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FALL/WINTER 2018

FAMILYLIVING

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FROM NEW HOME TO DREAM HOME.

Purchase Plus Improvements When your perfect home is only a reno away, Genworth Canada can help you achieve your dream with tailored improvements immediately after taking possession, and one manageable mortgage with as little as a 5% down payment.

THE NEW PPI CALCULATOR & GUIDE

Visit homeownership.ca/ppi

HOME,SWEETERHOME Turn that fixer-upper

into a head-turner. All it takes is TLC & PPI.

Genworth Canada’s Purchase Plus Improvements Program (PPI)makes it easy to finance your first home and much needed renovations in one simple transaction. Get the home you want, sooner. Here’s how.

Debbie McPhersonSenior Vice-President, Sales & Marketing,Genworth Canada

FAMILY FIRSTS

Produced by

P.S. Sign up for our newsletter to receive expert knowledge, resources and tools, right in your inbox: homeownership.ca/sign-up

Buying your first home is an incredible accomplishment, filled with both excitement and pride. For first-time homebuyers with children, the idea of setting down roots in a new community can add an extra element of satisfaction.

This issue of A Better Way to Homeownership is geared toward families, and our stories cover a lot of ground. We look at ways to save money while raising children. We discuss mortgage solutions and renovations, financial fitness and preparing children for the big move. Another topic we explore is the growing trend of multi-generational house sharing.

Genworth Canada has helped more than a million Canadians and their families along the road to homeownership. We hope this issue of the digest inspires you and helps bring your family one step closer to homeownership.

If you want to learn more about homeownership, please visit our website, Homeownership.ca. The website features informative videos, educational articles and interactive affordability calculators. You can also sign up for our e-newsletter – it is a great way to stay focused on your homeownership goals.

Finally, please follow us on Facebook, LinkedIn and Twitter, where you can engage with our online community.

From our family to yours, here’s to home, sweet home.

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16 CLOSING & MOVING IN How to help your children through a big move.

14 THE BUYING PROCESSIs multi-generational homebuying right for you?

12 HOUSE HUNTINGWhat to look for in a family-friendly condo.

10 FINANCINGSavings advice for families with children.

22WHAT'S ONLINEFind out what’s trending on our social media channels.

8DREAMING OF HOMEOWNERSHIPHomeownership countdown: get ready today.

TABLE OF CONTENTS FALL/WINTER 2018

5HELP!You asked, we answered.

6THE EDGEStatistics from Genworth Canada’s 2018 Financial Fitness & Homeownership Study.

18TOOLBOXFirst-timer home improvements.

20COMMUNITYGenworth Canada supports financial literacy for students.

YOU ASKED, WE ANSWERED

Q: We will be buying our first home in 2019. We’re drawn to the value offered by fixer-uppers, but we’re worried about the impact that on-going renovations will have on our kids’ routines. Any advice?

A: Yes, plan for renovations! No one enjoys living in a construction zone, so minimize disruptions by tackling home improvements planned in advance of your move, rather than dragging them out over months or years. Genworth Canada’s Purchase Plus Improvements (PPI) program can help. PPI enables qualified homebuyers to finance major home improvement projects by adding the cost to their mortgage.

Here’s how it works: Let’s say you find a $300,000 home in an up-and-coming community you love. It’s got great bones but is in desperate need of kitchen and bathroom updates. Sticker price: $30,000 – money you won’t have after making your down payment and closing costs.

With PPI, these reno costs can be combined with your home’s purchase price. Qualified buyers can still buy their home with as little as a five per cent down payment.

Here’s how the numbers look: Home purchase price: $300,000 Renovation cost: $30,000 Combined purchase price: $330,000 5% down payment: $16,500 Mortgage amount: $326,040*

*Total mortgage loan amount includes $12,540 mortgage insurance premium.

Renovations can begin as soon as you take possession of the home. Renovation costs are disbursed upon completion of the work. With just one affordable mortgage payment, PPI makes getting from fixer-upper to family home faster, easier and more convenient.

Want to learn more? Ask your mortgage professional about Genworth Canada’s Purchase Plus Improvements program.

HELP!

