14 February 2019

According to the Sotheby’s International Realty Canada and Mustel Group report, 33% of “modern family” Canadians who live in big cities have difficulties with saving for a down payment because of their everyday expenses.

Another important issue the report mentioned is the question many Canadian families ask: “Buying a property or saving for a retirement?”. The report says 20% of respondents have postponed saving for retirement in order to save for a down payment.

“Homeownership is one of the few tax-efficient purchases today,” – said Henderson. “When you purchase a real estate as a principal residence and you sell it, it’s tax-free. In case of a registered savings plan, the money goes in and you get the tax reduction at once. You benefit from tax-free money all the way through, but you pay the tax when the money comes out down the road.”