Homeownership Revisited – Why It Makes Sense To Own A Home

According to the Financial Post, more than 70% of Canadian households now own their home.  Even young people have caught the housing bug. Statistics Canada says much of the increase in home ownership — the number was 68.4% in 2006 — has been from young people buying condos. 

House prices have continually increased over the last few decades resulting in some amazing gains for many homeowners. 

So what are the advantages of owning a home in Canada? 

1. Home ownership is the single largest source of savings for Canadian households. 

2. Your payments build equity (as opposed to renting, where your money goes to the building owner). 

3. Unlike other investments that can be volatile, when you buy a home the increase in its value is relatively steady. The average price of a house for sale on the Canadian real estate market has increased every year since 1998. 

4. The return on investment for a house can be substantial. In Canada, there has not been a recorded 10-year period where average house prices have not increased. 

5. Homeowners can use the equity in their homes as security for other loans. 

6. Buying a home and building equity is the first step on the property ladder. It gets you into the housing market, keeps you in touch with increasing house prices, and puts you in a good position to trade up to bigger and better homes as your circumstances allow. 

7. If the home is a principal residence, it can be sold without any capital gains tax. 

If you are contemplating buying a home, get in touch with us for some useful advice.  We can guide you within your budget and lifestyle. Call us on 604 913 1000, contact us  or follow us on Facebook.