Brokers keep running into the same issues with newcomers to the market – a fundamental lack of understanding of what it takes to secure a mortgage loan; but two groups are joining forces to help make next generation financially literate.
LAWPRO and the Ontario Justice Education Network (OJEN) have created a six-module resource for Ontario high school students that include lessons on negotiation, budgeting, rental housing, buying and selling a home, mortgages, and human rights in the housing context.
“This is a great introduction to the real estate market for students,” says Ray Leclair, vice president, public affairs for LAWPRO. “They will learn practical skills like budgeting and negotiating, and the steps involved in the acquisition of one of the largest investments of their lives. Having the knowledge to responsibly put a roof over one’s head is a key life skill.”
Called, “A Foot in the Door: A Classroom Resource on Real Estate and Housing Law in Ontario,” the six-module resource includes lessons on negotiation, budgeting, rental housing, buying and selling a home, mortgages, and human rights in the housing context.
It is a welcome addition for brokers, who have gone so far as to teach financial literacy to families themselves, like the father and daughter mortgage team at Dominion Lending Centres Casa Mortgage.
“We have really taken a special interest in educating people by hosting various workshops and seminars,” Alisa Aragon told MBN, launching the initiative along with her father Jorge Aragon back in November, 2014. “We are really pleased to be able to inspire adults and the entire family about financial literacy.”
The new lesson plans, which link to the Ontario Ministry of Education curriculum expectations, will build students’ capacity to understand their rights and obligations in both a rental housing and real estate market context.