Lorenda Simms
Personal Real Estate Corporation

Sutton Group - West Coast Realty

Office 250-479-3333

Cell 250-217-5787

Email: lorendasimms@gmail.com

When it comes to investment properties, there’s a lot to take into consideration. Aside from the financial and tax responsibilities, finding an investment property that makes sense for your situation requires some serious soul-searching.


It’s best to take a look at some of the pros and cons before getting into the market, as each type comes with its own set. However, there are some pros and cons that apply to every type of investment property. One pro, of course, is you’ll have a second income—always a plus. The biggest con for any investment property is you’re not guaranteed to have tenants at all times, which means that second income may not be consistent. As the landlord you’re also on the hook for any repairs or issues that need to be dealt with.


Let’s walk through some of the other pros and cons of the most common investment properties to see which one suits you best.


Duplexes
Duplexes are popular choices for investors looking to be close to their property—really close. They can also be great family investments, allowing different generations to live under the same roof but with private dwelling spaces. There are additional tax deductions available to you as well when you live on the property! Typically, work done to common spaces such as your yard, roof, or adjoining wall can be written off at 50% if the duplex is owner-occupied. Some people also consider the proximity to your investment to be a pro. If issues arise you can deal with them in a timely manner, plus you can keep an eye on how your tenants are treating the space. If you’re not living in the space and are instead choosing to rent out each portion of the duplex, the biggest advantage is collecting that additional rent.


On the flip side, duplexes can be more expensive to purchase, which puts you at a bigger risk if you can’t find tenants. It can also be harder in general to find tenants for duplexes, as more and more people are looking for privacy and larger spaces. Living attached to your tenants, albeit in a designated space, can also be a bit strange depending on who they are. If you’re not choosing to live in the duplex, you’ll have double the tenants to find—and double the repairs to deal with.


Single family homes
Over the last 18 months, single-family homes have been in demand as buying trends have changed. With an increase in working and schooling from home, the need for space has become paramount. Because of this shift, single-family homes could potentially be more attractive as investment properties.


Let’s start with the pros! In comparison to a full duplex, single-family homes are typically less expensive (depending on the home), which could see higher gains in your net income. Plus, the market for single-family homes is hot right now, meaning if you need or want to sell your property you’ll likely have an easier time doing so. From a rental perspective, single-family homes tend to attract longer-term tenants, providing a sense of stability to your financial situation.


In terms of cons, there’s one big one that stands out. Owning a single-family home as an investment property means a lower return on investment the longer it sits vacant. The costs to maintain a single-family home can be higher, and when the house sits empty those costs can quickly add up.


Pre-construction
With new developments popping up all over the country, buying pre-construction properties (either homes, condos, or apartments) can seem enticing. It’s easy to find the big pros for this type of investment. The customization allows you to create a space potential renters will find appealing. When you choose fixtures and finishes for a new construction home, you can find options that are agreeable to most people without breaking the bank. Plus, newer builds are more attractive to renters since they know things are in good working order and there likely won’t be any repairs needed in the near future.


That being said, pre-construction comes with a unique set of cons some people just don’t want to deal with. These cons can really be summed up into two words: the unknown. Your build could be unexpectedly delayed, leaving you to navigate these financial waters without additional income. Your down payment could be up to 30% up front for a new build, and it may not be complete for up to two years, which means you’ll be waiting a while to recoup that money as well as start making any profits. You should always consider the type of tenant you’re looking for (students, young professionals, growing families, etc.) so you can assess and align the property and neighbourhood with what they’ll need and want.


Basement apartments
Basement apartments have come a long way in the last 10 years or so! They can be spacious, private, cost-effective, exactly what young professionals are looking for as they save to buy their own home. Having a basement apartment in your home shares a lot of the same pros (and cons!) as duplexes. They help pay the mortgage of the home you’re in and you can write off a lot of the repairs since the space is owner-occupied. But it also means you’re living in the same home as your tenants and you lose a portion of your home.


There are two additional cons to consider when it comes to basement apartments, though. The biggest one comes if you’re adding a basement apartment to your home vs. buying a home that already has one built. Adding a basement apartment requires money up front to ensure the space is up to code, not to mention any regional requirements (i.e. permits, inspections). You also have to consider things like parking for your tenants, how they’ll get into their portion of the home, etc. When it comes time to sell your home, not having a “typical” basement could affect your resale value. You eliminate the group of people who aren’t looking to purchase an investment property, which could make the home harder to sell.


