Sisters are doing it for themselves

The latest trend in real estate: professional, single women becoming independent homeowners.

It’s not marriage before mortgage any longer. Women are no longer waiting to find their significant other before making a real estate purchase.

It is estimated that over *21% of home buyers in North America are now single women and it could be up to 25% in Canada although there are few statistics available. As demographics change, income levels increase and lifestyles change - more women than ever are now purchasing homes on their own.  Some are single or divorced and others may have a partner but they are choosing to buy on their own.

According to a TD Canada Trust poll that surveyed female first time home buyers between the ages of 20 and 45, 82% were single women. The average age was 29 and almost half had a university degree. And, they aren’t just buying a small condo to live in; they are buying investment properties, houses to renovate, and even homes over a $1 million purchase price.

So what do British Columbia’s women like best about home ownership? More than any other women in Canada they believe that they are investing in their future by building equity and financial security. They are also very happy to no longer be paying their landlord’s mortgage payment! Being independent and having control over their environment is a key factor.

There are also three areas that women in British Columbia wished they would have known more about when purchasing their homes; mortgage options, fees related to buying a property and getting a mortgage and the expected annual expense of maintaining a property but despite these challenges they are embracing home ownership with open arms.

Women home buyers are looking for security and lifestyle. They ask a lot of questions, really do their due diligence and are becoming a well informed group when it comes to real estate. Another interesting trend is women pooling their resources together to purchase real estate especially in a booming or higher priced market.

Is this the changing face of real estate and home ownership?

The trend is not expected to change: among Canadians who hope to buy in the next two years, 49% are women while just 35% are men according to a RBC Home ownership poll. Women have always made many of the home buying decisions but now they are putting their incomes on the table and moving forward on their own.

If you are a single woman interested in learning more about home ownership and the buying process, please contact me at 250-826-3543 and I will help you find the answers you are looking for and get you started on the path to home ownership.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.