on 17 May, we celebrate National Real Estate Day in Canada
By Toronto Real Estate Board
Did you know that home ownership does more than just help grow your nest egg? According to a 2015 study by Habitat for Humanity Greater Toronto Area (GTA), home ownership can also have a positive impact on your community.
Home ownership and housing affordability are two of the key determinants of economic and social well-being. See how home ownership can help strengthen your community and the people in it.
It has been found that the outlook on education is improved when a family owns their home. Also, the drop out rates for children have been found to decrease. Home ownership can build equity over time, which allows for access to education. Children of home owners are more likely to graduate with a Bachelor’s Degree or higher.
Families that have access to home ownership display higher levels of physical activity and have reduced psychological distress through having a more stable living environment.
Habitat’s study found that home owners took on a sense of responsibility to meet mortgage and maintenance payments. Parents were able to work a stable number of hours across fewer jobs and earn more income.
Another positive effect of home ownership is civic involvement. Families who own their home prove to be more active voters and volunteers in their community. There was also a higher level of donation to charity, which creates a cascade of prosperity.
Decreased Use of Social Services
With stability of home ownership also comes stability in other areas of life. Habitat families have been found to reduce their usage of social services such as food banks and social housing.
Overall Societal Benefits
Stable housing provides a foundation for parents’ employment stability and income, children’s educational attainment, and a family’s health and civic engagement. Access to home ownership can help families build equity over time, which allows families to save for future investments such as education, health and even retirement. In the interest of your family’s wellbeing and your financial future, it’s wise to make the transition to home ownership at the earliest opportunity.