Home ownership is family’s life – both financially and from a quality of life perspective. You invest in your neighbourhood and community, put down roots, let your equity grow tax free of capital gains. When its paid off or before, you can refinance and pay for weddings or university ( again ) of your cottage.
Home ownership is often connected to the notion of living the “American dream.” But it is as much a part of Canadian identity as it is in the U.S.
Indeed, statistics show that the percentage of home ownership in Canada is edging close to 70 per cent, which is actually higher than the ratio south of the border at the moment – 65.4 per cent, a 15-year low, according to the most recent data. Many economists believe the Canadian government has played an active role in spurring home ownership, particularly by forming the Canada Mortgage and Housing Corporation back in 1946.
“I don’t know that home ownership should be a right and that it should be backed by taxpayer dollars and kind of be the prime mandate of a Crown corporation,” says Ben Rabidoux, creator of the Economic Analyst blog, which looks into housing and mortgage trends.
DO you agree that we should all live in government provided housing? After all, why would you want to be debt free in your house, decide what you want to so repair repaint or resell. Move according to your schedule? When you downsize to a retirement home? wouldn’t that money come in handy? Most don’t have substantial savings at retirement other than their home equity.
What do you think?