March 8, 2013 — Perhaps you are feeling insecure about your knowledge of the financial results of homeownership. While homeownership could be a heavy source of equity over the long run, Canadians need to stay vigilant about their finances at this urgent decision point in their lives.
Houses are a major asset, and for most Canadians, represent the single largest financial investment of their lives – and most purchasers must finance their acquisition using some type of credit.
In a survey commissioned by The Canadian Real estate Organisation ( CREA ), Seventy percent of young Canadians between 18 and Twenty-nine indicated a "major need" for full information about the financial results of purchasing a home. This figure is very significant as many in this age group are on the cusp of purchasing a home for the 1st time, and need to make smart financial choices about their future. Purchasing a home is certain to be a big decision.
Representing 35,000 REALTORS, TREB recognizes members of organised property have an important part to play. We are homebuyers’ first line of contact, and as such, we need to continue using our information and expertise of the home purchasing process to empower Canadians to make informed financial choices.
REALTORS, and their national organisation CREA, have collaborated with the Finance Consumer Agency of Canada ( FCAC ) to develop and provide a resource for Canadians to help them more easily understand and navigate the home purchasing process. The Homebuyers’ Road Map* summarizes the finance sides of the home buying process as well as the importance of bargaining with banks and using government programs.
*The Homebuyers’ Road Map is available free on www.CREA.ca / resources.