Do you consider your house a home or a nest egg

Jun 5, 2014

Do you consider your house a home or a nest egg? More than two-thirds of Canadians who bought in the last decade view their house as a place to live and just 31 per cent as a nest egg.

“And that appears to be consistent among homebuyers, whether they bought recently, or back in 2003, before real estate in markets like Toronto and Vancouver virtually doubled or tripled in price, according to the annual spring survey of the residential mortgage market done on behalf of the Canadian Association of Accredited Mortgage Professionals (CAAMP).
It’s the first time that CAAMP has posed the question as part of its biannual survey, largely “because there has been so much chatter about whether people rely too much on their house as an asset,” said Will Dunning, the association’s chief economist and author of the report released Thursday.
“It’s more a test of peoples’ mindset: How important do you feel about your house as a financial asset. We’ll have to see how it evolves over time.”
The 34-page report paints a detailed picture of residential mortgage debt.
While homeowners across the country owed a combined $1.23 trillion on their homes as of February, that’s forecast to rise to $1.34 trillion by the end of 2015.”

For more information on how to have BOTH a home AND a nest egg contact me for a consultation.

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