After more than a year of record-breaking home sales activity across the country, it’s clear, Canadians want a place of their own to call home.
And while most may be familiar with the financial benefits—homes provide a chance for owners to build equity and are a major source of wealth for millions of households across the country—they may not be as familiar with the non-financial benefits of homeownership. These include a wide array of civic, educational, health, and socio-cultural benefits to one’s family and the broader society.
Read more about the benefit of homeownership:
The benefits of homeownership extend across income levels, ages, and regions. In fact, the data and research prove many of these benefits are most pronounced for low- and middle-income households. Consider, for instance, that housing represents nearly 50% of the total net worth for Canadian households with incomes below $56,495.
CREA took a deep dive into the history, research and analysis of these benefits from sources across Canada, the United States, Europe, and elsewhere in the world in our recently released white paper, The Homeownership Dividend for Canadians.
Inside REAL Time Magazine’s Summer Edition
In this issue of REAL TIME, we take a closer look at this “homeownership dividend” as well as offer insights to you and your clients as you navigate today’s competitive real estate market.
This starts with your clients. It’s important to identify how you can help your clients can get into the market as well as move up. We’ve curated a number of articles to help your clients; from home staging to speed dating a property as well as debunking real estate myths and taking a closer look at the different options available from rental properties, to tiny homes to the pro and cons of buying in an urban versus rural community.
We also look at programs available to exclusively to first-time home buyers and we speak with the New Zealand Real Estate Authority to learn more about online auctions and how they could work in Canada.
The Canadian real estate market continues to break records. As of May 2021, sales broke a new record for the month with actual (not seasonally adjusted) transactions up 103.6% on a year-over-year basis. While this means more Canadians are seeing the value of homeownership, we need to make it clear, the benefits extend beyond the individual, creating a positive impact on the community as a whole.
While the real estate market might be calming down, for now, it could very heat up as more Canadians get vaccinated used to the “new normal”. In the meantime, check out the latest issue of REAL TIME to make the most of your time.
Have a comment or concern about REAL TIME magazine? Email Editor Michael Shaw.