Something to consider when it comes to basement apartments is actually living in it yourself! I got my start in real estate by purchasing a home with a basement apartment and renting out the main floor while I lived in the basement apartment. I was able to charge a higher rent, allowing me to pay off the mortgage more quickly and ultimately make my way up the real estate ladder. If you’re going to purchase a home with a basement apartment, or are considering adding one to your current home, I really do recommend living in the basement portion yourself if possible!


Identifying risk factors
As with any investment, you need to identify the potential risks. There are four main risks to consider before purchasing an investment property.


Financial

You need to spend money to make money, but owning an investment property does come with some financial risks. If you can’t find tenants for an extended period of time, you’ll need to cover the mortgage out of your primary income, which may leave things a little tight.


Property location

Do some research on the neighbourhood to see if there’s a high demand for rentals in the area. If not, you may struggle to find people willing to commit to a lease. It’s also a good idea to ask a REALTOR® about the projected evolution of the neighbourhood. If it’s an up-and-coming spot, you may find yourself getting a great deal! Other things to consider include transit access, proximity to schools and daycare, nearby amenities, and access to the highway.


Age of the property

Older homes can be appealing for a vintage look, but they may end up causing you more issues than they’re worth. Homes over a certain age will likely need more frequent (and more expensive) repairs, which will ultimately cut into your profits.


The real estate market

No matter when you buy, this will always be an important thing to consider. The real estate market is unpredictable, which means any time you enter the market there are a lot of factors to consider. However, when you’re buying an investment property, you really want to be sure you’re getting a good deal so your profit margins can be higher. You’ll need to look at it as a longer-term investment and consider how it will affect you over a course of years, not months.


Investment properties can be a great way to earn a secondary income while getting yourself onto the property ladder. There are plenty of different property types you can find, each with their own set of pros and cons, but one thing remains constant: owning an investment property is a commitment! It’s not something you can do on a whim, which is why doing your research is the most important first step you can take.


*The information above is for informational purposes only and should not be used as investment or financial advice.



Source: https://www.realtor.ca/blog/different-types-of-investment-properties-and-what-to-consider/21898/1362

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We know the thought of buying your dream home is exciting, and you’ve probably spent a lot of time thinking about what you can afford. Before you get too far into the house hunting process, make sure you’ve factored closing costs into your budget. These are upfront transactional expenses you’ll need to pay to finalize the buying process, above and beyond your down payment. Depending on how much your property costs, these fees can add up to thousands of dollars. Here’s what you can expect to spend before being handed the keys.


What are closing costs?
Closing costs refer to the legal and administrative fees you’re required to pay leading up to when your house closes. These charges include your mortgage broker’s fee, real estate appraisals and commissions, lawyer’s fees, and title insurance. Generally, closing costs range from 1.5% to 4% of the purchase price. Most of these costs can’t be rolled into your mortgage, so it’s important to save for them in advance.


What types of expenses are considered a closing cost?
Below are a list of the expenses included in most closing costs:


Land transfer tax
All provinces–except Alberta and Saskatchewan–charge a land transfer tax (LTT), which is a provincial or municipal tax based on a percentage of your property value. This one-time fee only applies to resale homes, not new construction, and is payable on closing day.


The amount varies depending on where you live, ranging between 0.5% and 2.5% of your purchase price. Consider using an online calculator and entering the purchase price of your home. The closing costs for a home in Halifax will be different than one in Toronto.


To help offset this cost, Ontario, British Columbia, Prince Edward Island, and the City of Toronto offer land transfer tax rebates for first-time home buyers. In Toronto, however, you’re required to pay both Ontario land transfer tax (OLTT) and Toronto land transfer tax (TLTT), which are calculated on the purchase price.


Land survey fee
It’s important to know your property boundaries, so most lenders require home buyers do a land survey if the current owners don’t have a recent one available. It can cost between $750 and $2,000 to get a survey certificate detailing the property lines.


Mortgage default insurance fees
If you plan to put down less than 20% on your down payment, you’ll need to obtain and pay CMHC insurance. This cost, which can be rolled into your monthly mortgage payments or paid upon closing, is meant to protect the lender if you default on your payments. And for homeowners in Quebec, Ontario, or Manitoba, you’ll pay provincial sales tax on your mortgage insurance fee. Remember, if you lump in this fee with your mortgage, you’ll be charged interest on it as well.