GENWORTH CANADA FALL/WINTER 2018 5

51% Female49% Male

40% own a homewith a mortgage 64% have a lot

of confidence in their long term financial health

Among non-owners,30% of Millennials plan to buy their first home

in the next 2 years53% say their

financial fitness is good or great

FIT TO BUYCanadians are confident about their financial healthThe results are in, and Canadians are a financially fit bunch. According to Genworth Canada’s 2018 Financial Fitness & Homeownership Study, Canadians are feeling optimistic about and in control of their financial health. Here are key survey stats that point to an optimistic outlook.

THE EDGE

6 GENWORTH CANADA FALL/WINTER 2018

HOUSEHOLD INCOME

FIRST-TIME PURCHASE INTENTIONS

EMPLOYMENT

$50-74K

19%

$75-99K

11%

$100K+

22%

47%

26%

5%

7%

11%4%

Retired

Full-Time

Student

At Home

Unemployed

Part-Time

6 months

12 months 24 months

19% plan to purchase their first home within

the next 2 years

5%

3%

12%

FINANCIAL ATTITUDES

65%

64%

69%

64%

80%

have a lot of confidence in their long-term financial health

Millennials are equally as confident in their long-term financial health as older Canadians

14%

39%

10%

6%

30%

Great

Poor

Notgood

Good

Not great or poor

FINANCIAL FITNESS & HOMEOWNERSHIP

53% say their financial fitness is good or great

Homeowners are more likely to say that they are in good or great financial shape

First-time Buyers

First-time Intenders

Repeat Buyers

Repeat Intenders

68%

58%

59%

62%

of homeowners have a lot of confidence in their long-term financial health vs. 53% of non-owners

While 80% of recent FTBs have a lot of confidence in their long-term financial health, 49% are concerned about making ends meet month-to-month

51% Female49% Male

40% own a homewith a mortgage 64% have a lot

of confidence in their long term financial health

Among non-owners,30% of Millennials plan to buy their first home

in the next 2 years53% say their

financial fitness is good or great

Results are based on Genworth Canada’s 2018 Financial Fitness & Homeownership Study, conducted Feb. 8 to March 27, 2018, which surveyed 2,000 Canadians age 18 and up. Some numbers may not add up to 100% due to rounding. This sponsored study was conducted in association with the Canadian Association of Credit Counselling Services.

GENWORTH CANADA FALL/WINTER 2018 7

COUNTDOWN TO HOMEOWNERSHIP

Dreaming of Homeownership

Two years is an important time frame when it comes to buying your first home. According to Genworth Canada’s 2018 Financial Fitness & Homeownership Study, nearly one-fifth of aspiring first-time homebuyers expect to buy their home within the next two years. This preparation period provides a healthy amount of time to get your finances in order. Strengthening your financial position should be a priority given the mortgage stress test criteria to qualify and rising interest rates. Set yourself up for homeownership success with the following tips.

Determine how much home you can afford

Affordability is the cornerstone of responsible homeownership. Buying a home you can comfortably afford will ensure satisfaction and security. Mortgage changes introduced by

the federal government over the past two years have helped to reduce the likelihood of buyers taking on more debt than they can reasonably afford. Want an estimate of how much home you can afford? Visit Homeownership.ca and use the What Can I Afford

DREAMING OF HOMEOWNERSHIP

8 GENWORTH CANADA FALL/WINTER 2018

Calculator to find out what mortgage amount a bank or other conventional lender would likely qualify you for.

Build a monthly budget

Once you have an estimate of how much of a mortgage you’d be working with, use Homeownership.ca’s Mortgage Payment Calculator to determine your regular mortgage payments. Build a monthly budget around this amount, plus your other expenses. Live on this new-homeowner budget as early as possible so you get into the habit of spending within your means. Put any savings into your down payment savings account.

Save, save and save even more

Save aggressively so you can build that nest egg; in other words, it would be smart to save for your down payment, closing and moving costs in advance. Think about new ways to save more money every day. For example, even if you prefer to buy your latte at your local coffee shop, switching to the free coffee at your office will allow you to save an average of $3 daily, which you can put into your savings account. In two years’ time, that $1,400-plus will make a nice addition to your down payment.

Improve your credit score

Order your credit report from Equifax or TransUnion and check it thoroughly, contacting the credit reporting agencies if there are any errors. Between now and two years from now, work on improving your credit as much as you can.

