To add depth to these ideas we examined history, research and analysis from sources across Canada, the United States, Europe, and elsewhere in the world in our recently released white paper, The Homeownership Dividend for Canadians
The federal government has supported Canadians in their pursuit of homeownership for decades - it's widely acknowledged for having a positive impact on the broader population, reaching past the boarders of income, region, and age. However, considering the comparisons in distribution of wealth in our country can be quite stark - it's important to note that housing represents nearly 50% of the total net worth for the Canadian households with incomes below $56,495.
The 'double dividend' - including financial and non-financial benefits, and individual as well as societal benefits have led to varying policies that have evolved through the years but the basic idea that homeownership is good for homeowners, communities, and the country holds true. From the Dominion Lands Act of 1872 to the creation of the Canadian Mortgage and Housing Corporation (CMHC) in 1946, to the launch of the Home Buyers Plan in 1992 and the First-Time Home Buyers Incentive in 2019, the federal government has consistently played a role in helping Canadians fulfill their homeownership ambitions.
-The Canadian Real Estate Association