The poll asked over 1,500 Canadians questions about their financial wellbeing and revealed that first-time buyers (“First-Time Buyers”) who purchased a home in the past two years, and those who intend to purchase (“Intenders”) in the next two years, are well prepared for the financial responsibility that comes with homeownership. In the poll, 81 per cent of First-Time Buyers and Intenders said they are confident in their financial future. Comparably, only 63 per cent of people who do not own a home said they felt good about their long-term finances.

Financial preparation is the first step towards handling the costs of buying a home and also instills confidence towards planning for the future. In the poll, 62 per cent of First-Time Buyers and Intenders said they were more likely to have a long-term financial plan for retirement, and 69 per cent said they expect their financial situation to improve in the next year.
Recognizing the importance of educating homebuyers, Genworth Financial Canada will launch its second annual Homeownership Education Week scheduled for April 11th to15th aimed at providing advice on various financial topics related to homeownership. Live seminars and webinars will be delivered across Canada with CACCS and other credit and housing experts throughout the week. Registration for these free events is taking place now and is open to all Canadians at www.homeownership.ca.

“Owning a home gives people financial confidence and a sense of security,” said Debbie McPherson, Senior Vice-President, Sales and Marketing of Genworth Financial Canada. “Buying a home is a major financial purchase. It’s an achievable goal for Canadians who do their homework and plan accordingly.”

The survey found that owning a home has even further financial benefits for First-Time Buyers:

- 92 per cent say that homeownership may mean more work and effort but it’s worth it.

- 68 per cent have the goal to pay off their mortgage as fast as possible.

- 67 per cent enjoy planning their financial future.

“Getting your finances in order to comfortably take on homeownership for the first time is a fulfilling milestone for many reasons,” said Henrietta Ross, Chief Executive Officer of CACCS. “Being confident about your long- term financial health is a powerful feeling and an extremely satisfying one as these results illustrate.”

For more information about Homeownership Education Week initiatives and to register, visit www.homeownership.ca.
A national online survey of 1,504 Canadians, including 254 First-Time Buyers and Intenders, was conducted between January 19 and February 1, 2011 by Environics Research Group.