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's a great investment. And with increasing house prices over the long-run, it's all the more important for first-time buyers to get a foot on the first rung of the property ladder.
Did you know that...
• 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.
• 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.
Want to know more about the first-time homebuyers market? Here is a clip taken from the Vancouver Luxury Realty First-time Homebuyers' Report. It's a great source of information about trends and activity in major markets across Canada.