Asian parents find purchasing a home for their children studying in B. C. makes sense.
Many parents find purchasing a home for students makes sense
Since 2009, it has become evident the Vancouver real estate market saw dramatic increases in the number of multi- million dollar properties sold to Chinese buyers and investors.
With an increase in immigration since 2010, the urban real estate properties in the Greater Vancouver area naturally becomes the “hot” region in the market. As Vancouver has once again been ranked as the world’s best city to reside in, the rate of foreign investment in the Vancouver real estate is climbing up another steep slope.
Experts claim that the Chinese Mainland buyers and investors will continue to seek for overseas investment opportunities, in Vancouver. The idea of overseas investment in real estate properties have become a rather trendy behaviour for the Chinese, and will most definitely push the demands in Vancouver’s real estate market up to new heights in the coming year of 2012.
As the rate of economical growth continues to increase at an unbelievable rate, many Chinese parents from Mainland China, Taiwan and other regions are sending their children to study overseas in Canada – and one of the most popular destinations is Vancouver.
To reduce trouble with housing and settlement, many Chinese parents have chosen to purchase properties in the city and surrounding areas in providing a stable home for the children to settle while acquiring their degrees overseas. As it is more cost efficient to purchase a property rather than renting, and considering the long term returns of the investment, purchasing properties in Vancouver become high on demand. Some with sharp business minds have chosen to rent out portions of the space to obtain a fixed amount of monthly income, all while still profi ting from the long term appreciation of Vancouver’s real estate properties.
Many Chinese hold the belief that the role of Feng shui, which is most closely associated with the physical geography of the property, can have signifi cant impact on one’s healthy, finance and relationships with others.
The importance of Feng shui has long been highly valued by the Chinese, and thus most definitely plays a crucial role in investment in real estate. The most commonly observed example is the influence of the situation of a property. It is widely believed that if the property is in “good Feng shui” if it sits at the north, and faces the south. This single belief alone, have put some properties with the above characteristics in better pricing range than those that do not. However, as much as Feng shui is a well respected practice by many Chinese immigrants and potential home buyers and investors, there are always those “intelligent” ones that seek to obtain the optimal economic value from their investment in Vancouver’s real estate.
As Chinese favours the practice of networking in a private manner, it puts many Chinese realtors, insurance brokers and mortgage consultants in demand, for it is much easier to make personal references. The power of “the word of mouth” cannot be overlooked when it comes to dealing with Chinese buyers and investors, who in most cases, are not too familiar with the English language and the city. As a result, a growing demand for well- reputed mandarin speaking realtors and industry professionals in this field is likely to be put in greater demand for the upcoming year in 2012.