For many Canadian, renting is simply a means to an end option; and while the rental market is strong, it is generally filled with temporary dwellers – students, saving-for-home types, and those in various other forms of transition.
What most of us really aspire to is a patch of land, with our name on the deed.
Why do so many Canadians share the similar goal of home ownership?
Ranging from financial stability to a need for independence, the 4 most common explanations fall under these categories:
Rite of Passage
For many people, owning a home is a part of adult hood. It symbolizes independence and freedom. It’s where you set the rules, make the decisions, and take responsibility.
Tangible Assets are Desirable
There are many options for Canadians to invest their income in. Stock markets, business ventures, bonds, GICs, etc., but a house is a tangible asset that is more than just a number on a computer screen. It is an investment that owners can nurture over time.
If a purchaser buys a house and mortgages it for 25 years, 300 monthly payments later they own a valuable asset debt free. Over the years it has been near impossible to find a better way to build a nest egg. The rate of appreciation on real-estate and the healthy economic climate across Canada has greatly encouraged this form of savings.
While the real-estate market tends to fluctuate, the value of property climbs steadily, except in extenuating circumstances. As the population in most parts of the country rises, the demand for property continues to increase.
Home ownership is what many Canadians strive for
It’s a dream, an ambition, and an end goal. Owning a home gives a feeling akin to “making it”. At Pillar, we want to help Canadians reach that ambition. With our common-sense approach, Pillar underwriters listen to the full-story and verify information to get the deal done.