The idea in North America is that homes are mostly investments. The real estate market grows and the home accrues additional value. At some point in retirement, typically when stairs become too difficult you might downsize to a condo, cashing in a fraction of the value. Alternatively, if you need a nursing home you sell the house to pay the exorbitant costs associated with that.

The motivation for homes to be investments is that we are taking out the largest loan we will ever have and allocating more than 100% of everything we own into an asset. Having done so it's natural to want that asset to generate returns.

This is so alien to me. It's a place to live, it has walls, it has a resell value but it's not the main purpose of it. And all investments are risky by definition.

One should buy a house because one wants to save money, compared to renting, and have its own place, if you are buying for a price increase it's called speculation. If it is speculation, then you should not depend on it for your future and should put little money into it not decades of mortgage.

This is so linear to me. The idea that things keeps getting value forever is flawed and a house is too important and expensive for this kind of speculation.