Chinese Home Buyers

Chinese home buyers used to count for around 80-90% of some areas in Oakville before the Ontario Fair Housing Plan was announced in April 2017, after that, the percentage of Chinese buyers has dropped, but the interests to the Oakville real estate from the Chinese home buyers still remain strong because of Oakville’s high ranking schools, beautiful streets and amenities. As per 2018 stats, Chinese buyers still account for around 30-60% of all the buyers in Oakville depending on the neighborhoods, when you are thinking of selling your home, it would be a great advantage for you to have different things the Chinese home buyers are looking for in mind, and build those into your marketing planning when we’re pitching to Chinese home buyers.

 

There are thousands of WeChat groups, they gather information and find opinions of others through all kinds of those groups, they post, exchange, and discuss different topics including Real Estate through those groups and also circulate hot topics, and news through the WeChat moments from their connections. It’s very difficult for local Canadians to tap into these social media communities because of language and culture barriers.

 

Some NAR members made attempts to tap into the Chinese market by putting conventional ads in Chinese real estate magazines and newspapers, but because not many Chinese are reading traditional paper media these days thus the responses to those ads can be very limited.

 

Education or schooling is one of the most vital factors that most Chinese buyers would take into consideration when picking which area or location to buy a home, they would often refer to the Fraser schooling ranking and rating for both the high schools and elementary schools in your area, or they get those information their Chinese real estate agents. The areas with more consistent top-ranking schools are the hotter areas the Chinese buyers showing more interest, they call these areas Xue Qu Fang ( Superior School Zone Homes).

 

A change of the school ranking could affect the demand of a neighborhood significantly. For certain areas with schools ranking fluctuate significantly, if you are thinking about selling sooner or later, it might be a good decision to sell when the ranking is high before that changes. As an example, Abbey Park High School was ranked No. 2 in 2018, but the year before it was at No. 42, the new No.2 ranking did make Glen Abbey as more demanding area for Chinese buyers.

 

According to avid believers, Feng Shui accounts for a third of luck. While feng shui remains a mysterious science that skeptics may scoff at, what’s undeniable is that many Chinese tend to abide by certain feng shui rules when it comes to buying property.

 

These factors can make or break a sale, so getting wise can make all the difference, and the developers are now seeing it as so important that they are designing projects with feng shui in mind.

 

As an example, a home located at the T-Shape roads called Lu Chong, a stairs facing the main entrance door is called Louti Chong, a lot of Chinese don’t like that. If your home happens to be like these, a certified Feng Shui specialist can do certain things to help remedy these Feng Shui issues, please feel free to contact your local multi-culture real estate expert Peter He at 647-7392618 for further assistance.

 

This may raise some eyebrows, but Chinese buyers have a propensity for the numbers 6, 8, and 9, sometimes they are willing to pay a bit more just for these house numbers. Considered a lucky number in Chinese culture, 6 (六; liù) in Mandarin sounds similar to the Chinese word for ‘flow’, thus 6 indicates ‘everything will run smoothly’. 8 – the luckiest number for Chinese – signifies prosperity and wealth, while 9 in Chinese is similar to the Chinese word for ‘longlasting’ and ‘permanence’. In short, the more 6, 8, or 9 is included in a house number or price, the better. A lot don't like the number four, because the Chinese pronunciation of 'four' sounds like the Mandarin word for ‘death’.

 

If your house number happens to end with 4, as an example, let’s say 2214, if there’s space allowed, you might be able to sell your home faster or even more money if you change your house number to 2216 or 2212 through the town which would only cost you a couple of hundred dollars. 

 

Owning a residential property outright in China is nigh impossible, as freehold property is practically unthinkable in China, where leases are only allowed for a maximum of 70 years. Therefore, the security of a long-term or freehold lease is something Chinese buyers dream of, particularly as many are investing for future generations.

 

An overseas property means many things to a Chinese investor, whereby status and "face" ( Mian’Zi) an important considerations. Put simply, a property in a well-known or auspicious location is a surefire way for the Chinese to convey success and wealth to their peers. With that in mind, make reference to local landmarks, history, or geography in your pitch, as this could help sway their buying decisions.

 

Good numbers for property investments don’t necessarily just mean an auspicious 8 or special 6 for their address; they also relate to property yields, as investment return is an equally important aspect that weighs heavily on Chinese buyers. To maximize the appeal of your property, factor in rental yields in comparison to $1 million can get one a lot more in Canada than it can in China – particularly in the major Chinese cities, where per sqm property prices are much higher, property features are less numerous, and living quarters are less spacious. It’s one of the reasons why overseas properties are so enticing for Chinese buyers. So remember to stress the value aspect of your property by highlighting features that a buyer from China might appreciate, e.g. gardens, garages, pools, storage, in-house facilities, and indoor garages even if they may seem commonplace to you.