As everyone know, times change - and so does the real estate market. Traditionally, first time home buyers were newlywed couples or young families. However, over the past decade, that pattern has shifted, with single, young females taking a leading role in home sales in Canada.
According to a recent TD Canada Trust study, conducted by Ipsos-Reid, this demographic is buying their first home - on their own - at almost double the rate of young single men buying homes on their own.
The survey revealed the following facts about Canadian women, ages 20 to 45:
- They bought their home independent of a partner
- Their average age is 29
- 82% of them are single
- The majority of them (four out of five) have no children
- Almost 50% of them have a university degree
Condominiums seem to be one of the most attractive to young women in the bigger cities, offering growth as an investment but also security, and often warranties when buying new. As well, condo fees ensure that outdoor maintenance is covered.
A survey of more than 1,000 women stated the following factors were the most attractive with regards to owning a home, in this order:
- Financial security
- Private space
- Garden or yard
Well-Armed with Information
Not only are Canada's young women jumping feet first into the real estate market, but they are doing so well armed with information. Polls have shown that females do a lot of home buying research online, and contact mortgage brokers and lenders to find the best offer, before making a move.
This new trend is so strong that banks are starting to focus polls and surveys on what the young, single female buyer is looking for.
With lower housing prices and attractive mortgage rates, this is a great time for young women who have been thinking about buying to take that step.
Nadene Crough is a sales representative with Century21 United Realty Inc. in Peterborough, Ontario.