Housing market in Vancouver is becoming stale news as high prices in the city is driving away investors and having less interest rate from home shoppers but perhaps the Chinese New Year might bring life again to the once vibrant Vancouver real estate market.
As Chinese all over the world celebrate their new year, Vancouver real estate market is optimistic that it will boost the market as there will be more Chinese visitors flying in the country to celebrate the holiday with friends and family members.
Celebrations are expected to commence on Friday with Chinese residents celebrating in all regions including in Vancouver.
Over the year’s Canada has seen a large number of Chinese flying to the country to celebrate with friends while some use the holiday as an opportunity to travel to other countries or places.
Data from 2016 shows that there were about six million Chinese leaving the shores of Canada to spend the holiday in other countries and it is no surprise that Chinese from other nations have also visited the country.
While a quarter of Chinese residents in Canada plan on traveling out of the country for the holiday with 42% of then intending to hunt for homes during the holiday, there have been an increase in Canadian properties by buyers that are planning to visit according to Juwai.com, a China-based website for international real estate.
Charles Pittar, CEO of Juwai.com also stated that, many vacationers have interest in the Vancouver real estate. Furthermore, Canada is the 5th top choice for most people planning on travelling over the holiday.
However in Vancouver, there will be a restrained growth rate as the 15% tax on foreign buyers will prevent many visitors form looking into the markets.