Looking back my biggest money mistake was waiting too long to buy a house. I also bought Nortel stock and lost money, but missing out on long-term housing price gains was far more costly. The irony is that at the time, in my 20s, I was an economist at the federal housing agency CMHC specializing in analyzing the housing market. You would think I would have taken quick advantage of home ownership. Click here to view the full article.
In addition to the benefits of home ownership summarized in this article, there is another huge benefit to owning your own home: it is exempt from capital gains tax! Put all of these benefits together and it is blindingly obvious that the very first investment that Canadians should make is in buying their own home, just as soon as they can afford it!