I won't cut and paste the whole thing. But I'll rebut a few points below.
- If you are 35 now and just buying your first home, you will likely be mortgage-free when you are 60 and sitting comfortably on a considerable asset.
Today, normal is entering the property ladder, using extended amortizations and moving through the market in multiple transactions, constantly refinancing and removing equity from homes to purchase new homes worth more. We don't know what future experience will be in terms of mortgage pay downs because we've never seen the kind of mortgage product innovation we have today during past real estate cycles. The VREB is applying the old rules to a new game and expecting the same outcomes. I say the ref should be calling a penalty on that play.
- Buying a home is a very effective way of saving regularly over many years. Even if you never buy into another retirement or investment plan, you are effectively putting money away for the future.
Furthermore, any other industry that offers the consumer an investment product or investment advice has mandatory disclosure requirements on every piece of advertising it does. Why is the real estate industry allowed to market their products as investments with no mandatory disclosure statements, no requirements whatsoever about qualifying consumers etc and no industry financial regulatory oversight?
- Owning a home of your own means you and your family can set down roots, get to know your community and involve yourselves in it.
If I'm a member of the VREB, I'm embarrassed by this advertorial. I also find it odd that in the middle of a great big first time buying boom, the VREB felt it wise use of dollars to try to further appeal to first time buyers. Could they know something we haven't seen yet? Like maybe the buying is slowing down again and that FTBers are either exhausted or parked on the sidelines expecting to pay less again in the near future?