Key steps you should take include the following:

+ Always make payments on time. + Pay down your consumer debt. (Avoid using more than 35 per cent of your available credit from credit cards and lines of credit.)

+ Don’t apply for more credit. (One exception to this rule is if you have no existing credit card. In that case, apply for a no-fee credit card, use it on a few small purchases and pay it off monthly. This will help you build your credit history.)

Stay the course

Job changes, car financing and applying for more credit can all affect your credit report or mortgage application, or both. Limit any major lifestyle changes or purchases to the start of your two-year homeownership countdown. As you move toward the mortgage pre-approval stage and house-hunting stages, avoid lifestyle or financial changes that could have a negative impact on your credit score or raise questions about your employment history.

Start dreaming and researching!

Use your free time to explore neighbourhoods and research the local real estate market. Go for a long walk and visit some open houses. These obligation free walk-throughs can help you refine your new-home wish list, clarifying priorities versus nice-to-have features. Even if you don’t have children right now, consider park and school proximity because your family situation may change one day in the future.

GENWORTH CANADA FALL/WINTER 2018 9

S A V I N G S $ 0 $

HELP, WE’VE GOT KIDS!

Financing

As any parent knows, kids cost money. Regardless of what life stage your offspring are at, you have extra expenses you didn’t have prior to parenthood. Does this mean you have to backbench your plans for homeownership? Not necessarily. Whether you’re raising a baby, school-age kid or teen, it just takes extra ingenuity and discipline to find money for your down payment. Here are seven tips and tricks that can help.

1 Start a babysitting club Why pay a babysitter to watch your

kids when you can swap child care with another family? Trustworthy options include relatives, family friends and the parents of your child’s BFF. Start with

short babysitting sessions and build up according to mutual comfort.

Savings: Approx. $50 per month (based on one monthly date night)

10 GENWORTH CANADA FALL/WINTER 2018

FINANCING

2 Stockpile diapers Who knew “diaper stockpiling”

was a thing? Well, it is, and it can save you lots of money. In a nutshell, diaper stockpiling involves loading up on diapers and wipes whenever they are heavily discounted, from pregnancy onward. Online resources can help you determine how many diapers you’ll need in each size. Advocates say diaper stockpiling can save you 50 per cent or more on diapering expenses. That’s nothing to pooh-pooh!

Savings: Approx. $275 in your baby’s first year

3 Pay yourself first Set your chequing account to

make automatic biweekly deposits to a savings account earmarked for your down payment. That way, saving doesn’t require any forethought on payday. Don’t worry if you can’t deposit as much as you would have pre-baby. Anything is better than nothing.

Savings: Varies

4 Keep things simple Avoid over-programming your

child or teenager. Stick to one paid extracurricular activity per week to save on registration fees, uniforms, equipment and transportation costs. If your kids like to stay busy, look for free programs at their school or at the local library or recreation centre.

Savings: Approx. $200 to $750 per year

5 Think pre-owned “vehicles” Pre-owned cars work just fine,

so extend that thinking to active transportation tools like strollers or infant carriers. If the timing’s right, you may be able to borrow from a friend, but if not, buying secondhand

is the next best thing to free. Stick to store-bought cribs, car seats and play yards, however, as safety standards change frequently.

Savings: Potentially hundreds of dollars. At press time, we found a popular baby carrier listed at $194 at a national retailer and $40 (used) on a popular buy/sell site. Similarly, the same stroller cost $300 from the national retailer and $130 (used) on the buy/sell site.

6 Start a gift stash Birthday gifts add up quickly,

especially if you’re raising one or more social butterflies. You can reduce expenditures and last-minute shopping by loading up on toys and books when they are on sale (during Boxing Week, for example). Dip into your gift stash whenever your kids get party invitations. Add a homemade birthday card, rather than shelling out $3 to $5 for a store-bought one.

Savings: Varies

7 Staycation for a few years Sure, we love vacations too, but

hear us out. Do you really want to take a toddler on a four-hour flight when they’d be just as happy at the local indoor splash pad? You can save big bucks (and stress) by staying home for a few years and travelling once the kids are older and stoked about that big adventure.

Savings: Varies, but a typical seven-day Florida theme-park vacation starts at $5,000 for a family of four (flight and hotel).

