Homeownership's Amazing Benefits

Homeownership brings with it a host of amazing benefits. It's the Canadian Dream for good reason. From health to wealth, it stands out as a great long-term investment, and that's why 70 percent of Canadian households are owner-occupied.

The Canadian Real Estate Association (CREA) knows a little something about how homeownership affects Canadian lives. And that's why they are getting the word out about why you should be a homeowner.

According to CREA:

  • Homeowners are happier and healthier and enjoy a greater feeling of control over their lives.

  • Homeowners pay 80% to 90% of federal income taxes, contributing to federal programs that benefit all Canadians.

  • Most homeowners enjoy stable housing costs—a fixed rate mortgage payment might not change for 15 or 30 years while rent typically increases 4% a year.

  • Children of homeowners are more likely to participate in organized activities and spend less time in front of the television.

  • People who own their own homes volunteer more and contribute more to their neighborhoods.

  • Home owners do not move as frequently as renters, providing more neighborhood stability. In turn, this stability helps reduce crime and supports neighborhood upkeep.

  • Children of home owners do better in school, stay in school longer.

Many economists have been touting a jobs recovery as the key to the housing recovery, but perhaps it is the other way around. Recent data indicates that housing makes up more than 15 percent of our Gross Domestic, and for every home purchased, up to $60,000 is pushed into the economy over time in improvements and furniture. Additionally, each home sale touches 80 different occupations!

According to the CREA, Canada needs jobs. Housing creates jobs. That's one of the many reasons home ownership matters to people, to communities, to Canada. Strong federal government support of home ownership equals strong support for Canadian jobs.