For many in China, Chinese New Year means travelling abroad and buying a new home.
That’s according to a survey by Juwai, a company that markets overseas properties to Chinese buyers.
CEO Charles Pittar says 26 per cent of respondents say they plan to travel, nearly half say they’ll hunt for property.
READ MORE: B.C. foreign buyers tax kicks in
And 57 per cent say they plan to buy a home in the country they are visiting.
“There’s really quite a strong correlation between where the Chinese travel on holidays and where they look for real estate and potentially where they ultimately buy.”
The question is: Will potential buyers be flocking to Vancouver?
“Demand for Vancouver started to drop a little bit around the July time frame. But since the tax has been implemented, the number of inquiries that we received in our platform in China has gone down significantly. It went down 70 per cent in August and it’s dropped about 30% every month since.”
Last August the province brought in a foreign buyers tax to cool down the regions housing market.
Pittar says many Chinese buyers are now looking elsewhere.
Hot spots include Toronto, Calgary, Seattle and Australia.
The survey also says 53 per cent of Canadian agents expect this Chinese New year to be busier than 2016.