Buying a home is among the biggest financial commitments most Canadians will make in their lives. The home buying process is often complex and confusing.

Just in time for Financial Literacy Month, The Canadian Real Estate Association (CREA) has collaborated with the Financial Consumer Agency of Canada (FCAC) to develop a series of short videos that define key terms and concepts, such as amortization period and mortgage prepayment.

New videos will be released every Tuesday and Thursday throughout November on CREA’s YouTube Channel. The first video was posted earlier today.

These videos complement CREA’s previous contribution to Financial Literacy Month, the Homebuyers’ Road Map.

QUOTES:

“Every day, REALTORS® are on the front lines dealing with financial literacy, stated Beth Crosbie, CREA President.  “I’m proud that we’re helping consumers become more knowledgeable by providing videos that explain key terms and concepts. These are skills they’ll need to make an informed, responsible decision about homeownership.”

“Buying a home may be one of the biggest financial decisionsconsumers will ever make. That’s why financial literacy is so important and why I’m pleased that November is Financial Literacy Month,” said Kevin Sorenson, Minister of State (Finance). “When consumers have the financial knowledge they need, they are better able to make informed choices and contribute to a prosperous Canadian economy.”

“Two years ago almost to the day, The Canadian Real Estate Association and the Financial Consumer Agency of Canada launched the Homebuyers’ Road Map toempower consumers with the knowledge, skills and confidence to make responsible financial decisions about one of the largest purchases they will ever make,” said Lucie Tedesco, Commissioner of FCAC.  “The videos launched today—fittingly during Financial Literacy Month—are an excellent way to promote this guide on social media and other channels to help consumers make the right decisions when it comes to mortgages.”