Help Homeowners Through Life Changes

THE ISSUE

Canadians and their families face sudden life changes that can affect their ability to maintain homeownership. Job relocation, the death of a spouse, marital breakdown or the decision to accommodate an elderly relative may all compromise their housing security.

CREA’S PROPOSAL

We recommend the Home Buyers’ Plan (HBP) be extended to help Canadians maintain homeownership through significant life changes. These life changes can sometimes impact the ability for Canadians and their families to maintain homeownership.

1. Eases Affordability Concerns Helping Canadians who relocate for work by letting them use the HBP allows for labour mobility by easing affordability concerns. Jobs are the foundation of a strong economy and the price of housing should not serve as a barrier to relocate for employment.

Currently, seniors account for nearly 15% of the population. By 2036, Statistics Canada projects they will account for approximately 25% of the total population. A family’s choice to accommodate an elderly family member in their home should not be restricted by affordability concerns when the HBP could offer needed assistance.

In 2015, 47,699 Canadians became widowed and 23,397 went through a marital breakdown. These individuals may require support to maintain housing through this disruptive and often difficult period of change.

Source:CREA website. Click here for rest of article

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