By Clarence Rockland
Home is the one place where we create an environment that’s all our own. It’s where we establish traditions, mold our family’s values, and form our identity. But does it matter whether we own the home or not? It certainly does.
Studies show that home ownership has a significant positive impact on our net worth. The Canada Mortgage and Housing Corporation (CMHC) reports that the average Canadian homeowner has a net worth of $377,000, versus a renter, whose average net worth is $64,000. Homeowners can draw upon that net worth when they age, reducing the need for government assistance. Clearly, home ownership does matter.