Credit union membership an advantage for home ownership, Aviso finds

Study reveals seven in ten Canadian credit union members are homeowners   

TORONTO, April 10, 2024 /CNW/ - Most Canadians agree that owning a home provides a sense of stability and security—but 85 per cent believe the dream of owning a home was more attainable for previous generations.  

Despite ongoing uncertainty in the Canadian housing market, a new study conducted by Léger Research and commissioned by Aviso suggests a correlation between credit union membership and achieving home ownership.   

The research reveals that seven in ten Canadians who are members of a credit unions are homeowners. When it comes time to purchase a home, credit union members have a higher average budget than non-members, at $708K and $634K respectively.  Credit union members are also significantly more likely to disagree that saving for a down payment is a financial challenge (30 per cent versus 19 per cent of non-members). 

Additionally, the research shows that members of a credit union are more likely to have a financial advisor (47 per cent compared to 41 per cent of non-members) to help guide their financial decisions.  

"As a trusted partner for nearly all the credit unions across Canada, what stood out from the research findings was the positive correlation between credit union membership and empowering Canadians to get ahead financially, and that includes helping to make home ownership a reality. One of the ways we can help Canadians take a first step toward home ownership is through a First Home Savings Account," said Wanda Frisk, SVP, Head of Credit Union Wealth Management, Aviso Wealth. "Building prosperous communities is a core credit union value, and it's gratifying to see this reflected in the research."  

 Source: Léger Report, January 2024

About Aviso  

Aviso is a leading wealth services provider for the Canadian financial industry, with over $125 billion in total assets under administration and management. We're building a technology-enabled, client-centric wealth management ecosystem. Our clients include our partners, advisors and investors. We're a trusted partner for nearly all credit unions across Canada, in addition to a wide range of portfolio managers, investment dealers, insurance and trust companies, and introducing brokers. Our partners depend on Aviso for specific solutions that give them a competitive edge in a rapidly evolving, highly competitive industry. Our dual-registered investment and mutual fund dealer and our insurance services support thousands of investment advisors. Our asset manager oversees a growing lineup of investment solutions, including NEI funds and portfolios, and separately managed accounts with our Managed Assets Program. Our online brokerage, Qtrade Direct Investing®, empowers self-directed investors, and our fully automated investing service, Qtrade Guided Portfolios®, serves investors who prefer a hands-off approach. Aviso Correspondent Partners provides custodial and carrying broker services to a wide range of firms. Aviso is backed by the collective strength of our owners: the credit union Centrals, Co-operators/CUMIS, and Desjardins. We're proud to power businesses that empower investors. For more information visit aviso.ca. 

Aviso Wealth Inc. ('Aviso') is a wholly owned subsidiary of Aviso Wealth LP, which in turn is owned 50% by Desjardins Financial Holding Inc. and 50% by a limited partnership owned by the five Provincial Credit Union Centrals and The CUMIS Group Limited. The following entities are subsidiaries of Aviso: Aviso Financial Inc. (including divisions Aviso Wealth, Qtrade Direct Investing, Qtrade Guided Portfolios, Aviso Correspondent Partners), Aviso Insurance Inc., Credential Insurance Services Inc. and Northwest & Ethical Investments L.P. Aviso Correspondent Partners is a division of Aviso Financial Inc., which is a wholly owned subsidiary of Aviso Wealth Inc. Online brokerage services are offered through Qtrade Direct Investing. Mutual funds and other securities are offered through Aviso Wealth. Qtrade Direct Investing, Qtrade Guided Portfolios and Aviso Wealth are divisions of Aviso Financial Inc. Aviso and Aviso Wealth are registered trademarks of Aviso Wealth Inc. NEI Investments is a registered trademark of Northwest & Ethical Investments L.P. Qtrade Direct Investing and Qtrade Guided Portfolios are trade names and registered trademarks of Aviso and its subsidiaries.

SOURCE Aviso

Media Contact: Astrid-Maria Ciarallo, Senior Manager, Media Relations and Thought Leadership,  [email protected], 416-524-1994