For the last one hundred years, homeownership has been seen as a core milestone in life. We've watched parents and grandparents leverage homeownership as a secure way to build stability. In Canada, especially in cities like Toronto, the housing market has experienced tremendous appreciation, with residential real estate consistently climbing in value. But today, many people are starting to ask: Does the traditional dream of homeownership still make sense?

With real estate prices at all-time highs, achieving homeownership through conventional methods can feel out of reach for many Canadians. For instance, in Toronto, it takes an average of over two decades to save for a standard 20% down payment. Given this challenge, it’s worth exploring both the benefits and realities of homeownership in today’s market.

‍

There are two main benefits of homeownership

The first benefit is the opportunity to benefit from increases in home value over time. The second is the security of living in a home that’s yours.

‍

Why benefiting from housing market trends matters

When you own a home, you have the chance to benefit if the value of your property rises over time. Historically, the Canadian housing market has shown steady growth, particularly in major urban centres. Homeownership has long been regarded as a stable, long-term investment that can help individuals and families build financial security over five or more years. Additionally, many people feel that renting doesn’t offer the same advantages as homeownership. While renting can provide flexibility, monthly payments are often viewed as covering someone else’s costs rather than contributing to your own path to ownership.

‍

What does security of living in your own home mean?

Owning a home means greater peace of mind. As a homeowner, you don’t have to worry about a landlord deciding to sell the property or asking you to move. Your home is your own, and you can make decisions that align with your lifestyle.

‍

Capital constraints of traditional homeownership

Buying a home the traditional way often requires a significant upfront investment. Between a hefty down payment, closing costs, and ongoing mortgage payments, much of your savings may be tied up in your property. This can limit your ability to use your money for other opportunities.

‍

A modern path to homeownership with Key

Homeownership remains a powerful goal, offering both long-term value and peace of mind. However, the path to achieving it has evolved. Key’s program provides a solution tailored to today’s challenges, helping Canadians take steps toward homeownership in a way that works for them. Key enables aspiring homeowners to start owningwith as little as 2.5-5% of the home’s value. Participants benefit from increases in their home’s value over a five-year term while working toward full ownership at a predetermined price. Learn more about how Key's program works here.

This article may include AI-assisted content. While we aim for accuracy, please double-check details or consult a professional if needed.

‍

‍

‍