The housing market may have experienced some ups and downs this year, but the spirits of potential first-time homebuyers across Canada remain strong. In Genworth's recent First Time Homebuyer Monitor, they found that 84 per cent of those surveyed said that owning a home goes beyond its financial value and feel that homeownership pays off in more ways than one.
The study measured both the financial and psychological factors of homeownership – providing the following insights into the link between homeownership and personal fulfillment:
- 84 per cent agree with the statement, ‘Owning a home provides a greater sense of emotional well-being and security’.
- 85 per cent believe that even though homeownership may mean more work and effort, they’d rather own than rent.
- 88 per cent say they would feel more financially secure owning their own home.
The national survey of 2,521 Canadians was conducted between April 24 and May 4. Access Genworth Financial Canada First-Time Homebuyer’s Monitor for full details.
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