Real Insight : The Benefits of Home Ownership
People are looking at more creative ways to get into the market. Consumers are teaming up to buy a home with family and/ or friends, families are looking to alternative housing options that are offered beyond the traditional detached property — perhaps a townhouse or even a condo is more suitable to their lifestyle — and some are even looking to areas/ neighbourhoods outside of the more well-known “hot pockets.”
There are also several programs that can help assist with a down payment, and a realtor may advise as to your options. One notable mention goes to Habitat for Humanity GTA. Habitat helps low-income families achieve their dream of home ownership through decent affordable housing, and most recently TREB contributed $150,000 to a new home build for a local family at Habitat’s 140 Pinery Trail build site.
GROWING YOUR WEALTH
Home ownership will likely be one of the largest investments in your life. Home ownership can offer you a straightforward way to build your wealth and save for retirement. And, unlike other investments, you can live in your home as it provides a nest egg for your future. Plus, if your home is your principal residence, price gains are exempt from capital gains tax.
BE A PART OF A COMMUNITY
Finally, your home provides you with the backdrop for all of life’s most important events. Owning your home means contributing to and becoming part of a vibrant community – this is the part of your investment that you just can’t put a price on.
Owning a home in a neighbourhood you can call “home” buys you a sense of security and peace of mind that is truly priceless.
So, whether you’re considering buying your first property, or you’re looking to downsize to a more manageable space, remember that home ownership is a great investment that you can also live in.
Larry Cerqua is president of the Toronto Real Estate Board, a professional association that represents 45,000 professional realtor members in the Greater Toronto Area. You can contact him at TREBpres@trebnet.com. For updates on the real estate market, visit TREBHome.com. If commercial property is what interests you, contact a TREB realtor by visiting TREBCommercial.com.