Do you have money-saving strategies that work for your family? Please join the conversation on our Facebook page, homeownership.ca/fb.

GENWORTH CANADA FALL/WINTER 2018 11

Condo living: it’s not just for young single people anymore. In big cities like Toronto and Vancouver, many millennial parents are choosing to set down roots in vertical communities, raising their kids in the dynamic environment they love. As a result, developers are starting to pay attention to the priorities of this up-and-coming homebuying demographic. Is city living suited to your family’s lifestyle? Here are six features to look for when hunting for a family-friendly condo.

KID-FRIENDLY CONDO FEATURES

House Hunting

12 GENWORTH CANADA FALL/WINTER 2018

HOUSE HUNTING

friendly flooring, furniture and play stations, these indoor play centres are the perfect spot to hang out during a rainy morning or to meet up when you think your home is too messy for a play date!

FAMILY-FRIENDLY FEATURE NO. 4:

Outdoor play areasMany planned communities include parks and playgrounds in their adjacent outdoor space. Other kid-pleasing features include gardens, fountains, splash pads and pathways where kids can bike, in-line skate and play safe from car traffic. Who says you can’t have your own backyard if you live in a highrise?

FAMILY-FRIENDLY FEATURE NO. 5:

ParkingIf moving your brood around includes four wheels, you’ll be looking for a parking spot. Parking is a hot commodity, and many big-city condo buildings have significantly fewer parking spots than they do units. Keep in mind that a parking spot isn’t just a one-time purchase; it’s subject to additional monthly maintenance fees. If you’re an occasional driver, check the building’s proximity to a car share location. Avid cyclist? Look for a building with a secure bike room to avoid condo clutter and cut the risk of bike theft outdoors.

FAMILY-FRIENDLY FEATURE NO. 6:

Location, location, locationOne of the perks of urban living is proximity to work and big-city attractions. There’s something appealing about walking to the museum on a Saturday morning, or picking your kids up at daycare after work and leisurely strolling to a nice restaurant for dinner. Consider walkability and access to public transit when condo shopping. Trimming your commute and streamlining your day makes family life less stressful and way more fun.

FAMILY-FRIENDLY FEATURE NO. 1:

More bedroomsAs recently as 2011, many condo-dwelling families had to rely on design hacks to carve out “bedroom” space in a smaller unit. That’s because during the 2001-11 period, less than one per cent of condos on the Toronto market had three bedrooms; today, for example, one major developer dedicates, on average, about 10 per cent of its new buildings to three-bedroom units, and roughly 40 per cent to two-bedroom units.¹ Similar changes have been afoot in Canada’s other major condo markets. The City of Vancouver mandated in 2016 that all rezoning projects hit a target of 35 per cent “family units,” defined as units with two or more bedrooms.2 In Montreal, developers are also reaching out to the urban family demographic, with one Habitat Design Award-nominated project incorporating not just three-bedroom but even four-bedroom units.3 Family-sized condos are now easier to find, which means it is less likely you’ll have to use bookcases and curtains to fake out an extra bedroom.

FAMILY-FRIENDLY FEATURE NO. 2:

Better storageA tiny hall closet just won’t do when you’ve got strollers, trikes and other gear to stash. If you’ve got a growing family, maximum closet capacity is key. One way developers max out storage space is to design smaller bedrooms; that’s a small sacrifice to make if it makes getting in and out of your unit easier each day.

FAMILY-FRIENDLY FEATURE NO. 3:

Indoor play zonesJust as the party room is a grown-up condo mainstay, indoor kids’ rooms are becoming hot tickets in family-oriented condo developments. With activity-

1 CBC News. “Growing Upwards: Why Toronto Wants to Make High-Rises Family-Friendly.” July 23, 2016. www.cbc.ca2 City of Vancouver. “Creating Housing Options for Families in Vancouver.” www.vancouver.ca3 Montreal Gazette. “What Do Buyers Want in a New Condo?” March 30, 2015. www.montrealgazette.com

GENWORTH CANADA FALL/WINTER 2018 13

MULTI-GENERATIONAL HOME PURCHASES

The Buying Process

Buying a house with Mom and Dad? In competitive housing markets, this seemingly unconventional choice can be a smart strategy for attaining homeownership sooner. That said, any financial partnership requires planning. Avoid conflict by clarifying roles and formalizing financial agreements. Here are two common shared homeownership scenarios, along with tips for making a financial arrangement that works for everyone.

