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"The survey results show Canadians have a deep emotional attachment to homeownership," said Peter Vukanovich, President of Genworth Financial Canada. "Most people closely associate financial security and emotional well being with homeownership. That's particularly true among first-time homebuyers."
The study measured both the financial and psychological factors of homeownership - providing the following insights into the link between homeownership and personal fulfillment:
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- 84 per cent agree with the statement, 'Owning a home provides a
greater sense of emotional well-being and security'.
- 85 per cent believe that even though homeownership may mean more work
and effort, they'd rather own than rent.
- 88 per cent say they would feel more financially secure owning their
own home.
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The national survey of 2,521 Canadians was conducted between April 24 and May 4. The complete Genworth Financial Canada First-Time Homebuyer's Monitor with a regional breakdown is available at www.genworth.ca.
About Genworth Financial Canada
Genworth Financial Canada, The Homeownership Company, works with lenders, mortgage brokers, real estate agents and builders to make homeownership more affordable and accessible throughout Canada. The company combines global experience in mortgage insurance with technological and service leadership to deliver innovation to the mortgage marketplace.
In addition to releasing two First-Time Homebuyer's Monitor reports annually, Genworth Financial Canada also issues reports on Canada's housing market and on Canada's condo market. Our intention is to educate and provide useful information to consumers, homeowners, future first-time homebuyers and governments. We believe homeowners and homebuyers require up-to-date information about Canada's housing market to make informed decisions about homeownership, for many the most important investment of their lifetime. Genworth Financial Canada also listens to homebuyers about their challenges and concerns, to make us better informed about how we can offer products that help Canadians realize the dream of homeownership.
Additional information about Genworth Financial Canada is available at www.genworth.ca, through www.homeownership.ca or through mortgage lenders.
About Genworth Financial
Genworth Financial, Inc. (NYSE:GNW) is a leading public Fortune 500 global financial security company. Genworth has more than $100 billion in assets and employs approximately 6,000 people in 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of over 15 million customers. Genworth operates through three segments: Retirement and Protection, International and U.S. Mortgage Insurance. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit genworth.com.
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A Regional Perspective to Genworth Financial Canada's
First-Time Homebuyer's Monitor
Genworth Financial Canada's First-Time Homebuyer's Monitor revealed
important insights into the link between homeownership and personal
fulfillment. The national survey of 2,521 Canadians conducted from April 24 to
May 4 provided the following insights about each region:
- Canadians who say they would feel more financially secure owning
their own home rather than renting.
Toronto - 85%
Ottawa - 89%
Montreal - 77%
Calgary - 90%
Vancouver - 90%
National Total - 88%
- Canadians who believe that even though homeownership may mean more
work and effort, they'd rather own than rent.
Toronto - 81%
Ottawa - 83%
Montreal - 78%
Calgary - 86%
Vancouver - 88%
National Total - 85%
- Canadians who agree with the statement, 'Owning a home provides a
greater sense of emotional well-being and security'.
Toronto - 83%
Ottawa - 81%
Montreal - 81%
Calgary - 84%
Vancouver - 87%
National Total - 84%
- Canadians who feel the value of owning a home goes beyond the
financial value.
Toronto - 80%
Ottawa - 83%
Montreal - 74%
Calgary - 87%
Vancouver - 89%
National Total - 84%
- Canadians who consider a house/condo they own more of a 'home' than a
house/apartment they rent.
Toronto - 77%
Ottawa - 80%
Montreal - 81%
Calgary - 85%
Vancouver - 87%
National Total - 80%
- Canadians who say owning a home makes them feel more personally
fulfilled.
Toronto - 77%
Ottawa - 82%
Montreal - 71%
Calgary - 84%
Vancouver - 88%
National Total - 80%
The complete Genworth Financial Canada First-Time Homebuyer's Monitor is
available at www.genworth.ca.
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SOURCE: Genworth Financial Canada
or to arrange interviews: Anita DiPaolo-Booth, Genworth Financial Canada, Strategic Marketing Leader, (905) 287-5394 or anita.dipaolobooth@genworth.com
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