Financial Consumer Agency of Canada And REALTORS Discuss Homebuyers’ Financial Literacy

TORONTO — On November 26, 2013, REALTORS hosted Lucie Tedesco, Commissioner of the Financial Consumer Agency of Canada (FCAC) at a roundtable to discuss Canadian homebuyers’ financial literacy.
Enhancing Canadians’ financial literacy is a priority shared by the federal government and REALTORS. The roundtable with the Commissioner allowed representatives from The Canadian Real Estate Association (CREA), the Ontario Real Estate Association (OREA) and the Toronto Real Estate Board (TREB) to share research and experiences with homebuyers’ financial preparedness with representatives from FCAC.
A 2012 Nanos Research study, commissioned by CREA, found that more than 63% of respondents indicated a “major need” for more information about the financial details of buying a home. That figure rose to over 70% when considering respondents between the ages of 18 and 29 only. Further, 86% believed that Canadians would benefit from a toolkit that would help them better understand the financial aspects relative to the purchase of a home.
As a result, FCAC and CREA joined efforts in 2012 to develop and launch the Homebuyers’ Road Map, providing first-time homebuyers the tools needed to make a responsible financial decision about one of the largest purchases they will make in their lifetimes.
One year after the official launch of the Homebuyers’ Road Map, representatives from the real estate profession met with FCAC to share feedback from those who work closest with buyers and sellers, in order to amplify the efforts undertaken to date.
The Homebuyers’ Road Map is available online at http://crea.ca/sites/default/files/Homebuyers_Road_Map_EN.pdf.