Genworth study reveals there's no place like home

The housing market may have experienced some ups and downs this year, but the spirits of potential first-time homebuyers across Canada remain strong. According to Genworth Financial Canada's First-Time Homebuyer's Monitor released today, 84 per cent of those surveyed said that owning a home goes beyond its financial value and feel that homeownership pays off in more ways than one.

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

The study measured both the financial and psychological factors of homeownership ? providing the following insights into the link between homeownership and personal fulfillment:

• 84 per cent agree with the statement, "Owning a home provides a greater sense of emotional well-being and security"

• 85 per cent believe that even though homeownership may mean more work and effort, they'd rather own than rent.

• 88 per cent say they would feel more financially secure owning their own home.

The national survey of 2,521 Canadians was conducted between April 24 and May 4. The complete Genworth Financial Canada First-Time Homebuyer's Monitor with a regional breakdown is available at www.genworth.ca.