Single Females Drive Housing Demand

With a chequebook firmly in one hand and a  hammer confidently in the other, single female homebuyers of all ages continue  to knock down barriers by purchasing real estate and tackling home repairs.

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, according to  the Royal  LePage Female Buyers Report.

When current female homeowners and renters  who intend to purchase in the next three years were asked, “When searching for  your home, which type of home would you be looking for?” 25 per cent said that they are looking for a “fixer-upper” and plan to do the work themselves, while only nine per cent will  hire a contractor.

“The notable upswing in real estate  activity among females is not surprising given that women are earning higher  salaries than ever before,” said Lisa da Rocha, vice president, marketing,  Royal LePage Real Estate Services. “Single women now play a significant role in  the housing market. Eager to experience the pride of ownership and exercise  their independence, we are seeing growing numbers of women buying their first  home on their own, trading-up homes as they progress professionally and taking  on home renovations,” added da Rocha. “Today’s woman is much more financially  astute than her counterpart a decade ago, and is well versed in real estate as  a solid long-term investment.”

Additional Poll Findings:

– Among those who own and rent and intend  to purchase a home/condo in the next three years, men and women both rank  equally (81%) taking out a mortgage from a bank, however, nine per cent of men  said they would rely on their family to pay for their entire home, in  comparison to only three per cent of women.

– Of women who own, who don’t intend to  purchase in the next three years, when asked, “Which one of the following  motivations most influenced your decision to purchase your home?” the top three  responses included: it makes more sense  than renting (36%), want to put my money into a good investment (22%) and pride  of ownership (13%).

– Among women who are intending to purchase in  the next three years, when asked, “Which methods will you use to educate  yourself about home purchasing?” the top three responses cited were speaking  with a real estate agent (83%), speaking with friends and relatives (78%) and  using real estate and financial websites (64%).

Sourced from 2009.