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Benefits of Home Ownership

posted Jun 25, 2013, 11:41 AM by Wise Move Realty Inc. Brokerage   [ updated Sep 17, 2015, 1:44 PM ]

Government Relations

CMHC study: Families benefit significantly from living in their own homes

2 Comments 06 June 2013

A study conducted by the Canada Mortgage and Housing Corporation (CMHC) highlighted the importance of affordable housing for Canadian families. It concluded that moving into one’s own home leads to major improvements in housing conditions, child well-being and school performance, health, and personal and family life. Follow the link for the full study.

 

Family in front of future house

 

The study is based on the results of a 2012 Canada-wide survey of families who purchased a home through the Habitat for Humanity Canada since 2000. It showed that children benefit significantly from living in their own home. Overall well-being and school performance improved with the majority reporting increased confidence and behaviour, higher grades and better attendance.

Living in one’s own home has a positive impact on health with 78% of the Habitat home buyers reporting that their own health and the health of their families is ‘better now’ than in their previous, mostly, rental housing.

While many participants said their housing costs increased since becoming home owners, the majority also said they were better off financially and had more financial control.

 Finally, home owners are engaged community members. The study found that new Habitat families’ participation in volunteer activities increased from 52% to nearly 61% since purchasing a home.

Ontario REALTORS® understand the importance of affordable housing. Since 1967 OREA members have been active supporters of a variety of shelter-based charities including Habitat for Humanity through the REALTOR® Care Foundation. Since its inception, the Foundation has granted more than $2-million on behalf of the Ontario REALTORS® to shelter-based organizations across the province.

REALTORS® are also vocal supporters of governmental policies that ensure Ontario homes stay affordable. While the Toronto Real Estate Board is championing the fight against the Toronto land transfer tax, OREA is actively voicing its concerns to the province in efforts to prevent a potential spread of this tax to the entire province.

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