Do you have a plan in place to capitalize on the increasing migration of wealth out of China? Is your brokerage ready to assist Asian millionaires looking for luxury homes in your market?
Thanks to a stumbling economy in China, lack of growth, unhealthy living conditions, and general concerns for their families’ future, there has been an increase in affluent buyers from China purchasing real estate in Canada and the United States. As per the chart to the right – 43% of Asian Pacific migrants have identified North America as their land of opportunity. They’ve gone so far as to move nearly $1 trillion collectively over the past year.
In Canada, the ratio of average housing prices compared to average incomes, along with the benchmark price for detached homes, shows external purchasers are much wealthier than domestic residents. With many investing in foreign real estate, we are beginning to see severe home price inflation in Sydney, London, San Francisco, Los Angeles, Singapore and more.
At RE/MAX, we have taken important steps in supporting our Chinese-speaking agents, and to market our listings to Chinese buyers and investors. Aside from Global.remax.com that is home to over 700,000 global listings and receives over 2 million visits per month; RE/MAX is the first real estate brand to support the Chinese community through WeChat. Having already launched in Canada (US coverage being rolled out), agents have the ability to advertise their listings in the world’s most popular languages including simplified and traditional Chinese. RE/MAX also has the ability to share content ensuring agents and subscribers stay up to date on the latest real estate news and information.