It's actually a good beer!
Posted on 06/15/2016 12:03:04 PM PDT by dennisw
In Victoria, B.C. it's all about the 'eights' — and it has everything to do with the city's red hot real estate scene. A house in the city's Fairfield neighbourhood has hit the market with a price tag of $888,888, a not-so-subtle attempt to lure potential Chinese buyers.
In Chinese culture the number eight is considered the luckiest number of all, and an indication of prosperity. "With many of the Vancouver people coming in it seems like the sellers especially are interested in doing whatever they can to attract all types of buyers," said ReMax realtor Daniel Clover. "Eight is a happy number for Chinese culture."
The number eight has been a factor in Vancouver real estate for years, not only in pricing but in property addresses as well. In a 2012 study titled Superstition in the Housing Market, UBC economics professor Nicole Fortin calculated that addresses in Vancouver that ended in the number eight sold at a 2.5 per cent premium.
And as Vancouver real estate trends ripple out to places like Victoria, the technique of using the number eight to market property is bound to gain in popularity. Clover says the $888,888 price tag on the Bushby Street house in Victoria is evidence of the power of eight in local real estate.
"We had 105 people through on our open house Saturday," he said. "We had 65 through on Sunday," Real estate sales in Victoria registered all-time highs in April.
Next month the province will start keeping track of the citizenship of home buyers for the first time since 1998.
It’s probably overpriced, and a more reasonable price would be $666,666. But that wouldn’t attract bidders, would it?
And why are so many Chinese buying homes in Canada and America??? In spite of free market reforms in China, are they wanting to move assets out of that country?
With those kinds of prices, I suspect that yes, they are moving monetary assets out but those are likely ill gotten monies......
My memory is vague these days but there was a long article here about some Chinese guy who was corrupt to the gills and found dead in his mansion.......
Oh, here it is.....
The Curious Story Of The Chinese Tycoon Found "Chopped Up Into 100 Pieces" In A Vancouver Mansion
Not a new story. Back in the 90s when Hong Kong was going to be returned to China, Chinese people were moving to Canada in such high numbers that the city was referred to as Hongcouver. Not to mention the dead Chinese immigrants. Out of fears that the Chinese government would not preserve cemeteries, many HK Chinese moved their dead relatives to graveyards here and in Canada.
We once looked at as hose whose address was 666. We passed. House was not that good anyway and I just had a bad feeling.
Those silly chinamen and their primitive superstitions.
“It’s just that demon life has got me in Feng Shui”
With apologies to the Rolling Stones.
Vancouver property prices are crazy. Like Santa Barbara or San Francisco crazy.
It's actually a good beer!
That would be beastly!
Cheers,
Jim
A tycoon no more! Great link and story thanks!
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