Using home equity to your advantage
Canadians purchase homes for a variety of reasons. Some want the stability of owning their own home, while others look at home ownership as an investment. No matter the reason, home ownership has proven itself to be a stable and profitable investment over time.
Many people have chosen to either purchase or refinance homes during these times of lower interest rates. Today, more than ever before, people are willing to borrow against the equity in their homes to either:
- Further their investment portfolios
- Get out of debt
- Send their children to university
- Make improvements to their home
- Boost their RRSP contributions
Where home equity was once sat upon, today it is often used to one’s advantage. Canadians have been borrowing against their home’s equity in record numbers, taking out billions of dollars in cash each year.
We highly recommend consulting Nicole and a financial planner to discuss opportunities to make your home’s equity work for you. While removing equity from your home can be a good idea, always ensure you fully understand the benefits and risks.