Legal fees
You’ll need to hire a lawyer or notary once you’ve signed the Offer to Purchase. Your legal team will protect your rights by doing a title search, getting title insurance proving you’re the legal owner, preparing and filing the mortgage paperwork, registering the transfer of property, and making sure the transaction goes through without a hitch. Expect to pay anywhere between $500 and $2,000 depending on where you live and what you require. Many lenders also require you purchase title insurance–available from your notary or lawyer at about $200 to $300–that protects against losses in case there’s a property ownership dispute.


Property insurance
You must have property insurance in place by closing day, which insures your house against fire, or major damage for an amount that matches the value of the home. Costs vary depending on the type of coverage you purchase, so be sure to shop around before you purchase your policy.


Adjustment fees
You’ll likely owe a portion of the utilities, property taxes, and other bills for the property, which will be reimbursed to the previous owner of your home. These are calculated by your notary or lawyer, and they’re based on your closing date within a given monthly payment cycle. You’ll also owe the interest on whatever gap there is between your closing date and your first mortgage payment date.


How much can homeowners expect to spend on closing costs?
Some experts recommend saving three to four per cent of your home’s purchase price to put toward closing costs. So if you buy a $400,000 home, set aside at least $12,000 to $16,000 to cover fees. Keep in mind, the costs mentioned above aren’t the only ones you might encounter. Other costs include prepaid utilities, a home inspection, your deposit, testing septic tanks or wells in rural areas, your appraisal fee, and more.


Your REALTOR® can help guide you through the entire buying process, including what you need to pay in advance. Then, on closing day, you’ll finally get the keys and legal possession of your new house. Now, you can pack up and get ready to move!



Source: https://www.creacafe.ca/closing-costs-what-buyers-need-to-know/

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If you’re on the hunt for a first home, or even settling in, you’re likely bracing for the inevitability of paying property taxes. You probably saw the annual property taxes displayed on REALTOR.ca property listings, and might be wondering who sets these rates, what purpose property taxes serve, and how tax rates are determined.
 
Fortunately, you’re in the right place! Let’s put the magnifier on property tax assessments across Canada. 
 
What is property tax?
Property tax is paid by landowners and funds municipalities’ public services, such as emergency services (fire, police, and paramedic), public schools, parks and trails, as well as road and sewer maintenance. The property tax is set based on the percentage of the market value of a given property, whether it be residential, commercial, industrial, or farm, and is paid to your municipality or regional municipality.
 
Can I be exempt from property tax?
Some properties and owners may be exempt from paying this tax, including religious buildings, low-income households, and any federal or provincial property. Municipalities set these rules, so it’s best to consult your local municipality for more details on exemptions and eligibility.
 
How is property tax calculated?
Property tax is determined by multiplying the value of a property by the base municipal and education taxation rate. These rates are set according to the type and use of a property by elected officials based on the city’s budget. They’re also determined by how much revenue comes from services, fines, and provincial transfers. Property values are determined with regular property tax assessments. 
 
For instance, if you owned a property valued at $300,000 and the combined municipal and education tax rate is 1.13%, your annual balance would be: $3,390. 
 
Your municipality will make the information in your tax statements as clear as possible so you know exactly what makes up your property tax. Some charges like waste removal or rural stormwater drainage (ditches) may show up as a flat fee, depending on your municipality or property location.
 
Your municipality will also give a detailed breakdown of how your tax dollars are being distributed between things such as emergency services, library services, roads and traffic, etc. Understandably, rates differ broadly across Canadian municipalities based on the types of properties, and density. 
 
What is a property assessment?
Property assessments are required to determine the value of your property, which then factors into how much your property tax will be. Keep in mind, property assessments are different from a home inspection or appraisal. A property assessment is the process of determining the value of a property based on the open market sale averages of other properties in the surrounding area. In the case of residential properties, the location (neighbourhood), size of the lot, building type, size, age, and the building materials used, plus any updates or additions, are taken into account to determine value.
 
Why are property assessments necessary?
Since all properties are different, assessments are necessary to ensure everyone pays a fair share based on the value of their property and how said property is being used. First, property values change over time, either appreciating or depreciating in value, depending on real estate market trends in those areas. Secondly, population sizes change when urban and suburban centres expand with new construction. Property assessments also play a part in determining taxation rates. If property values increase more in comparison to the municipality’s budgetary needs, a tax rate reduction may result.
 
