The pride of homeownership

I recently learned that buying a home is terrifying. And expensive. But that feeling when you first walk in the door of your new home, knowing that it really does belong to you, is truly incredible.

Mr. Speedy and I were so proud, and still are, to give our friends home tours, pointing out the things we love and those we want to change.

And, apparently, we're not the only first-time buyers who find a real emotional payoff in home ownership, according to a recent survey by Genworth Financial Canada.

Genworth's First-Time Homebuyer Monitor, released this week, found that 80 per cent of Torontonians said they feel the value of owning a home goes beyond the financial value. Nationally, among the 2,521 Canadians surveyed between April 24 and May 4, 84 per cent shared this view.

And 83 per cent of Torontonians surveyed agree that "Owning a home provides a greater sense of emotional well-being and security," compared to 84 per cent of Canadians.

Additionally, 77 per cent of Torontonians said they consider a house/condo they own more of a 'home' than a rental property, compared to 80 per cent nationally. An equal per cent of respondents said that owning a home made them feel more personally fulfilled.

The survey also found 81 per cent of Torontonians (compared to 85 per cent nationally) believe that even though home ownership may mean more work and effort, they'd rather own than rent.

There's also a sense of security that comes with home ownership, the survey found, with 85 per cent of Torontonians and 88 per cent of Canadians saying they would feel more financially secure owning their own home than renting.

"The survey results show Canadians have a deep emotional attachment to home ownership," said Peter Vukanovich, President of Genworth Financial Canada, in a release. "Most people closely associate financial security and emotional well being with home ownership. That's particularly true among first-time homebuyers."