The Value of Homeownership is Still Worth the Wait

Genworth Canada Releases Results of Homeownership Study 
TORONTO, April 8, 2014 /CNW/ - According to a national survey commissioned by 
Genworth Canada, homebuyers are working harder and longer to save for a down 
payment and remain confident in the long-term benefits of buying a home. The 
annual poll, completed in conjunction with the Canadian Association of Credit 
Counselling Services (CACCS), asked 1,507 Canadians questions about their 
financial well-being and preparedness. 
"Despite tighter mortgage qualification criteria over recent years, survey 
results point towards positive trends in homebuyer behaviour," said Stuart 
Levings, Chief Operating Officer of Genworth Canada. "With a stable economy 
and real estate market, Canadians appear to have more confidence in the value 
of homeownership and see their goals of homeownership and financial well-being 
as more achievable." 
Highlights 
Homebuyers are thinking more about smart home investing 


        --  17 per cent say now would be a good time to buy a home, with a
            slightly higher proportion among First-Time Buyers/Intenders
            (19 per cent )
        --  Up since 2013, two-thirds of respondents (64 per cent versus 58
            per cent) feel that housing prices will increase in the next 12
            months
        --  Half expect to take 1-2 years to save for their down payment,
            with an increasing number (29 per cent versus 21 per cent)
            saying it will take 3-4 years
        --  53 percent are worried they might miss the perfect house
            because they don't have enough saved for the down payment
        --  67 per cent say their goal is to pay off their mortgage faster,
            up from 62 per cent in 2013

Homeownership is a valuable asset both financially and emotionally
        --  Nine out of ten peopleagreed that owning their own home gave
            them a greater sense of emotional well-being
        --  Nine out of ten people thought homeownership may mean more work
            and effort, but would rather own their home than rent

Canadians' financial well-being is strengthening as they become more fiscally 
responsible
        --  48 per cent of respondents believe they are in good or great
            shape, up from 44 per cent in 2013
        --  Up slightly from 2013, 38 per cent say they were able to save
            money in the past year and 51 per cent say they pay their
            credit cards in full each month
        --  The proportion of First-Time Buyers/Intenders who say they
            don't know what their credit rating is has declined from 32
            percent to 23 per cent

Financial literacy attitudes stay consistently strong over the last two years
        --  95 per cent agree that children should be taught basic finances
            and budgeting in school
        --  93 per cent would like to see education provided before people
            take out their first loan or credit card

"It is encouraging to see Canadians taking a more proactive stance on managing 
debt and savings," said Henrietta Ross, CEO of CACCS. "Credit counseling is a 
great way to ensure that your goals are viable and that all potential risks 
have been taken into consideration, and being aware of your financial fitness 
score is an important first step in that process."

Get Financially Fit, Learn More
To help get Canadians thinking about their financial well-being, Genworth and 
CACCS are launching a mobile version of the Financial Fitness Score tool.  The 
first of its kind when the online version launched in 2011, the tool helps 
people determine how well they are managing their finances and provides useful 
information that is based on their financial fitness level. The re-launched 
version now allows consumers to access the tool from any mobile device or 
platform.  To find out your Financial Fitness Score visit 
www.financialfitness.ca.

Interviews for the poll were conducted by Environics Research Group using an 
online methodology during the week of February 7-14, 2014.  David MacDonald, 
Vice President at Environics Research Group, presented the results of the 
survey at Genworth Canada's Homeownership Education Week seminar for mortgage 
industry professionals on April 8, 2014.  Following the presentation of the 
survey results, MacDonald was joined by Henrietta Ross, CEO of CACCS, Stuart 
Levings, COO of Genworth Canada, and Laura Leyser of ReMax Canada in a panel 
discussion moderated by Tara Perkins, real estate reporter for the Globe & 
Mail.  To view a replay of the live video webcast of the seminar, visit 
www.genworth.ca.

About Genworth Canada
Genworth MI Canada Inc. (TSX: MIC) through its subsidiary, Genworth Financial 
Mortgage Insurance Company Canada (Genworth Canada), is the largest private 
residential mortgage insurer in Canada. The Company provides mortgage default 
insurance to Canadian residential mortgage lenders, making homeownership more 
accessible to first-time homebuyers. Genworth Canada differentiates itself 
through customer service excellence, innovative processing technology, and a 
robust risk management framework. For almost two decades, Genworth Canada has 
supported the housing market by providing thought leadership and a focus on 
the safety and soundness of the mortgage finance system. As at December 31, 
2013, Genworth Canada had $5.7 billion total assets and $3.1 billion 
shareholders' equity. Find out more at www.genworth.ca.

About Canadian Association of Credit Counselling Services
The Canadian Association of Credit Counselling Services (CACCS) represents a 
Canada-wide network of accredited, not-for-profit agencies and affiliates 
offering preventative education and confidential services to clients 
experiencing financial difficulties. With a focus on financial counselling 
education, accreditation of agencies and certification of Financial 
Counsellors, CACCS is also committed to national research and policy 
initiatives concerning personal finance and industry advocacy.

To find a certified Credit Counsellor and qualified Financial Coach at an 
accredited Member Agency, visit www.caccs.ca for more information.



SOURCE  Genworth Canada 
For additional information or to arrange interviews, please contact: Lisa 
Azzuolo Genworth Canada 905.287.5520 orLisa.Azzuolo@genworth.com 
PDF available at:  
http://stream1.newswire.ca/media/2014/04/08/20140408_C8908_DOC_EN_38908.pdf 
To view this news release in HTML formatting, please use the following URL: 
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CO: Genworth Canada
ST: Ontario
NI: ECO ECOSURV REL  
-0- Apr/08/2014 16:00 GMT
 
 
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