Why buy?
Two out of three Canadian families own a home – that's one
of the highest rates of home ownership in the world. And for
good reason.
It is also a good investment. With the
increase in house prices, it is all the more important for
first-time buyers to get a foot on the first rung of the
property ladder.
- Homeownership is the single
largest source of savings for Canadian households.
- Unlike other investments, which
can be quite volatile, the increase in the value of
homes is relatively steady. The average house price in
Canada has increased every year since 1998.
- The return on your investment in
your home can be substantial. In 2004, the average house
price in Canada rose to a record $227,210 – a 9%
increase in just one year and a 27% increase over four
years.
- Homeowners can use the equity in
their homes as security for other loans.
- Building equity in your first
home is the first step on the property ladder. It gets
you into the market, keeps you in touch with increasing
house prices, and puts you in a good position to trade
up to bigger and better houses as your circumstances
allow.
|
