The benefits of home ownership

Whether you own a 400 square foot studio apartment downtown or a sleek suburban townhome, there are important benefits to owning your own home. Andrew Peck, General Manager of Royal Pacific Realty, shares with us his opinion on why owning a home is a key indicator of a good quality of life.

"Homeownership is a vital factor in moving up the economic ladder," says Peck. "The equity an owner gains each month from paying down their mortgage, is, over time, the largest single source of household wealth for most Canadians."

Peck explains that homeownership is also a key indicator of a good quality of life.

"Homeowners report higher levels of personal fulfillment and self-esteem," says Peck. "This could be because home ownership gives an owner control over their life and their environment."

As well, children of homeowners are far less likely to drop out of school, to have children while a teenager, or to be arrested. "This could be because homeowners are less likely to move than renters, creating stability in families and in neighbourhoods."

Peck points out that home ownership is also a good financial investment. A detached home bought in 1999 in Metro Vancouver for $355,555 is now worth $800,796 (as of February 28, 2010), an increase of 125 per cent.

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