From a study conducted in Calgary:
Please note: we didn’t write or contruibute to the survey, just sharing it with you!
2.1 benefits to homeownership
Through a combination of literature review and key person interviews, the following benefits to homeownership were identified:
· homeownership is a major contributor to financial security and wealth creation for individual households;
· homeownership is also an important contributor to a community’s economic growth;
· homeownership has positive impacts on personal well-being, fulfillment, self-esteem, sense of control and stability;
· homeownership plays a role in improving the neighbourhood and community quality of life;
· promoting greater income equality through homeownership can contribute to improved population health;
· children of homeowners do better in school and are more likely to complete their schooling (scholastic performance has more to do with household stability, a sense of belonging and family values around education and it does improve I.Q.);
· children of homeowners are more likely to become homeowners themselves;
· homeowners are more vested in the interests of the community in which they live and more concerned about what goes on around them;· homeownership offers legitimacy to people, allowing them to speak out and have an opinion about what goes on in their neighbourhood and community;
· homeowners are more likely to participate in community life, get involved in local activities, and are more likely to know their neighbours and their neighbourhood;
· homeowners are more likely to vote in local, provincial and federal elections than renters;
· public efforts to increase access to individual homeownership have greater impacts among low-income households than among higher-income households; and
· When low-income renters become homeowners, there is a shift in thought processes, attitudes, and level of responsibility. People shift from being clients of social services to being partners in their communities.
To become a homeowner today learn about your options from The Angela Calla Mortgage Team 604-802-3983 callateam@dominionlending.ca
