For many Canadians, their finances, and the dream of homeownership are intrinsically linked. As community leaders and home experts, REALTORS® are uniquely positioned to raise awareness about the financial choices and options available to future and current home buyers.
In honour of this year’s Financial Literacy Month, hosted by the Financial Consumer Agency of Canada (FCAC), here’s a few things you can do or share with your clients to educate them on the importance of talking about money.
Sharing information about budgeting
Regardless of financial situation, budgeting is one of the most important things hopeful home buyers must get a handle on before taking such a big step. Consider sharing information about budgeting on channels that can reach prospective clients as well as current ones, such as social media, newsletters, blogs, or podcasts.
FCAC has also put together a comprehensive guide to help people living in Canada create and stick to a budget. Their guide accounts for several situations, such as age, work status, budget goal, and marital status. You could even consider co-hosting a free event with other professionals related to homeownership to talk with community members about the role of budgeting.
Stay positive, but realistic
For many Canadians, especially younger generations, the dream of homeownership is out of reach. So when talking about money with clients, strategies for saving, and how to go about securing the financing required to purchase a home, it’s important to keep empathy at the forefront. Positively communicate the options available to home buyers they may not be aware of, while also understanding that those options may not be enough for some.
REALTOR.ca’s Living Room blog, which publishes multiple blogs each month on all things real estate, has put together an article highlighting information you can share with your clients looking to save to buy a home.
Mortgage calculators
Raising awareness about mortgage calculators and how they operate can help prospective home buyers better understand their position and how it may change over time. REALTOR.ca, Canada’s No. 1 real estate platform*, offers four mortgage calculators to help your clients get a better idea of what they may be able to afford.
Keep talking
Talking about finances shouldn’t end with Financial Literacy Month. To make the greatest impact we recommend taking this message and continuing to promote it year-round. We know with increased financial literacy, Canadians are better equipped to understand all things that go into the home buying process.
*Based on market share. Market share = web and mobile traffic to Canadian real estate websites on average per month, ComScore, 2023
The article above is for information purposes and is not financial or legal advice or a substitute for financial or legal counsel.
