In according to a report conducted by CAAMP ("the Canada Association of Accredited Mortgage Professionals"), amount the 600,000 homes sold yearly in Canada, almost half of these sold were bought by homebuyers as their first home. This numbers tells to Canadians' interest in coming into the housing market and know the value of real estate and also how important to have a homeownership.
There's no question in respect of owing a home is one of the most rewarding things to consider. It enhances one's experiences in both emotional and financial. On the other hand, nothing comes easy.
In the aforesaid report, CAAMP asked those first time home purchasers why they bought their properties. Half of them said that they do not want to rent anymore. Other reasons, including change of life style or improved in financial and built financial security.
Over the years, real estate (both self use and investment) actually pay off in a long run. While no one can 100% sure what is the value of your home in the next 20 years, nonetheless, when you take a look of the house that your parents own and the current market value of this same house, it speaks period. And there is no other method can allows you to purchase something, to use it and sell it for a profit. One most important is, you do not pay income tax when you sell (unless that is your pure investment). In layman words, one does not pay tax when he who sells his own residency.
Home ownership is a way to create saving and that equity is how many local Canadians can afford to move up into their dream home.
By now while the rates are still low and the pickings are plentiful.