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Canadians dreaming of homeownership face several obstacles, but those haven’t shaken their desire to own a home, according to the latest consumer survey by Mortgage Professionals Canada (MPC).
The survey’s findings acknowledge that the path to homeownership isn’t always an easy one. Out of a list of major life decisions, home buying ranks as the second-most stressful (behind moving to another city).
However, for those who already own a home, 90% are happy with their purchase, while those considering homeownership see positive long-term financial benefits. An overwhelming majority (76%) believe that they would be financially better off as a homeowner vs. just 8% who feel that they would be better off as a renter.
“Buying a home is complicated and challenging and stressful. Yet we still buy homes. We do it because we believe that it will make us better off than if we rent,” said Will Dunning, MPC’s chief economist and the report’s author. “In most situations, owning a home provides a positive (and tax-free) rate of return on the owner’s investment of equity, and that rate of return rises over time.”
Among the respondents, 72% (7.16 out of 10) agree that housing is a good long-term investment, while 70% (6.99 out of 10) agree that mortgages are “good debt.”
Paul Taylor, MPC’s president and CEO, said that the association has learned much about the resilience of Canadian homebuyers through its past surveys, according to Canadian Mortgage Trends.
“We’ve learned that Canadians are generally very prudent and considerate with their financial decisions,” Taylor said.
