In: Real Estate News22 Sep 2011
70% of Canadians own their home. They might have a large mortgage on the property, but they still own the title and all the rights that come along with home ownership. Why do Canadians have a passion for home ownership? Other countries do not share this passion. Many countries in Europe have a home ownership percent of less than 50.
Canadian like to own a home because it feels great. Coming home to your castle after a long day of work feels good. Owning a home fills owners with a sense of accomplishment.
Canadians own homes because they know that every mortgage payment includes an amount that is applied to the principal. Even though a home can be expensive and a home costs a lot of money in taxes, repairs, and mortgage interest costs, eventually the home owner will own the home (as long as they do not continually take out their equity).
If you rent or do not own your home, there is always a risk that the owner will sell and you will need to move. When you own your own home, you should not be forced to move (there are very few cases of expropriation in Canada)
Homes in Canada have increased in value almost every year over the past 15 years. A home has been a great investment over this time. When an asset consistently goes up in value, people want to buy it. When friends and family describe how they bought a home for $300,000 and now it’s worth $400,000, then buyers have an even greater desire to buy a home. When this type of home appreciation happens, it also spurs people to buy more homes. People start to buy a 2nd property in order to take advantages of the consistently rising prices.
It might sounds silly, but the desire to do as others do is one of the main reasons why so many Canadians buy homes. Just as this is an important reason in why people in other countries don’t buy homes.
These are reasons why Canadians love to buy homes. There are other reasons as well. When you think that Canadians commit to paying a mortgage for 30-35 years and when you hear stories of young couples borrowing on credit cards and lines of credit in order to afford a 5% down payment on a home, you can see that there is a very strong desire to own a home in Canada.
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