CHAPTER 2 Owning vs. Renting
Owning your own home might be one of the defining qualities of the “Canadian Dream:” the set of ideals that includes opportunity for prosperity and success and an upward social mobility for the family and children, achieved through hard work. Home ownership is surely ingrained as one of the strongest representations of that vision — 68% of Canadians own their own home, and more hope they will or wish they did. Something about home ownership plucks a strong chord with Canadians. Financial security, permanency, status, and pride are values many of us seek. Most first-time buyers I meet often tell me they want to buy a home because they don't want to pay off their landlord's mortgage for them, but I usually find out later that lifestyle plays just as big of a role in the decision to own versus rent. Even though home buying does pay off financially over time most buyers are motivated by household formation, such as partners moving in together, marriage, and a growing family. Less than 40% of people under 35 years old own homes, 60% of people over 35 years old own homes, and more than 80% of people 65 years old or over own homes. Interestingly, for the millennial generation, the primary reason for buying a home? Owning a dog. One of the reasons I bought my first home is wanted the security if being in control of when I want to move. I didn't want my landlord deciding one day they want to sell and I'm now looking for a new place to live. The Canadian homeownership rate has fluctuated between 62% 22
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