Earlier last month, OREA made a submission to the Government of Ontario’s Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives. OREA supports the Committee’s recommendation to increase financial literacy amongst youth in Ontario.
As professionals who help consumers through one of their largest financial transactions in their lifetimes, REALTORS® know how important financial literacy is to a strong economy. Financial literacy is especially important when it comes to real estate. As Lucie Tedesco, the Commissioner of the Financial Consumer Agency of Canada (FCAC), notes “being financially literate can make all the difference between a happy homebuyer and a financially stressed homebuyer.”
Owning a home is a safe and secure investment. Homeownership is a dream that has supported generations of middle class Canadians. But the purchase of a home requires a lot of preparation and planning. This is especially true for young people looking to buy a home. From learning about a down payment to different types of mortgages, there are a number of topics that could be included in financial literacy education in Ontario. Early education on real estate finance could help familiarize young people so they are more confident when it is time for homeownership.
OREA believes that there is an opportunity to better educate our young people about life’s important financial decisions. Giving young people the opportunity to thrive is important for the future of real estate and homeownership. For this reason, Ontario’s REALTORS® fully support the Expert Committee’s recommendation to encourage financial literacy education in Ontario.