TORONTO, ON, (June 23, 2009) – The housing market may have experienced some ups and downs this year, but the spirits of potential first-time homebuyers across Canada remain strong. According to Genworth Financial Canada’s First-Time Homebuyer’s Monitor released today, 84 per cent of those surveyed said that owning a home goes beyond its financial value and feel that homeownership pays off in more ways than one.
“The survey results show Canadians have a deep emotional attachment to homeownership,” said Peter Vukanovich, President of Genworth Financial Canada. “Most people closely associate financial security and emotional well being with homeownership. That’s particularly true among first-time homebuyers.”
The study measured both the financial and psychological factors of homeownership – providing the following insights into the link between homeownership and personal fulfillment:
- 84 per cent agree with the statement, ‘Owning a home provides a greater sense of emotional well-being and security’.
- 85 per cent believe that even though homeownership may mean more work and effort, they’d rather own than rent.
- 88 per cent say they would feel more financially secure owning their own home.
Genworth Financial Canada’s First-Time Homebuyer’s Monitor revealed important insights into the link between homeownership and personal fulfillment and provided the following insights about each region:
Canadians who say they would feel more financially secure owning their own home rather than renting.
- Toronto – 85%
- Ottawa – 89%
- Montreal – 77%
- Calgary – 90%
- Vancouver – 90%
- National Total – 88%
Canadians who believe that even though homeownership may mean more work and effort, they’d rather own than rent.
- Toronto – 81%
- Ottawa – 83%
- Montreal – 78%
- Calgary – 86%
- Vancouver – 88%
- National Total – 85%
Canadians who agree with the statement, ‘Owning a home provides a greater sense of emotional well-being and security’.
- Toronto – 83%
- Ottawa – 81%
- Montreal – 81%
- Calgary – 84%
- Vancouver – 87%
- National Total – 84%
Canadians who feel the value of owning a home goes beyond the financial value.
- Toronto – 80%
- Ottawa – 83%
- Montreal – 74%
- Calgary – 87%
- Vancouver – 89%
- National Total – 84%
Canadians who consider a house/condo they own more of a ‘home’ than a house/apartment they rent.
- Toronto – 77%
- Ottawa – 80%
- Montreal – 81%
- Calgary – 85%
- Vancouver – 87%
- National Total – 80%
Canadians who say owning a home makes them feel more personally fulfilled.
- Toronto – 77%
- Ottawa – 82%
- Montreal – 71%
- Calgary – 84%
- Vancouver – 88%
- National Total – 80%
The national survey of 2,521 Canadians was conducted between April 24 and May 4. The complete Genworth Financial Canada First-Time Homebuyer’s Monitor with a regional breakdown is available at www.genworth.ca.
About Genworth Financial Canada
Genworth Financial Canada, The Homeownership Company, works with lenders, mortgage brokers, real estate agents and builders to make homeownership more affordable and accessible throughout Canada. The company combines global experience in mortgage insurance with technological and service leadership to deliver innovation to the mortgage marketplace.
Additional information about Genworth Financial Canada is available at www.genworth.ca, through www.homeownership.ca.
About Genworth Financial
Genworth Financial, Inc. (NYSE:GNW) is a leading public Fortune 500 global financial security company. Its products and services help meet the investment, protection, retirement and lifestyle needs of over 15 million customers. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit genworth.com.
