Housing market trends are constantly changing. Factors such as the economy, house prices, inflation and interest rates all play a role in market fluctuations. Just as important, however, is the role of the individual buyer and, today, one of the most influential and growing segments in Canada is single women. That’s right, the traditional homebuying demographic is definitely shifting.
Self-sufficient and financially savvy, many women are confidently embracing homeownership like never before and enjoying the pride, satisfaction and sense of accomplishment that it brings.
Here are three primary reasons driving this trend:
1. They can afford to buy solo
There are more women in today’s job market than at any other time in our history. They’re highly educated and career focused, which has led to better jobs and higher earnings. This has provided women with more financial independence and buying power than ever before, enabling them to enter the housing market on their own.
2. They’re opting out of/delaying marriage
In the not-too-distant past, marriage was a pre-requisite to buying a home for women. Today, homeownership isn’t dependent on a relationship status or having a family.
More single women are either choosing not to get married, or delaying it to pursue their education and career – and they aren’t waiting for marriage before buying a home.
Other circumstances such as the death of a spouse, or starting out as a single person following a divorce also explain why more single women are buying a home on their own.
3. They recognize homeownership as an investment
Financially astute and taking charge of their own money, today’s single women understand the long-term value of owning real estate. With monthly rents on the rise, single women realize that homeownership represents a significant step towards building wealth, equity and long-term financial security – and they’re doing it independently.
There are many valuable resources geared specifically to today’s single female homebuyer and, as always, it’s important to work with a qualified mortgage agent who will ensure the entire process is as carefree as possible.
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