Mortgage News
The Value of Homeownership is Still Worth the Wait
According to a national survey commissioned by Genworth Canada, homebuyers are working harder and longer to save for a down payment and remain confident in the long-term benefits of buying a home.
Published
A recent Genworth Canada survey has revealed that an increasing number of Canadians see the value in home ownership, with many starting to work harder to save towards a down payment. The survey also revealed some positive statistics regarding Canadians' savings, and ability to pay down debt.
Some highlights of the survey:
- Nine out of ten people surveyed said that home ownership would give them a better sense of emotional well-being when compared to renting.
- Nine out of ten people indicated that although home ownership means a higher level of commitment and work, they would still rather own than rent.
- 38% said they were able to save in the past year, an increase from 2013.
- 51% pay their credit card in full each month.
- Financial literacy has also started to pick up, with an increasing number of respondants indicating they were taught finances in school.