Vancouver Real Estate publication launches Chinese edition
Last week, the Vancouver-based Real Estate Weekly Newspaper, Canada’s leading residential real estate publication since 1978, announced the launch of its long-awaited Chinese language edition. “When it comes to real estate, we speak your language,” their headline read. In addition to thousands of property listings, Real Estate Weekly presents news and information from Vancouver’s absurd housing market.
Clearly the launch of a Chinese edition of the publication is a savvy move. Last March, Business in Vancouver published an article quoting realtor Edith Chan who stated, “Nowadays, I tell you, when you open the door selling a house, 99% it’s Chinese.” Aside from an estimated 30% of residents in the Lower Mainland, the majority of off-shore buyers of Vancouver real estate are also Chinese. It would stand to reason, then, that a large real estate publication would do well by publishing an edition to cater to this growing demographic (as well as realtors and developers who want to market to them). Back in the Business in Vancouver article Jeff Hancock from the market research firm MPC Intelligence Inc. says, “it’s clear that Chinese money is what’s driving sales.”
Time will tell. The market has slowed over the summer months (typical) and fall and winter are usually not hot selling seasons. I think next spring we will see if we move into a more regular (and I use the term loosely) state of affairs. If the money and interest continues to flow from mainland China, perhaps Vancouver real estate will remain internationally hot and prices will still remain sky-high…and the Real Estate Weekly will have some of the most desirable advertising spots available for Lower Mainland realtors and developers to showcase their properties.
Well played, on their part, I say. What are your thoughts?
This is not surprising but it is disappointing. Our chickens are coming home to roost and there are LOTS of them, so move over.
The lower mainland housing market is in the process of tanking. Any $$ we can squeeze out of potential Chinese buyers to prop up the market should be welcome. Any cash infusion which prolongs the inevitable (until sane homeowners can cash out) is a good thing.