adapting to change, and bettering ourselves and the wider industry.
This starts with Oakwyn University. The course and subsequent culture sets a precedent for true and honest improvement in the workplace, setting our agents up to have all the skills they need to succeed, so that one day, they will be able to relay those skills to the next generation, and so on. Through education, Oakwyn is helping set a path to a better and brighter industry.
Oakwyn University currently operates 3 times a year. For more information on Oakwyn University, how to get your hands on Oakwyn University swag, and to learn about any of the other learning opportunities we offer, visit our website.
Work hard, stay humble, and keep learning with Oakwyn.