It remains the Canadian dream. Owning a home has long been the goal of Canadians and immigrants to our great country. History has shown that investing in a home – be it a lowrise house or condominium suite – can be lucrative in the long run. In the meantime, it provides owners with equity that can be funneled into other needs. As opposed to paying rent, the money you spend on paying a mortgage is going toward your future. But aside from financial possibilities, home ownership comes with a wealth of psychological benefits that contribute to well-being.

Major milestone

Homeownership is a major milestone in life. Even with the responsibilities that come with owning, people tend to feel less stressful and more grounded in a house or condo that is their own. Think about Maslow’s Hierarchy of Needs, a motivational psychology theory that ranks human needs in an ascending order of importance. The typical expression of this is a pyramid, in which the needs that are lower in the hierarchy must be met before attending to those higher up. I looked at this hierarchy with homeownership in mind. At the very bottom are our physiological needs, including food, oxygen and sleep – those things that keep us alive. Certainly, shelter can be considered among that list. Next is safety, or the need for security such as financial stability, safety from danger, plus physical health. Again, owning can contribute to all of these.

Next up the ladder is love and a sense of being part of something bigger such as community. Onward, the next category of needs is the pursuit of self-respect and appreciation from those around us. Owning a home is a major step toward achieving a position of status in the eyes of others and owners themselves. And finally, at the top of the pyramid is self-actualization. Ownership can play a part in this step because of the ability to customize your interior, and in the case of lowrise, your exterior as well, to fit your personality and aesthetic sensibilities. In other words, owning can become part of your identity.

Owning offers a sense of permanency, even though owners may move in the future depending on their life needs. I call that right-sizing. The house or condo you live in is your security and source of stability. It is a tangible asset. You can touch it and alter it without getting approval from a landlord. In fact, personalizing your space makes it seem like “you” as soon as you enter. If you buy resale, you can redecorate and renovate to your heart’s content. If, however, you purchase a new house or condominium, you can do that before it’s even built – at your colour selection appointment. The choices today are phenomenal, including the latest colours and fixtures that can truly express your personality.

Symbol of achievement

Owning a house or condominium suite is also a spectacular visual symbol of achievement. It shows how hard you have worked to make this dream a reality. You do not have to worry about rent increases, which means you have more control over your budget.

The term “home” refers to more than the physical dwelling; it is also cradled in a community. It provides a sense of belonging, of putting down roots. Those who own tend to feel a stronger link to their surroundings, often joining clubs and organizations that boost belonging to something greater. Becoming an active participant in local events is satisfying and gratifying.

Keep in mind that these benefits are just as present in condominiums as lowrise communities. I often refer to condominiums as vertical communities. Suite owners have the luxury of accessing wonderful amenities without ever leaving the building. Among today’s offerings are gorgeous fitness facilities, theatres, multi-use party rooms, rooftop gardens or lounges, playrooms, playgrounds, courtyards or any number of other communal spaces.

Then think of the generational benefits of ownership. According to Statistics Canada, in 2021, the adult children of homeowners were twice as likely to own a house or condo as the adult children of non-homeowners.

A home is your safe place, your comfortable space, your life base. Owning means you control more in your surroundings than renters do. Buying a house or condo suite shows faith in our economy as well, so it’s a win-win for everyone involved.