Rate of Canadian Home Ownership Reaches All-Time High

Posted in Real Insights | May 11, 2007

Did you know that more Canadians than ever own their own home? The Statscan Survey of Financial Security says the proportion of home-owning Canadians has increased to an all-time high of 62%. Home ownership is one form of wealth accumulation that is accessible to most people. The median amount invested in one’s home is $180,000 vs the median RRSP holding of $30,000.  The advantages of home investment include insurability, long-term stability, tax advantages upon selling, and the ability to enjoy the asset while you own it. Home ownership alone is not a sufficiently diversified retirement plan, but for most Canadians, it is the most significant cornerstone. (January 20, 2007)