By Larry Cerqua, TREB President
There’s no denying that home ownership has always been a great investment, and in today’s market, that statement continues to ring true. From building your wealth, to giving you a sense of community, owning a home can provide you with many benefits.
Becoming a Homeowner in Today’s Market
As home ownership continues proving to be a great investment, people are looking at more creative ways to get into the market. Consumers are teaming up to buy with family and/or friends, families are looking to alternative housing options that are offered beyond your traditional detached property, perhaps a townhouse or even a condo is more suitable to their lifestyle, and some are even looking to areas/neighbourhoods outside of the more well-known “hot pockets.”
There are also several programs that can help assist with a down payment, and a REALTOR® may advise as to your options. One notable mention goes to Habitat for Humanity GTA, where Habitat helps low-income families achieve their dream of home ownership through decent affordable housing, and most recently TREB contributed $150,000 to a new home build for a local family at Habitat’s 140 Pinery Trail.
Growing Your Wealth with Home Ownership
Home ownership will likely be the largest investment in your life. It can also provide one of the most dependable rates of return. In fact, home ownership is one of the more stable asset classes in the market and can offer you a straightforward way to build your wealth and save for retirement.
And, unlike, other investments, you CAN live in your home as it provides a nest egg for your future. Plus, if your home investment is your principal residence, price gains are exempt from capital gains tax.
Be a Part of a Vibrant Community
Finally, your home provides you with the backdrop for all of life’s most important events. Owning your home means contributing to, and becoming part of a vibrant community – this is the part of your investment that you just can’t put a price on. Owning a home in a neighbourhood you can call “home” buys you a sense of security and peace of mind that is truly priceless.
So, whether you’re considering buying your first property, or you’re looking to downsize to a more manageable space, remember that home ownership is a great investment! For more information on home ownership, please visit: http://TREBhome.com/market_news/hot_consumer_topics/homeownership/great_investment.htm
Considering home ownership? Talk to a Toronto Real Estate Board Professional Member Realtor. For updates on the real estate market, visit TREBhome.com. If commercial property is what interests you, contact a TREB Commercial Professional Member Realtor by visiting trebcommercial.com.