FAMILY HOMEOWNERSHIP SCENARIO NO. 1:

Housing your child during universityWhy: Renting can be expensive. Some parents may prefer to buy a home for their child while they attend university or college. This option allows families to build their own equity, rather than pay a landlord rent for three to five years or more.

Important considerations:

Size & lifestyle: Choose a home that is appropriate for a single young adult, such as a turnkey condo or small bungalow.

Future plans: What will happen once your child graduates? Will the property be sold? Will your child take over the mortgage payments? Discuss future plans openly to avoid unpleasant surprises.

Written agreement: Use a written agreement to solidify co-ownership responsibilities and expectations, including who is financially responsible for specific homeownership expenses (i.e., mortgage, utilities, taxes and so on), what happens if payments are missed, and what happens if either party wishes to exit the financial partnership.

THE BUYING PROCESS

14 GENWORTH CANADA FALL/WINTER 2018

Ask your mortgage professional about… Genworth Canada’s Family Plan program. This program enables qualified buyers with excellent credit to assist an immediate family member with their home purchase. To qualify, your dependent must have good credit, even if they lack sufficient income to meet typical mortgage qualification standards. The home must meet certain quality criteria, and qualified buyers can make their purchase with as little as five per cent down.

FAMILY HOMEOWNERSHIP SCENARIO NO. 2:

Parents and adult children living together Why: Forget fleeing the nest. Increasing numbers of adult children are buying a bigger nest with Mom and Dad (maybe even Nan and Gramps too!). According to the 2016 census, a whopping 403,810 households across Canada are multi-generational households with at least three generations of the same family under one roof.¹ Whether you’re inspired by tradition, cost savings or convenience, shared homeownership can be a prudent and fulfilling decision.

Important considerations:

Size & lifestyle: Upfront, family members should be on the same page about living arrangements. Will this be a one-household home with shared living quarters? Or will the property be divided into suites, with each household residing in a self-contained unit?

Future plans: Involve the whole family in discussions around shared homeownership and include adult siblings who are not buying in with you. Be frank about family assets and the future care needs of older

relatives. Is there an expectation that you shoulder this responsibility due to proximity?

Written agreement: As with any shared homeownership situation, clarify co-ownership responsibilities and expectations in a written agreement.

Ask your mortgage professional about… Genworth Canada’s Progress Advance program, which helps qualified homebuyers finance a custom-built home with as little as five per cent down. Dual master suites? A bachelor-size nanny suite? An approved home builder or contractor can create a house perfect for your multi-generational family’s needs.

Or, if you’d prefer to renovate a resale home, ask about Genworth Canada’s Purchase Plus Improvements (PPI) program, which can finance home improvements and combine them with your mortgage in one easy mortgage, also with as little as five per cent down. Check out our PPI calculator and guide at homeownership.ca/ppi.

Finally, if your family has immigrated to Canada within the last five years, consider Genworth Canada’s New to Canada program. Don’t let a lack of Canadian credit history derail your family’s homeownership dreams. The New to Canada program can help qualified borrowers who have full-time employment and a strong history of rent and utility payments in Canada buy their family home with as little as five per cent down.

Want to learn more about buying a home with relatives? Read more at Homeownership.ca.

1 Statistics Canada. “Overview of Household Types, Canada, 2016.” www.statcan.gc.ca

GENWORTH CANADA FALL/WINTER 2018 15

CLOSING & MOVING IN

HELPING KIDS THROUGH A MOVE

Closing & Moving In

16 GENWORTH CANADA FALL/WINTER 2018

Moving into your first home is an exciting time for grown-ups, but it may be less so for your kids. While some kids embrace change readily, others may need extra time and convincing to get on board. Here are some tips that can ease the transition and get your whole household excited about their new home.

FACILITATE FRIENDSHIP

No one wants to leave their friends behind; this can be especially stressful for elementary school kids. Strategize feasible ways they can stay in touch, whether it’s through visits, joining the same clubs or by using technology. Knowing this isn’t “goodbye forever” may make moving a little easier for some kids.

