TORONTO, Nov. 26, 2013 /CNW/ - Earlier today, 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®. Today's 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.
"The Financial Consumer Agency of Canada is committed to helping
Canadians make responsible financial decisions," stated Lucie Tedesco,
Commissioner of the Financial Consumer Agency of Canada. "Our
collaboration with REALTORS® does just that, by providing information
that helps consumers better understand the costs of buying a home."
A 2012 Nanos Research1 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 home2.
"Buying a home is an intensely personal - and sometimes emotional -
decision. REALTORS® play a key role bridging the gap between the
emotional and the practical financial considerations," said Laura
Leyser, President of CREA. "By providing Canadians with the knowledge,
skills and confidence to make responsible home buying decisions,
financial literacy contributes to the long-term stability of the
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
"REALTORS® are on the front lines of financial literacy every day,
helping potential buyers understand the financial implications of home
ownership," said Phil Dorner, President of the Ontario Real Estate
Association. "Canadians, particularly younger buyers, crave information
about the financial details of buying a home."
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 arms REALTORS® with an educational resource to
help Canadians make responsible decisions about one of the largest
purchases most will ever make - buying or selling real estate," shared
Dianne Usher, President of the Toronto Real Estate Board.
The Homebuyers' Road Map is available online at http://crea.ca/sites/default/files/Homebuyers_Road_Map_EN.pdf.
ABOUT CREA: The Canadian Real Estate Association (CREA) is one of Canada's largest
single-industry trade associations, representing more than 106,000
REALTORS® working through more than 90 real estate Boards and
ABOUT OREA: The Ontario Real Estate Association represents over 56,000 brokers and
salespeople who are members of the 41 real estate boards throughout the
province. OREA serves its REALTOR® members through a wide variety of
professional publications, educational programs, advocacy, and other
ABOUT TREB: Greater Toronto REALTORS® are passionate about their work. They are
governed by a strict Code of Ethics and share a state-of-the-art
Multiple Listing Service. Over 37,000 TREB Members serve consumers in
the Greater Toronto Area. The Toronto Real Estate Board is Canada's
largest real estate board. www.torontorealestateboard.com
ABOUT FCAC: With educational materials and interactive tools, the Financial Consumer Agency of Canada (FCAC) provides objective information about financial products and
services to help Canadians increase their financial knowledge and
confidence in managing their personal finances. FCAC informs consumers
about their rights and responsibilities when dealing with banks and federally regulated trust, loan and
insurance companies. FCAC also makes sure that federally regulated
financial institutions, payment card network operators and external
complaints bodies comply with legislation and industry commitments intended to protect consumers.
You can reach us through FCAC's Consumer Services Centre by calling
toll-free 1-866-461-3222 (TTY: 613-947-7771 or 1-866-914-6097) or by
visiting our website: itpaystoknow.gc.ca.
1 Survey conducted by Nanos Research and commissioned by The Canadian
Real Estate Association. The survey was a random national telephone
survey of 1000 Canadians aged 18 and over and is considered accurate ±
3.1%, 19 times out of 20.
2 Question: Do you think Canadians would benefit, somewhat benefit,
somewhat not benefit or not benefit from a free toolkit which helped
Canadians better understand the financial aspects to buying a home?
Responses, all of Canada: Benefit 54.6%; Somewhat benefit 31.6% for a
total of 86.2%.
SOURCE: Canadian Real Estate Association
For further information:
Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460