Who assesses properties, and how often?
Assessments are handled differently in each province and territory and are conducted by either the municipalities, a specific branch of the provincial government, or by independent organizations commissioned by provinces and/or municipalities. Assessment intervals also differ from province to province. 
 
For instance, in British Columbia, BC Assessment was formed to assess all properties annually in the province. Ontario has a similar organization, MPAC (Municipal Property Assessment Corporation), a non-profit corporation whose members are made up of Ontario municipalities, and who conduct assessments every four years. 
 
To dig a little deeper into assessments for your specific province, check out the links below.
 
Quebec (Consult your municipal website for more information.)
 
What can I do if I don’t agree with my assessment?
Since assessments are applied based on averages for your area, it’s possible your property could end up valued higher than it should. Factors such as volume of sales, final selling price, volume of building upgrades or additions, or even densification can increase the perceived value of your home in an assessment. If, for instance, you have been living in your home for a long time without making updates, you can appeal your assessment if you feel it’s too high.
 
The appeal process differs based on your province. You can request a reassessment in the province or territory where you own property, but if the reassessment maintains the value you believe to be incorrect, then you can submit an appeal. 
 
By now your head may be spinning with all this new information, and that’s OK! Now, you’re better equipped to tackle this important aspect of homeownership. Plus, you’re making a positive impact by supporting the important services to keep your community safe, clean, and a great place to call home. 
 
 
Source: https://www.realtor.ca/blog/understanding-property-tax-and-assessments-in-canada/20612/1362
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With extended lockdowns, schools and offices shuttered, as well as many of our favourite amenities closed for long stretches due to the COVID-19 pandemic, Canadians have been spending a lot more time at home this past year. This has caused some buyers to reevaluate what they’re looking for in a home, including a desire for additional living space, whether it was in search of a dedicated home workspace or simply a larger backyard.


As provinces and territories continue to roll out vaccines and reopening plans move forward, it’s worth considering if the desire and demand for larger homes will persist as the pandemic recedes, and how the need for roomier residences has impacted markets across the country.


Today, we speak with Keith Stewart, Economist with the Real Estate Board of Greater Vancouver’s economist, and Shaun Cathcart, Director and Senior Economist, Housing Data and Market Analysis at the Canadian Real Estate Association (CREA), who share their thoughts on the future of this trend. 



Why did people start buying larger homes in the first place?


Buyers during the COVID-19 pandemic have gone out hunting for bigger homes for a few reasons, including millennials who are starting families to form households of their own, changing home feature needs, and a boost in spending power for some families.


At a basic level, our homes have become much more than a place to eat and sleep since the first round of pandemic-induced lockdowns. Instead, where we live has evolved into a classroom, gym, conference room and all sources of entertainment. By upgrading to a bigger home, buyers are able to gain greater square footage to accommodate more of their needs.


“More space enables you to have those additional functionalities in your space,” explained Cathcart. “Of course, that’s where you have a lot of extra money rattling around to make home everything when so many other things people spend money on, we weren’t doing.” 


Since the Bank of Canada made its first round of cuts to its mortgage rate-influencing overnight rate in early March 2020, mortgage rates have been hovering around all-time lows. Stewart says plunging interest rates have been a catalyst for some people to jump on an opportunity to make a purchase. This also coincides with a bulge in the late-twenties to early-thirties millennial demographic, who are now entering family-rearing years and setting their sights on suburban markets.


“That’s been the backdrop behind COVID, and I think what you’ve really seen is some shifting in preferences and some untethering of people’s work, and I really point back to those plunging interest rates,” said Stewart. “They’ve really brought these moves people were going to do or contemplated [and] concentrated [them] into a very particular point in time. That’s why we see this record sales activity nationally.”



How does the demand for larger homes affect the market?


Competitive market conditions have persisted long after the first wave of lockdowns in spring 2020, which has influenced supply and demand for homes with a larger square footage.


Cathcart explains many communities were already in seller’s market territory prior to the pandemic. Since March 2020 however, more buyers entered the picture and were clamoring for the comparatively smaller number of listings that were available, leading to multiple offer scenarios on larger homes, he said. With the supply of homes already imbalanced compared to demand, CREA reported in its most recent national housing update that the number of newly listed homes dropped by 6.4% from April to May.