PLAN AHEAD

Know where you’re headed? If you’ve got a long closing date or are firm on the community you’ll be buying in, you can start the transition early. Sign your kids up for fun extracurricular activities to help familiarize them with their future ’hood. From Scouts to swimming, book clubs to cooking lessons, there’s something for everyone, and plenty of new kids to meet, too.

SELL THE SPACE

Get your kids excited about the move by actively involving them in transforming your new place from house to home. Depending on their age, they could help design their bedroom (i.e., select paint colours, furniture layout and so on) or even shared spaces like the family room or backyard.

DO YOUR HOMEWORK

Once you know what school your children will be enrolled in, consider

requesting a tour before their first day. Or contact their homeroom teacher to ask if they can be partnered with a buddy who will show them around for the first few days. Find out what clubs and teams the school offers and encourage your child to get involved.

EMBRACE TECHNOLOGY

From Skype and Snapchat to text messages and phone calls, technology makes it easy for kids to stay in touch with their old friends – and get to know new ones, too. Gamers can even join one another to face off online in real time (a great option for kids who are not big talkers). Allow your kids to use their screen time to maintain their friendships while safely making new ones.

CONSIDER A SUMMER REUNION

If your new home is too far away for your kids to have regular meet-ups with their old friends, consider sleepover summer camp. Besides the super-fun setting, summer camp is designed around semi-structured days; the programming can distract kids from any initial awkwardness as they reconnect after months apart.

SUPPORT ONE ANOTHER

Finally, if you’re moving with a spouse or partner, emphasize co-operation and teamwork. Avoid arguing over move-related issues like budgeting, logistics and job changes. Kids pick up on parental stress and it may influence their feelings about the move. Take a “we’re in this together” approach and focus on problem solving. Stay positive and keep everyone’s eye on the prize: home, sweet family home!

GENWORTH CANADA FALL/WINTER 2018 17

Fall is an exciting time for first-time homeowners. From the satisfaction of backyard barbecues to the thrill of Halloween decorating, it’s a season jam packed with the rewards of homeownership. Fall has a flip side, though: it’s the last call for certain home improvements best tackled before the mercury drops and the weather turns.

Fall chores don’t have to be a drag if you space them out to balance fixes with weekend fun. The following fall projects will boost your property’s livability, value and your own personal touch, bringing you even more enjoyment in your first home.

FALL FIXES FOR FIRST-TIME HOMEOWNERS

TOOLBOX

18 GENWORTH CANADA FALL/WINTER 2018

START YOUR GARDENLandscaping and gardening expenses add up quickly. For first-time homebuyers or green-thumbed gardeners who are short on money, fall bulbs offer excellent value. Load up on bargain-priced bulk bulbs such as crocuses, tulips, daffodils, muscari, hyacinths, snowdrops and other spring blooms. Plant them before the first frost and enjoy a riot of colour next spring. As perennials that bloom each spring, these bulbs are a one-time investment. Next year, splurge on more perennials to have a continuous flowering garden, plus shrubs and trees.

GIVE THE PORCH A FACELIFTBoost your home’s curb appeal with a porch makeover. Painting is one of the easiest ways to give any exterior surface a fresh new look, an effect that can last three to six years.¹ For the best results, opt for a latex-based paint, as it is more crack, peel and UV resistant than an oil-based alkyd paint. Latex dries faster and cleans up more readily, too. Exterior paint should be applied on a non-rainy, non-humid day, when the temperature holds between 10°C and 30°C.

UPGRADE YOUR WINDOWS Drafty windows could cost you big bucks this winter. According to Natural Resources Canada, windows can account for up to 25 per cent of a home’s heat loss.² Now’s the time to order energy-efficient, Energy Star®

certified windows if your budget allows for it. If not, spend a few hours improving the energy efficiency of your existing windows by filling holes and applying weatherstripping and caulking. Add extra protection with a storm window or panel, and layer up indoors by installing cellular shades, which cut heat loss in winter and heat gain in summer.

LIGHTEN UPWith shorter days and longer nights, lighting takes on added importance. Indoors, consider updating any past-its-prime lighting and swapping out incandescent bulbs for energy-efficient LEDs or CFLs for energy savings. Outdoors, install motion detector, task or landscape lighting before it gets too cold to work comfortably or before the ground hardens, making it impossible to bury wiring for landscape and path lights.

