Magda and Alexander King outside their home on June 29, 2021 in Collingwood, Ont. Photo credit: Tannis Toohey/The Globe and Mail
Canada’s national housing crisis over the past few years has been fueled by high interest rates that have decreased affordability and the pace of new home construction. It is a challenging landscape to navigate and Canadians have been eager for some relief.
The Bank of Canada lowered interest rates today following three consecutive rate cuts, which has been enough to reverse the trend in national home sales. Ontario home sales are forecast to rise as buyers gradually return to the market.
With housing prices remaining high, there are still significant obstacles to overcome when pursuing home ownership – so, in this market, a little help will go a long way.
In 2021, Crozier launched its First-Time Home Buyers’ Assistance Program as a way to support employees working towards entering the housing market. The program provides a contribution of up to $20,000 per employee to help fund the down payment on the purchase of their first home. Crozier champions professional and personal development and introducing this program was a way to meet employees where they are struggling and help them reach their goals.
Three years in, the program has assisted 36 Crozier employees on their home ownership journey. In a recent article by The Globe and Mail, one recipient, Haley Birrell, expressed her desire of owning a home, “I want to be able to own my home,” Ms. Birrell said. “Housing security is a big portion of it.” Feeling financially secure has also played a part in home ownership, with many directing much of their savings towards a down payment.
The Globe and Mail real estate reporter, Rachelle Younglai, spoke to Peter Landers, a senior partner with Global Governance Advisors, where he commented that he had never come across such a perk in his 17 years helping companies design their pay packages. “That’s pretty unique,” he said.
To read more about the program and several employees experiences, click here.
Print
| Back to News
