In this week’s episode, co-hosts Michael Uy and Morgan Browne discuss the recently announced 2022 Federal Budget, particularly “Making Housing More Affordable.” Tune in to hear the highlights and their opinions on how this will affect the real estate market. If you’d like to view the budget, check it out here: https://www.budget.gc.ca/
by Oakwyn Realty
Starting to feel overwhelmed or overworked lately? Take a break and tune into this week’s episode to hear some tips from co-hosts Michael Uy & Morgan Browne on how to deal with burnout and recharging.
In this week’s episode, listen in on what’s going on in the lives of our co-hosts, Michael & Morgan. From home renos to keeping positive thoughts and vibes, chill out with us with a refreshing drink and some corn nuts!
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!
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.
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.
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%.
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.
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.
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!
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”.
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.
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.
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.
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.
“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.
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’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.
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.
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.
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.