CLEAR THE AIRIf you didn’t do it when you first took possession of your home, have your ductwork professionally cleaned. Book a furnace inspection. Do the same for central air and HVAC if you have either. Replace air filters as required. Book fireplace cleaning or chimney sweep services. These steps will improve air quality and energy efficiency, ensuring you’re comfortable as you move your lifestyle from outdoors to indoors as fall turns into winter.

1 For more exterior-painting tips, go to www.styleathome.com.2 Learn more about energy-efficient windows at www.nrcan.gc.ca.

GENWORTH CANADA FALL/WINTER 2018 19

What do reading, writing and arithmetic have in common with wealth management? They’re all crucial examples of literacy and numeracy, according to business educators. Genworth Canada agrees, which is why Canada’s leading private mortgage insurer has made a three-year, $100,000 sponsorship commitment to the University of Waterloo’s Financial Literacy Competition (FLC).

An annual collaboration between the university’s School of Accounting and Finance (SAF) and business studies teachers in the Waterloo Region, the competition challenges high school students on their personal finance, accounting and wealth management acumen. Whether it’s through the thrill of competition or the prizes rewarded to top scorers, this competition promotes knowledge that young Canadians will need in the years to come.

“Basic financial skills are a critical building block in every person’s education,” explains James Barnett, SAF’s Interim Director. “Integrating financial skills development throughout the curriculum

A WINNING APPROACH TO FINANCIAL LITERACY

As a company that supports the health

of the housing market, education is key to responsible homeownership.

Stuart Levings, President and CEO, Genworth Canada

COMMUNITY

20 GENWORTH CANADA FALL/WINTER 2018

ensures that students will have the knowledge to make effective decisions throughout their lives.”

For Genworth Canada, supporting the competition and its broader educational goal was a natural fit. “Genworth is committed to promoting financial literacy amongst young Canadians. As a company that supports the health of the housing market, education is key to responsible homeownership,” says Stuart Levings, President and CEO of Genworth Canada. “We need to ensure our younger generation is equipped with the knowledge to help them become financially stable into adulthood. The Financial Literacy Competition is a great catalyst to spread the information in an interesting and interactive way.”

The rewards for top-scoring competitors go beyond knowledge, empowerment and financial self-confidence. Thanks to Genworth Canada’s sponsorship, they’ll also receive financial support that can be put toward their post-secondary education.

GENWORTH CANADA FALL/WINTER 2018 21

DEMYSTIFYING THE HOMEBUYING

PROCESS

FOLLOW US ON

homeownership.ca/fb

@GenworthCanada

homeownership.ca/li

Top questions asked by first-time homebuyers during the homebuying process and where to find resources

WHAT'S ONLINE

22 GENWORTH CANADA FALL/WINTER 2018

Source: Genworth Canada`s Understanding the Homebuying Process Facebook Contest (2017)

How much is needed for a down payment?

What are first-time homebuyers' benefits?

How can I find a professional home inspector to check out a potential home before committing to a purchase?

What fees do I have to prepare myself for when buying a home?

A conventional mortgage in Canada normally requires a down

payment of at least 20% of the purchase price. When homebuyers

have less than 20% for a down payment, mortgage insurance allows

them to secure a mortgage for their home purchase.

Learn more: homeownership.ca/h95

Some benefits for first-time homebuyers include the Home

Buyers’ Plan (HBP) and the GST/HST New Housing Rebate.

Learn more: homeownership.ca/FTHB-benefits

Poll your real estate agent, friends, family and social networks

for recommendations and ask for an interview. Tag along for

the inspection and ask lots of questions.

Learn more: homeownership.ca/home-inspector

Be prepared for additional costs like home inspection,

legal fees and property tax adjustments.

Learn more: homeownership.ca/closing-costs

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GENWORTH CANADA FALL/WINTER 2018 23

http://www.homeownership.ca

THE GUIDE TOHOMEOWNERSHIP

The journey to homeownership is filled with excitement, challenges and choices. Wherever you are on that journey, we can help you achieve the dream of homeownership with expert resources and tools at each step.

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