In real estate markets with large numbers of Chinese clients, it is vital that agents understand the principals of Feng Shui.
More than eight out of 10 Chinese-Americans believe Feng Shui plays an important role in house selection and a third will not buy though an agent does not understand Feng Shui principles, according to data from the Asian Real Estate Association of America (AREAA) and Better Homes and Gardens Real Estate.
Leading Vancouver broker and real estate radio presenter, Tina Mak, tells OPP.Today that it is not just homes to which Feng Shui principles can be applied, but cities as well.
“If you believe in Feng Shui, I’ve been told by Feng Shui master who says Vancouver has the benefit of having good Feng Shui, with mountains at its back and water at its feet, together with its beautiful scenery, pristine air and receptiveness to foreigners. This great energy in our city draws many foreigners here from all over the world not just Asians.”
Feng means wind and Shui means water. In Chinese culture wind and water are associated with good health, so good Feng Shui can mean good fortune, while bad Feng Shui can lead to misfortune.
Feng Shui fortifies a home with positive energy known as chi… luck, money, positive energy, also affects owner’s health.
Feng Shui examines how the placement of things and objects within it affect the energy flow in the living environment, and how these objects interact with and influence a person’s personal energy flow. Everything has energy, even inanimate objects. Feng shui helps guide that energy and let it flow freely through the home.
Tina Mak, Founding President of Asian Real Estate Association of America and Vancouver Chapter International Committee Chair of AREAA National 2014-2015, says Feng Shui can be vital to Chinese buyers, particularly those in their 40s and 50s.
“It reflects and shapes most of the traditional Chinese cultural values, Chinese philosophy, Chinese culture. It is non-verbal and is believed to be responsible for determining health, prosperity, create harmony and good luck.
“It is extremely important to the X generation. Less to gen Y especially those who are second-plus generation. However, if parents pay for the purchase then Gen Y needs to listen and obey!”
For those who follow its principals it plays an important part in the choice of property. “No deal can be made if basic principal is not met,” she says.
Ms Mak’s says that for agents it is worth taking notice of Feng Shui it even if you don’t really believe in it and to be aware that Asians have different views of Feng Shui.
“This might affect the future sale if you believe the future buyer could be Asian. People from different parts of Asia have different belief system. Even the Northern and Southern part of China Chinese have a different view of Feng Shui. Filipino Chinese, Taiwanese, Thai Chinese etc. all have their own belief systems.”
The Vancouver property market, which has seen median prices reach xxx, is still in strong demand from investors, including those from Asia, says Ms Mak.
Residential property sales in Greater Vancouver totalled 2,519 in January 2016, up 31.7% year-on-year and 46% above the 10-year sales average for the month – the second highest January on record, according to the latest data from the Real Estate Board of Greater Vancouver.
“Asian sales are still going strong, but the local market and American sales are very strong as well. Therefore, the market in general is very hot. We can blame it on low interest rate but Vancouver has been getting most of the action.”