The desire for larger living spaces may have also played a role in fueling higher demand and prices in recreational and suburban areas over the last year. Commonly referred to as the Urban Exodus, the pandemic saw an accelerated trend of city dwellers with the ability to work remotely relocating to rural or suburban communities, locations that would typically offer more house for less money.


For instance, average sale prices for homes in some recreational markets are expected to see annual increases in the 20% to 40% range, according to research published in the 2021 RE/MAX Recreational Property Report.



What home trends will we see in the near future?


With the end of the pandemic on the horizon, the home buying frenzy looks to be slowly cooling off.


“A lot of the frenzy we’ve seen in the last year has seen people looking to find a place to ride out this pandemic in, and so you’d expect some of that urgency is going to fade at this point because we’re sort of near the finish line,” said Cathcart.


In June, CREA reported a 7.4% monthly decline in home sales from April to May. This can be attributed to freshly implemented lockdowns, high home prices, buyer fatigue, and increases in interest rates. The greatest deceleration of month-to-month price growth was found in the single-family segment when compared to townhome and apartment property types.


When it comes to buyers moving out of cities and into other areas, largely thanks to the freedom of remote working, Cathcart believes this trend will continue for some time after the pandemic, but not at its current rate. It will take time for companies and individuals to settle into the post-pandemic world, which will result in some continued movement in and out of cities in the meantime.


“Housing is typically a long-term thing you would plan for, but there’s not a lot of certainty about what a post-COVID world is going to look like yet,” explained Cathcart.


For urban buyers who may have traded in their single-family home and relocated to a more affordable place in the country, Cathcart predicts some people may purchase a smaller condo near their city workplace as a go-between.


“There have been lots of questions about whether this urban exodus will continue or reverse itself, but it’s more complicated. Maybe you buy that retirement place up in cottage country, but you also get yourself a condo in Toronto and that’s your pied-à-terre to go back into the office when you do have to do it,” he said. “Maybe your place of employment moves away or closer to you, or maybe you decide to take a new job closer to your new home, or one that is entirely remote work? There are a lot of moving parts to this.”


If you’re looking to upgrade to a larger property, or want more insight on COVID-19 trends in your local market, consult the advice of a qualified REALTOR® for the most up-to-date insights. 



Source: https://www.realtor.ca/blog/will-the-desire-for-larger-homes-be-a-permanent-change/20950/1361

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For many Canadians, a home represents a secure, stable asset and an investment in their future.


Despite the challenges with housing affordability across the country, research shows homeownership can play a significant role in reducing inequality—with benefits that extend across income levels, ages and regions.


Lower-income Canadians benefit most from owning a home

This isn’t limited to high-income households—in fact, it’s more significant for lower-income households, according to data laid out in our recently released white paper, The Homeownership Dividend for Canadians. For many lower-income households, a principal residence may be their only source of wealth, which means the benefits are even more pronounced.



“Home is way more than just a house—home is a feeling, home is a sense of belonging,” says Stevenson. “There are financial benefits to owning a home, but when we’re talking about reducing inequality through homeownership, it’s significant. Regardless of what price point you enter the market, you benefit from market appreciation, from having an asset that helps you with access to financial vehicles.”


For the 8.5 million Canadian households with incomes below $56,495, housing represents nearly half of their total net worth. That’s why homeownership for low- and middle-income families is key to reducing inequality across the country, particularly for new Canadians and millennials, according to the white paper.


A 2018 study by Mortgage Professionals Canada (which draws on data from the LeForge House Price Survey and Statistics Canada’s Household Spending) shows the financial advantages of homeownership not only compare positively with other housing options, but are even greater for lower-income households. These findings also held for non-home assets, reflecting a greater propensity to save and invest among homeowners.


“We talk often about the high price of the average Canadian home, but with lower priced homes and markets, there’s still an equality benefit of getting into the housing market. We’ve seen appreciation increase over the years,” says Stevenson. Even for first-time home buyers who get into the housing market at a much lower price point, he says, they still receive that equality benefit.


Homes are an asset that increase net worth

Principal residences account for more than a third of the total value of Canadian assets, according to Statistics Canada’s 2019 Canadian Survey of Financial Security. For families who own their home, the value of their home doubled (on average) from 1999 to 2019. And as the value increases, we’ve seen a proportionate increase in median family net worth across the country.


“There’s a lot of financial benefits,” says Lisa Patel, President of the Toronto Regional Real Estate Board and a member of CREA’s Federal Affairs Committee. “It’s a stable asset class and it can offer a straightforward way to build your wealth and save for retirement.”


