TORONTO, ON, (Oct. 22, 2009) – The desire for homeownership is alive and well in Canada, with many Canadians willing to go to great lengths for it. According to the Genworth Mortgage Insurance Company Canada (“Genworth Financial Canada”) First-Time Homebuyer’s Monitor released today, 68 per cent of renters said they would be willing to delay major purchases and more than half would give up vacations in order to own their own home.
The national opinion poll provides insight into what Canadians would do – or would not do – to fulfill their dream of homeownership or to stay in a home they have purchased when times are tough:
- 82 per cent of current owners would forego vacations in order to keep up with mortgage payments.
- 65 per cent say they would take on a second job if they risked losing their home.
- 44 per cent say they would take on a renter to maintain homeownership.
While today’s report shows what Canadians would do to achieve homeownership, just 16 per cent of Canadians are fully prepared for an interruption in income that puts their home in jeopardy.
“The survey findings confirm that people remain passionate about their homes,” said Peter Vukanovich, President of Genworth Financial Canada. “When faced with financial difficulties, staying in a home they own is a priority. At Genworth Financial, we help them do just that through our Homeowner Assistance Program.”
For more information on Genworth’s Homeowner Assistance Program, visit www.HomeownerAssistance.ca, call 1-800-511-8888 or contact your lender.
The survey of 2,000 Canadians was conducted in September, 2009, and builds on results from an earlier poll of 2,541 Canadians conducted in May, 2009. 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, a subsidiary of Genworth MI Canada Inc. (TSX:MIC), has been the leading Canadian private residential mortgage insurer since 1995. Known as “The Homeownership Company,” it provides default mortgage insurance to Canadian residential mortgage lenders that enables low down payment borrowers to own a home more affordably and stay in their homes during difficult financial times. Genworth Financial Canada combines technological and service excellence with risk management expertise to deliver innovation to the mortgage marketplace. As of June 30, 2009, Genworth MI Canada had $5.0 billion in total assets and $2.3 billion in shareholders’ equity. Based in Oakville, Ontario, the Company employs approximately 265 people across Canada.
Additional information about Genworth Financial Canada is available at www.genworth.ca.