Episode 108: Revenue Streams

In this week’s episode, co-hosts Michael & Morgan discuss how to identify your best revenue streams, from open houses to Google reviews, and how to hone your skills and stay consistent to fortify your business!


Episode 107: Real Estate Post COVID

In this week’s episode, Michael & Morgan discuss the current climate and factors that may have an effect on our local B.C. market and how to work with it.


January-2021-Statistics

Real Estate Board of Greater Vancouver: February 2022 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 February’s statistics report, we have Adam Chahl here to detail another intriguing month. Read on for his insight into the changing February market.

Increases Across the Board

February saw 3,424 sales, representing an almost 50% increase compared to January 2022. The February numbers are 26.9% above the 10-year average, which is the most important baseline figure to track growth. 

The inventory level increase that Adam predicted in December is here as the spring market takes off. There were 5,471 new listings in February, 31.2% more than we saw in January 2022. Notably, these statistics may indicate more than just the usual spring escalation. Compared to February of 2021, there were 8.4% more new listings in February this year. 

The average detached price in Vancouver last month was $2,044,800, which is a 4.7% increase from January. As Adam noted, the price growth in Vancouver isn’t slowing anytime soon. 

One last critical increase is in the Bank of Canada’s interest rate. After delaying this raise in January due to the impact of Omicron, the Bank of Canada has now announced that they are increasing their interest rate 25 basis points. This brings our overnight lending rate, which is the rate that a buyer’s mortgage is calculated on, to 0.5%. 

How Will This Impact Sales?

Adam spoke with Aimal Pamir from Dominion Lending about what this increase in mortgage rate will mean for the average consumer. According to Aimal, we will not see a huge difference for buyers without a significant increase in mortgage rates. We are not predicting an increase in defaulting or buyers being restricted in what they can afford. 

As Adam explains, in Canada potential buyers qualify for a mortgage based on a stress test. The stress test allows buyers to show that they could still afford their mortgage even if interest rates rise. The stress test rate right now is 5.25%, so it would require a significant increase in the overnight lending rate—that is, more than the 0.5% just announced—for buyers to be impacted. 

Meanwhile, Adam noted that, based on unofficial numbers, the inventory level increases have resulted in a reduction in the number of offers. With more properties available, buyers have more power to choose the best fit for them and their income. As ever, we’re hoping that the flourishing we’re seeing in the spring market, with more properties coming online every month, will help ease the current pressure cooker of demand that outsizes supply.

Get in Touch!

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.


Oakwyn's Charity Feature: Realty With Heart

Oakwynites are passionate about giving back to the community and using our platform to lift up others. Our Charity Feature initiative aims to spotlight charities that have significance to members of the Oakwyn community and helps to exemplify several of our core values. 

We recently celebrated 2021 as our most successful year so far, this is all the more reason to make 2022 our most charitable yet. In 2021, we gave big—in 2022, we’re aiming to give even bigger. 

Our Featured Charity until March 31st is Ronald McDonald House BC’s Realty With Heart!

LEARN MORE

Realty With Heart

At Oakwyn Realty, we understand the value of a home. This quarter, when Oakwyn agents help a client purchase their forever home, we’re helping the families of sick children find their home-for-now, too. 

Oakwyn Northwest leader, Jenny Wun, has chosen Ronald McDonald House’s Realty With Heart program to be our first featured charity of 2022. Realty With Heart is an initiative that connects real estate agents to Ronald McDonald House, a program that houses the families of sick children who have to travel long distances for specialized care. 

Ronald McDonald House helps bring together up to 2000 families a year from over 200 communities in BC and the Yukon. With the Realty With Heart program, real estate agents can donate a portion of their commission in their client’s name to help keep families together during times of incredible difficulty. Oakwyn is Realty With Heart’s first partner. 

Jenny sat down with Ronald McDonald House VP of External Relations, Shannon Kidd, and Director of Development, Sarah Tarling to talk about the program and how realty professionals can contribute. “Our mission is to provide accommodation and a community of support to families who have to travel to seek medical treatment for their critically ill child,” said Shannon. “It’s a place where there are lots of programs for siblings and patients and parents to take a moment and have a bit of normalcy in a very tense time”.

“Putting our hearts where our homes are”—Jenny Wun, Oakwyn Managing Broker

A house is more than four walls and a roof—it is warmth, stability, and most importantly, togetherness. Jenny volunteered at Ronald McDonald House BC in 2019. She has since become an Ambassador for the Realty With Heart program and is excited to get the whole Oakwyn community involved.

