{"id":11717,"date":"2019-02-22T15:15:57","date_gmt":"2019-02-22T23:15:57","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11717"},"modified":"2019-02-22T15:15:59","modified_gmt":"2019-02-22T23:15:59","slug":"rrsps-vs-home-ownership","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/02\/rrsps-vs-home-ownership\/","title":{"rendered":"RRSPs vs. Home Ownership"},"content":{"rendered":"<p style=\"text-align: justify;\">As the cost of living soars, Canadians have begun to wonder whether the surest path to comfortable retirement is through a Registered Retirement Savings Plan or homeownership.<\/p>\n<p style=\"text-align: justify;\">A report from Sotheby\u2019s International Realty Canada and Mustel Group determined that 20% of young urban family homeowners deferred RRSPs in favour of purchasing a home. Sotheby\u2019s President and CEO Brad Henderson reckons that\u2019s the sapient path to retirement.<\/p>\n<p style=\"text-align: justify;\">\u201cOwning a home is one of the few tax-efficient purchases someone can make,\u201d said Henderson. \u201cWhen you buy a home as a principal residence and you sell it, it\u2019s a tax-free event. With a Registered Retirement Savings Plans, the money goes in and you get the benefit of tax reduction up front; you get the benefit of money compounding on a tax-free basis all the way through, but you pay tax on the money when it comes out down the road.\u201d<\/p>\n<p style=\"text-align: justify;\">The \u201cModern Family Home Ownership Trends PART 2 : Financing the Canadian Dream\u201d report surveyed 1,743 families in Toronto, Montreal, Vancouver and Calgary, 19% of whom secured more remunerative work to fund a down payment on their home purchase. Fourteen percent found auxiliary work, while 12% delayed parenthood and 9% moved in with family.<\/p>\n<p style=\"text-align: justify;\">In addition to 71% of \u201cmodern family\u201d homeowners surveyed using personal savings to fund a down payment, just over half of total respondents received familial help. According to Henderson, in determining that the bank of mom and dad plays a marginal role in down payments, the findings defy conventional wisdom.<\/p>\n<p style=\"text-align: justify;\">\u201cWe found that 52% of [respondents] who made a down payment had part of it funded by a gift inheritance or some other contribution from a family member, but of those 52%, only 17% was a gift of over 30% of the total down payment,\u201d he said. \u201cSo 83% of that 52% had a gift that was 30% or less of the total down payment.<\/p>\n<p style=\"text-align: justify;\">\u201cThe encouraging thing from the report is we had a significant number of people who did not have to rely on inheritance or gifts and where a good proportion\u2014almost a majority\u2014came from their own financial capabilities, even if that meant deferring investments in Registered Retirement Savings plans, or in some cases cashing in Registered Retirement Savings Plans, in order for them to come up with their down payments.\u201d<\/p>\n<p style=\"text-align: justify;\">Another salient finding is that, while Vancouver and Toronto remain unaffordable, Montreal and Calgary have housing markets that are within their populations\u2019 reach.<\/p>\n<p style=\"text-align: justify;\">\u201cIn Montreal, the value of real estate is still quite low compared to Toronto and Vancouver,\u201d said Henderson. \u201cGiven that income levels aren\u2019t significantly differently\u2014or not anywhere as significantly different as the value of real estate\u2014it makes Montreal a much more affordable location to buy a house.<\/p>\n<p style=\"text-align: justify;\">\u201cCalgary has the same value of real estate, but the challenge there is the price of oil and what\u2019s going on in the oil and gas sector more generally. There\u2019s less confidence in the desire to buy a home and there are a lot of people still looking for work. They\u2019re not experiencing the kind of percentage increases of homeownership that we\u2019re seeing in Montreal, but it is affordable for those with jobs who feel confident about the future.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/rrsps-vs--homeownership-254472.aspx\">RRSPs vs. Homeownership<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n\n\n<h2 class=\"wp-block-heading\"><\/h2>\n","protected":false},"excerpt":{"rendered":"<p>As the cost of living soars, Canadians have begun to wonder whether the surest path to comfortable retirement is through a Registered Retirement Savings Plan or homeownership. A report from &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/02\/rrsps-vs-home-ownership\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-11717","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>RRSPs vs. Home Ownership &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/02\/rrsps-vs-home-ownership\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"RRSPs vs. Home Ownership &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"As the cost of living soars, Canadians have begun to wonder whether the surest path to comfortable retirement is through a Registered Retirement Savings Plan or homeownership. 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