There are many factors as to why Canadian homebuyers are thinking more about smart home investing and careful financial planning -As discussed on our previous blogs, Canadians believe that buying a home is a great investment – Part 1 & 2. Based on the Canada-wide survey commissioned by Genworth Canada, homebuyers are working harder and making larger contributions towards their down payment for a new home purchase.
Canadians are slowly building up more confidence in their goals towards homeownership – while young professionals are saving up for their down payments, 67 percent of the older generations say their goal is to pay off their mortgage faster – which has increased from 62 percent in 2013.
Over the last two years, financial literacy attitudes of Canadians have stayed consistently stronger than before. While our financial well-being is strengthening, we are also becoming more fiscally responsible. For example, the proportion of First-Time Buyers/Intenders who say they don't know what their credit rating is has declined from 32 percent to 23 percent. According to the official release, 95 percent agree that children should be taught basic finances and budgeting in school, and 93 percent would like to see education provided before people take out their first loan or credit card.
For more information on homeownership, please feel free to contact me and I can give you guidance on making your first home purchase.
Source: Genworth Canada