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Milton (2016 census population 110,128) is a town in Southern Ontario, Canada, and part of the Halton Region in the Greater Toronto Area. Between 2001 and 2011 Milton was the fastest growing municipality in Canada, with a 71.4% increase in population from 2001 to 2006 and another 56.5% increase from 2006 to 2011. In 2016, Milton’s census population was 110,128 with an estimated growth to 228,000 by 2031.
Milton is located 40 km (25 mi) west of Downtown Toronto on Highway 401, and is the western terminus for the Milton line commuter train and bus corridor operated by GO Transit. Milton is on the edge of the Niagara Escarpment, a UNESCO world biosphere reserve and the Bruce Trail.
Canadians purchase homes for a variety of reasons. Some want the stability of owning their own home, while others also look at homeownership as an investment vehicle. No matter what the reason, the truth is that home ownership has proven itself to be a good stable investment over time, and one which many Canadians are profiting from.
While many people have chosen to purchase their first home during these times of lower interest rates, there has also been a large movement to refinance home loans and pull out equity for home improvements, investments, college expenses, and even high-interest debt consolidation. Canadians have been borrowing against their home’s equity in record numbers, taking out billions of dollars in cash each year.
In years past, many saw their homes as a shelter of safety, yet today, they are more than ever before, willing to borrow against the equity owned in their homes to further their investment portfolios, get out of debt, send their children to university, make improvements to their home, or even boost their RRSP contributions. Where home equity was once sat upon, today it is often used to one’s advantage.
While removing equity from your home can be a good idea, you should do so with caution and fully understand the benefits and possible risks. The best thing you can do is to consult a licensed mortgage professional and financial planner to discuss opportunities to make your home’s equity work for you in Milton.