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urging a more affordable home ownership for Realtors, buyers, sellers and the economy

LOCAL REALTORS®: HOME OWNERSHIP MATTERS

 

Home is the one place where we create an environment that’s all our own. It’s also where we establish traditions, mold our family’s values, and form our identity. But does it matter whether we own the home or not?

 

It does. As REALTORS®, we know that home ownership matters to people, communities and Ontario. That’s why the Georgian Triangle Real Estate Board is urging all local candidates running in the October 6, 2011 Ontario Election to support making home ownership more affordable.

 

For people, home ownership matters. Studies show that home ownership has a significant positive impact on net worth. The Canada Mortgage and Housing Corporation (CMHC) reports that the average Canadian home owner has a net worth of $377,000 versus a renter whose average net worth is $64,000.  Homeowners can draw upon that net worth when they age, reducing the need for government assistance.

 

For families, home ownerships matters. According to a recent survey by Ipsos-Reid, the overwhelming majority (94%) of Ontarians, including those who rent, agree that owning a home provides a stable and healthy environment for raising a family.

 

For communities, home ownership matters. People who own homes are invested in their neighborhoods. The same Ipsos-Reid survey showed that 82 per cent of Ontario home owners say they have donated to charity; home owners are much more likely to say they voted in the last municipal election than renters; and 35 per cent have volunteered in their community.

 

Finally, for Ontario, home ownership matters. The provincial housing industry creates thousands of jobs and drives our economy. Last year, MLS® home sales generated $9.3 billion in consumer spending and created over 80,000 direct and indirect jobs. Every home purchased in Ontario pumps $47,575 into the provincial economy for furniture, home improvements and other items.

Published Tuesday, May 17, 2011 10:33 AM by Jonathan Knight

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