The Canadian Real Estate Association (CREA) created a new tool to help new homebuyers navigate the complexities of purchasing a home. CREA partnered with the Financial Consumer Agency of Canada (FCAC) to launch the Homebuyers’ Road Map, which could now be found at crea.ca.
The initiative came after a recent Nanos Research survey commissioned by CREA had found that more than 63% of Canadians need more information about the financial details of buying a home. That figure rose to 70% for respondents between the ages of 18 and 29.
“As REALTORS®, we appreciate that young Canadians and first-time homebuyers are craving more information about the financial details required to purchase a home. The purpose of the Homebuyers’ Road Map is to empower consumers with the knowledge, skills and confidence to make responsible financial decisions about one of the largest purchases they will ever make,” said Gary Simonsen, CREA’s CEO. “We’re proud to have collaborated with the Financial Consumer Agency of Canada to develop this guide.”
The guide will help Canadians better understand the home buying process as well as appreciate the importance of negotiating with lenders and researching government programs.