Despite hard economic times, the capital's housing market remains strong, especially among first-time homebuyers across Canada, a study released Wednesday said.
Although new-home construction is going down, 83 per cent of Ottawans feel that owning a home goes beyond its financial value, Genworth Financial Canada's First-Time Homebuyer's Monitor stated.
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According to the study, 83 per cent of Ottawans believe that even though homeownership may mean more work and effort, they'd rather own than rent.
At 81 per cent, almost as many agreed that owning a home provided a greater sense of emotional well-being and security, while 89 per cent of Ottawans say they would feel more financially secure owning their own home rather than renting.
The national survey of 2,521 Canadians was conducted between April 24 and May 4.
"The survey results show Canadians have a deep emotional attachment to homeownership," said Genworth Financial Canada president Peter Vukanovich. "That's particularly true among first-time homebuyers."