Written By: Buffini & Co

People felt homeownership was a goal easily in reach...

But today, half of us feel it's not possible.

What if there was another story?

For those of you with equity, there's a way you can help your family build generational wealth with the purchase of a home. For those of you not yet on the real estate ladder, there are steps you can take to begin building your own generational wealth.

Real estate as a generational wealth builder

• 66% of Canadians own their own home
• Real estate equals 55% of average household wealth
• 73% believe homeownership is the best investment

Using your equity to leave a legacy

• Help your kids or grandkids move to a better neighbourhood.
• A mortgage is a forced savings account.
• A monthly mortgage means they have skin in the game.
• Impact your family today rather than plan for an inheritance later.

I have home equity - now what?

• Talk to your spouse or partner so you're both on board with the plan.
• Talk to your child, grandchild or family member to gauge their goals, interests and needs.
• Meet with a qualified financial professional to make sure all legal and financial obligations are met. Possible options to research include gifts, loans, leases or trusts.

I'm just starting out on the journey

• Improve your credit score by paying down debt as soon as you can.
• Don't take on any unnecessary major expenses such as a new vehicle, appliance, or vacation.
• Talk to a qualified mortgage professional to get pre-approved so you're ready when the time is right.