In February, we held a Valentine’s Bake Sale and sold Candy Grams with all proceeds going towards Ronald McDonald House. We have already raised 92% of our original goal contribution of $2,500–funds that will go towards housing, supplies, and more for the Ronald McDonald House families:

Just $15 can provide a family in crisis with necessary toiletries. 

Just $30 can provide a game or activity kit for a sick child in need of a little joy. 

And just $150 can keep a family together for a night as their child accesses vital, life-sustaining care. 

Find more information about the organization and the ways to donate and you can hear more from the families themselves about what Ronald McDonald House means to them.

Lead by Example

Jenny Wun is currently opening Oakwyn North West, our new Burnaby office. Her charitable leadership not only helps us Lead by Example by setting a great precedent for our new team at Oakwyn North West, but she is also helping cement Oakwyn’s Theme of the Year: Evolve. As the company grows into a new and exciting chapter, we never stray from what makes Oakwyn, Oakwyn. Our core values will always remain at the heart of everything we do, no matter how much we grow.

DONATE NOW

To keep up with Oakwyn’s charitable initiatives, visit our website and follow us on Instagram.

Your donation can help keep families together. When you donate with Realty With Heart, Ronald McDonald House will send a personalized card to your client in recognition of the support.


Episode 106: International Women's Day

It’s International Women’s Day! WOO! We have a special co-host, Oakwyn’s President Arlene Chiang. Arlene joins Morgan Browne to celebrate on this week’s episode to discuss this year’s theme for International Women’s Day #BreakingTheBias.


Episode 105: Mentorship

“Captain of the Downtown ship” and Managing Broker, Eric Grant, is on this week’s episode to discuss all things mentorship with host, Michael Uy! As they share their experiences of being both a mentor and a mentee, they also share the lessons they’ve learned along the way and advice on forming a mentorship relationship.

 


Episode 104: Rapport Building

Managing Broker, Eric Grant, joins host Michael Uy on this week’s episode to discuss how to build better relationships with your clients! Tune in to listen to Eric’s tips and techniques on connecting with your clients on a personal level, finding common interests to relate to, and making them feel comfortable and gaining their trust by being your genuine self.

 


January-2021-Statistics

Real Estate Board of Greater Vancouver: January 2022 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.

January’s statistics report comes straight from Jeff Appelbe. You can read up on January’s insights below to stay up to date on another big month for the market.

A Big Surprise

The big surprise is that the Bank of Canada did not decide to raise the overnight lending rates on January 26, which is a few weeks ago now. They stated that it was because of the impacts of Omicron and what that was going to do to the economy, which turned out to be true.

Where Does That Leave Us?

We still have ultra low inventory and unfettered buyer demand. Oakwyn has held multiple offer nights in the last month and a lot of them with over 10 groups competing for offers going way over ask. It has been tough for buyers out there.

Frankly, analysts’ predictions are all over the place. Many are calling for continued price gains throughout the year. Others, like the head of OSEI (Canada’s banking regulator) said that he thinks the raising rates will end the speculative fever that is happening right now in the market.

We’re likely going to see prices continue to climb for the next several months. If you are looking to get in for the long term, do it sooner than later as prices will continue to climb up throughout the spring. If you’re looking to sell, the iron is going to get much hotter than it is now. There is a real big imbalance between inventory and buyers. So it really is favouring sellers.

Get in Touch!

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.


Episode 103: Work Spouses with Brigid Wong & Desiree McNulty

Joining co-hosts Michael Uy and Morgan Browne are their respective and incredible work spouses, Brigid Wong and Desiree McNulty! Tune in to find out what their working relationships are like, what makes them both supportive team members, and how they’ve grown professionally and personally while working on a team.

 


Welcome to 2022: A Year to Evolve

Every year Oakwyn sets an overarching theme for the year ahead. The theme is designed to be implemented across the brokerage, by our agents, and the wider Oakwyn community.

Just like the years before, we announced our 2022 Theme of the Year at our ceremonial Sales Kickoff Event. This year we again gathered virtually to celebrate our previous year and crystalize our goals for the company in 2022.

Read on for our round-up of the event, our Oakwyn award winners, and what we are looking forward to in 2022.

2022 Sales Kickoff Event

Last year we were forced to move our Sales Kickoff- which has previously been hosted at JW Marriot Parq- to a fully online event. Due to continued COVID restrictions this year, we were unable to gather in person for the second year running.

In true Oakwyn spirit, this did not hinder our ability to get together and celebrate our formidable past year. We are so proud of what we achieved in 2021, our Year of Innovation, and look forward to the year ahead.

