Home ownership is a goal many Canadians aspire to achieve, but without the knowledge and skills to make responsible financial decisions the choice to buy a home can be an overwhelming process. For this reason, CREA worked with the Financial Consumer Agency of Canada (FCAC) to develop the Homebuyers’ Road Map in 2012.
The Homebuyers’ Road Map is a helpful resource that assists potential home buyers assess their financial readiness, explore mortgage financing options, and research government assistant programs. In addition, the guide helps Canadians understand other costs associated with purchasing a home. For example, are your appliances included in your home? How much should you save for closing and related costs?
As trusted professionals in real estate transactions REALTORS® are on the front lines of financial literacy. Many REALTORS® across the country use the road map as a tool to help educate and empower their clients during one of the most important purchases of their lives.
Recently, CREA, OREA and TREB participated in a round table discussion moderated by the Commissioner of the FCAC to share feedback on their experience with the road map.