:: Single women represent a significant and growing portion of Canadian home buyers ::

Although traditionally considered less inclined to buy homes than other demographics, single women of all ages are continuing to knock down barriers by purchasing real estate and tackling home repairs in droves.

According to a Female Buyers Report, 30% of single, never-before married women own their own home. For divorced or separated women that proportion is 45%, and for widowed women it’s 64%.

Poll results found that of the single, never-before married women who are not yet homeowners, 31% say they will potentially purchase their next home within three years. More than half (56%) of women who intend to purchase in the next three years are shopping for a property in the $150,000 to $350,000 price range, while 10% have slightly fatter pocket books and are looking for a property priced above $350,000.

Women today are earning higher salaries than ever before, and are much more financially independent than has been the case in the past. So it’s not surprising that women are distancing themselves from traditional patterns, like looking for a man to buy a home with, and are not intimidated by the home buying process. Of the women polled who intend to purchase a home in the next three years, 56% are willing to participate in bidding wars, in comparison to only 49% of men.

What’s more, the survey found that, of women intending to buy in the next three years, 25% said they are looking to purchase a ‘fixer-upper’ and plan to renovate it themselves. Only 9% intend to hire a contractor. Research shows that women in Toronto, Halifax and Regina are the most likely to undertake renovations.

According to the survey, the biggest factor driving women to buy homes is that it makes more sense to them than renting. Of women who own a home, 36% gave that as the reason they bought property. Other important factors include making a good investment, cited by 22% of female homeowners surveyed, and pride of ownership, cited by 13%. Simply put, women today are more financially astute than previous generations, and appreciate real estate as a long-term investment.

Women are eagerly learning all they can about real estate. When asked, “What methods will you use to educate yourself about home purchasing?” the top three responses were speaking with a real estate agent (83%), speaking with friends and relatives (78%) and using real estate and financial websites (64%).

The survey also found that 34% of women would forego a wedding reception in order to put a larger down payment on a house, as would 27% of men. Women and men are both moving away from tradition, as a 2004 survey found only 30% of women and 15% of men likely to forego a wedding reception in order to invest in a home. (CREA 17/04/07)

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