Arlene's 2021 Company Recap

“2021 was a rollercoaster of a year and it’s a ride we have not gotten off. Through spring and summer, we experienced the fastest real estate market we’ve ever experienced in Vancouver.” —Arlene Chiang

Every year, Arlene Chiang recounts the previous year of sales and statistics and highlights major areas of growth and notable numbers from the last 12 months. This year Arlene walked the Oakwyn community through a year of exponential growth for the brokerage.

Find her highlights below:

6361 Trades Closed in 2021.

A 56% increase from 2020.

Sales volume grew by 72%.

$7,351,373,909 worth of real estate sold*
*sales volume

“Oakwyn was founded to create positive change. Positive change for the people we work with and to improve the real estate industry,” said Arlene Chiang. All of this growth has landed Oakwyn on The Globe and Mail’s Top Growing Companies List in Canada for the second year in a row.

Oakwyn’s Award Winners

The Sales Kickoff had awards presented by Managing Brokers Joe Lloyd for Sales Achievement, Michelle Adams for Sales Excellence, Eric Grant for Top Producer, and Arlene Chiang for The O Award.

This year we were proud to have multiple O Award winners including, Jenny Wun, Jessica Chen, Matt Pozer, Mike Stewart, Pete Shpak, Steve Saretsky, and Vivian Yu. We are so proud of the diversity in these winners and for the Work Hard Stay Humble philosophy which make these agents industry leaders.

Presented by former Rookie of the Year, Ranj Khakh, this award is given to the highest-earning agent in their first calendar year. Congratulations Niki Snow, Rookie of the Year 2021!

Presented by Steve Forlin, the Breakout Agent is awarded to the agent that generated the largest earnings increase from the previous year. Congratulations Erik Carlson, Breakout Agent 2021!

Presented by Sandy Gibson, the Oakwynite of the Year award is given to the Oakwynite who best embodies company culture and values. Congratulations Jacqueline Adler, Oakwynite of the Year 2021!

A huge congratulations to all the award winners this year!

Niki Snow

Erik Carlson

Jackie Adler

Our Year of Evolution

The theme of the year for 2022 is Evolve, selected for its powers of elevation and growth. Evolving is about continuing to learn and improve as a brokerage, and to continue to level up the work we are doing collectively and as individuals.

“Oakwyn will evolve in 2022 to learn from our mistakes and make things better. We are going to evolve by putting our best efforts into our people, to serve you better. We are going to evolve to be the best brokerage that we can be and instill positive change in the real estate industry”

Arlene Chiang

Arlene Chiang - Oakwyn Realty

“As a company, as individuals, we need to evolve and get uncomfortable. Taking a hard look at ourselves, with an honest approach. It’s pushing to grow and to become a new form of yourself.”

Michael Uy

Michael Uy - Oakwyn Realty

“Oakwyn will evolve in 2022 by staying relevant, pushing boundaries, and really focusing on how we can be better as a company and fulfill what we are set out to do. Which is to create something new and drive and embrace that change that everyone here is looking for”

Morgan Browne

Morgan Browne

Evolve at Work

In order to continue to evolve, Morgan Browne and Arlene set our agents the following challenges:

“Oakwynites can evolve in their business in 2022 by really expanding themselves. Having the faith to really evolve in their business but also personally and professionally, but also creating something that is new. Evolving is all about being your better self but it’s also about taking some risks and being really honest with yourself on how you can do that.”Morgan Browne

“I challenge you to be the best version of yourself. Oprah Winfrey said the whole purpose in life is to evolve into the person that you were meant to be and I can’t wait to see what that looks like.”Arlene Chiang

Welcome to our Evolution of 2022

Congratulations again to this year’s award winners. We are so proud of everyone’s collective efforts.

To keep up with our year of evolution, visit our website, or follow us on Instagram.


Episode 102: Introducing the Oakwyn Presale Advantage

An OG Oakwynite, Andrew Wan, joins co-hosts Michael Uy & Morgan Browne on this week’s episode and discusses his career in the presale industry. With his wealth of experience in presale transactions and establishing relationships with developers, Andrew will be using his expertise as Oakwyn’s new Director of Business Development! Tune in to learn more about his role and how he can help you get exclusive deals in upcoming developments through the Oakwyn Presale Advantage.

 


Episode 101: Evolve

This week’s mini-episode is all about 2022’s Theme of the Year! After commemorating the success of our Oakwynites at our awards event, Oakwyn Sales Kick Off, co-hosts Michael Uy & Morgan Browne discuss what the Theme of the Year, Evolve, means to them and how you can best practice ‘evolving’ personally & professionally.