While homeowners may be tied to a mortgage, they’re also tied to an asset class—one that continues to increase in value. “You’re building wealth for your family, your kids, your grandkids, so there are many different financial gains,” says Patel. “It’s a sound long-term investment versus the stock market.”


For example, in 2015 Habitat for Humanity—a non-profit organization that helps local communities address a variety of housing needs and provides support for affordable housing around the world—surveyed 402 households with a habitat home in the U.S. state of Minnesota. More than half of respondents reported having more money after moving into a habitat home, with a 20% reduction in the use of government assistance.


And a 2013 study of an American-based prime mortgage program—a collaboration between researchers from one Korean and two American universities—found if respondents maintained homeownership for at least three years, low- and middle-income homeowners experienced a greater increase in net worth, including non-housing assets, than renters. The results held up even during the 2008-09 recession.


All age groups reap the benefits

These financial benefits also extend across age groups, from young first-time home buyers to pensioners living out their retirement. Statistics Canada’s 2019 Canadian Survey of Financial Security, for example, shows a significant financial advantage from homeownership across age groups.


“If you purchase a home and you keep it for your entire amortization period, at the end of the day it’s paid off,” says Jill Oudil, CREA’s Chair-Elect. “That assists you not just during the time you own the home, but in your retirement years.” That’s becoming even more important as people tend to live longer compared to previous generations.


But as they build equity, they also have the freedom to upgrade, such as moving from a condo to a semi-detached house. Or, in retirement, they could trade across rather than up, moving to a larger countryside home without incurring debt.


“The younger you can get started, the better,” says Oudil. “If you need a roommate, get a roommate.” That might not be your goal or preference, she says, but it helps people get in the market. Or, a family might buy a home, live in the basement for a few years and rent out the main floor to start building wealth.


“For a lower-income household it raises the level of investments they have, and it will grow their long-term equity,” says Oudil. That in turn, promotes a sense of purpose and fulfillment, which has a positive impact on their families and their communities.


Research backs homeownership as a policy goal

But homeownership isn’t a panacea. There’s no guarantee of financial security and it’s not necessarily the right answer (or the only answer) for every Canadian. But research from Canada and around the world shows the financial benefits of homeownership can be significant—regardless of income, age and geography.


Indeed, the financial dividend “is a crucial part of why governments have historically supported homeownership,” as we noted in the white paper, “and why it would be a mistake to abandon it as a policy goal.”


Homeownership continues to be the single largest source of wealth in Canada, providing net worth and financial security for millions of low- and middle-income households. So, while there’s still much debate on how to best provide access to homeownership opportunities for all Canadians, the research points to why this is so critically important.


Lower-income Canadians benefit most from owning a home
This isn’t limited to high-income households—in fact, it’s more significant for lower-income households, according to data laid out in our recently released white paper, The Homeownership Dividend for Canadians. For many lower-income households, a principal residence may be their only source of wealth, which means the benefits are even more pronounced.
 
“Home is way more than just a house—home is a feeling, home is a sense of belonging,” says Stevenson. “There are financial benefits to owning a home, but when we’re talking about reducing inequality through homeownership, it’s significant. Regardless of what price point you enter the market, you benefit from market appreciation, from having an asset that helps you with access to financial vehicles.”
 
For the 8.5 million Canadian households with incomes below $56,495, housing represents nearly half of their total net worth. That’s why homeownership for low- and middle-income families is key to reducing inequality across the country, particularly for new Canadians and millennials, according to the white paper.
 
A 2018 study by Mortgage Professionals Canada (which draws on data from the LeForge House Price Survey and Statistics Canada’s Household Spending) shows the financial advantages of homeownership not only compare positively with other housing options, but are even greater for lower-income households. These findings also held for non-home assets, reflecting a greater propensity to save and invest among homeowners.
 
“We talk often about the high price of the average Canadian home, but with lower priced homes and markets, there’s still an equality benefit of getting into the housing market. We’ve seen appreciation increase over the years,” says Stevenson. Even for first-time home buyers who get into the housing market at a much lower price point, he says, they still receive that equality benefit.
 

Source: https://www.realtor.ca/blog/how-homeownership-can-reduce-inequality/20686/1362
https://www.realtor.ca/blog/how-homeownership-can-reduce-inequality/20686/1362
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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.