Did you know that two out of three Canadian families own a house? That is one of the highest rates of home ownership in the world. And for good reason. Real estate is a great investment in Ottawa.
And with increasing housing prices, it's all the more important for first-time buyers to get a foot on the first rung of the property ladder. 80 per cent of millionaires made their first million in real estate!
So what are some of the advantages of becoming a homeowner today?
Home ownership is the single largest type of investment for Canadian households.
Your payments build equity.
(as opposed to renting, where your money goes to the landlord).
When you buy a home, the value increases steadily.
Unlike other investments that can be volatile, the average price of a house for sale in Ottawa has increased every year since 1996. Prices have decreased only five times in the last 50 years and by less than 4.1%. If you would've purchased a home in 1960 for $16,791, it would now be worth $332,536.
The return on investment for a house can be substantial.
In Canada, there has not been a recorded 10-year period where average house prices have not increased.
Homeowners can use the equity in their homes as security for other loans or a secured line of credit.
Buying a home and building equity is the first step on the property ladder.
It gets you into the housing market, keeps you in touch with increasing house prices, and puts you in a good position to trade up to bigger and better homes as your needs change.
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