Female Home Buyers Report by Royal LePage - Single Women Get Real about Real Estate

Submitted by Jasmina on Sat, 2007-11-17 22:24.

Single Women Get Real about Real EstateRoyal LePage podcasts feature some of the most knowledgeable experts to provide valuable information on the residential property market. In this segment we look at women and the role they are playing in Canadian Real Estate. Now an interesting study commissioned by Royal LePage finds that contrary to popular belief women actually favor mortgage over marriage.

Linda Leatherdale, money editor of The Toronto Sun and host of Money Line on Rogers Television, has Lisa da Rocha, vice president of marketing communications at Royal LePage to shed some light on this very interesting topic.

Study showed that 30% of single never-before-married women own their home today and another 31% are looking at purchasing within the next 3 years. So they are absolutely out there looking to purchase a home. They're financially independent and looking at home ownership as a good investment for the long term. Tune in to hear more...

The 2007 Royal LePage Female Home Buyers Study - Report Summary for Toronto Area

Single women now play a significant role in the housing market. They feel there is no stigma to buying alone and are more confident than their counterparts a decade ago:

  • Currently, 30 per cent of single, never-before married women own their own home, while 45 per cent of divorced or separated women and 64 per cent of widowed women are homeowners.
  • 25% of women searching for a home are looking for a ‘fixer-upper’ and plan to do the work themselves.

Women in Toronto purchasing real estate on their own is a burgeoning trend that has grown exponentially over the past five years, and one that is expected to continue. Female buyers in Toronto Area are astute and savvy. They enter the real estate market intent on finding their perfect home, and making a smart investment.

Women tend to proactively research the market, neighbourhoods and property prices, before making a purchasing decision. When it comes to research, however, it is the first-time female buyer who appears to rely on on-line research, whereas mature female buyers rely more on past experiences in home ownership.

Typically, first-time female homebuyers are financially conservative and gravitate to the maintenance free lifestyle of condominiums. Condominium offerings, such as security, concierge, underground parking, fitness centres and guest suites make it an alluring lifestyle choice. Areas such as King West, Queen West, St. Lawrence Market and the Yonge and Bloor area appeal to this demographic.

In contrast, a more mature homebuyer purchasing her second or third home will likely opt for a freehold property. Equipped with experience, this type of buyer is more adventurous in her purchasing decision, knowing what to do in the real estate market and how to make it work best. Younger homebuyers tend to buy properties in the price range of $200,000 to $400,000, while the more mature buyer typically spends upwards of $400,000.

Whether it’s buying or renovating a property we are seeing that more experienced women are not afraid to do it on their own. In Toronto, mature women see home ownership as well as renovations as a great way to increase their equity growth. We see a mix of women who roll up their sleeves and renovate themselves and others who hire contractors.

The Single Woman's Guide to Buying Real Estate in Canada

is a book inspired by the Royal LePage First-Time Homebuyers’ Report which showed back in 2004 that 51 percent of women were first-time homebuyers, compared to 49 percent of men. Journalist Brenda Bouw decided to help single women overcome the fear, uncertainty, and doubt surrounding home buying. Her goal is to help women buy right the first time:

Buying a home on your own is a huge achievement, but it is not for everyone. Reading through these pages will help you determine if you are ready and able to make the commitment. If not, hold on to this book for when your time comes. Remember as you read, consider and plan that buying and selling property is not unlike dating—the more you do it, the more you learn what you want.

This book will take you through the home-buying process as seen through the eyes of single women across Canada. Women of all ages and circumstances (single, widowed and divorced) tell about their good and bad experiences of buying (and selling) homes. You will get their advice on what they did right (and wrong) and what they wish someone had told them the first time they bought property. Each chapter will end with a checklist of things to do, and a list of common mistakes to avoid.

Real Estate Topics a Single Woman Needs to Know

  • How to tell you're ready to own your own home?
  • Financing: What is out there? How does it work?
  • What to look for in a house and a real estate agent?
  • The offer, the deal, the closing and the aftermath.
  • Expenses that you might not be aware of before it's time to pay for them.
  • Renovations: what to tackle yourself, and when it's time to call a pro?
  • How to become a landlord (and if you really want to be one)?

Real Estate Resources for Single Women