March 8, 2013 -- Perhaps you are feeling nervous about your understanding of the financial implications of homeownership.
Homes are a major asset, and for most Canadians, represent the single largest financial investment of their lives - and most purchasers must finance their purchase using some kind of credit. While homeownership could be a important source of equity over the long term, Canadians need to stay watchful about their finances at this imperative call point in their lives. This figure is especially suggestive as many in this age group are on the cusp of buying a home for the first time, and need to make smart financial decisions about their future.
In a recent survey commissioned by The Canadian Real estate Organisation ( CREA ), Seventy percent of young Canadians between Eighteen and 29 indicated a "major need" for the details about the financial implications of buying a home.
Many householders with locked-in rates may not feel the impact of market fluctuations until their mortgage comes due for renewal. Buying a home is certain to be a big decision. Whether or not it is your first time, or your 3rd or 4th home, it's a big investment that warrants careful fiscal planning and consideration. We are homebuyers' first line of contact, and as such, we want to continue using our information and experience of the home purchasing process to enfranchise Canadians to make sensible financial decisions.
Representing 35,000 REALTORS, TREB recognizes members of arranged property have a vital role to play.
REALTORS, and their nationwide organisation CREA, have collaborated with the Financial Buyer Agency of Canada ( FCAC ) to develop and provide a resource for Canadians to help them more easily understand and navigate the home purchasing process. The Homebuyers' Road Map* summarizes the financial facets of the home buying process as well as the importance of bargaining with lenders and utilizing govt programs. Our industry's target is to enfranchise Canadians with data, skills and confidence to make responsible financial decisions about homeownership, one of the most important financial and approach to life calls most will ever make.
*The Homebuyers' Road Map is available free of charge on www.CREA.ca / resources.
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