Friday, February 1, 2008

More women buying their own homes

Seven in 10 Canadian women homeowners bought their properties as a "good investment," says a new national poll released today.

The poll by TD Canada Trust, conducted in the first two weeks of this year by Ipsos-Reid, was among women aged 20 to 45 who have purchased a home as an individual rather than jointly with a spouse or common law partner.

Among this group, the average age when they purchased their first home is 29 years - 82 per cent are single, 80 per cent have no children and 49 per cent have a university degree.
The vast majority (86 per cent) still live in the last home they purchased and have made only one home purchase as an individual (81 per cent.)

"With more and more Canadian women marrying later in life or remaining single, we're seeing the emergence of the young, financially savvy woman who's taking on the commitments, joys and responsibilities of owning a home," said Joan Dal Bianco, Vice President, Real Estate Secured Lending for TD Canada Trust.

Respondents indicated their main motivation for buying a home was that it was a good investment (71 per cent), that they didn't want to pay rent anymore (61 per cent) and their desire to get into the housing market (54 per cent).

More than three-quarters (77 per cent) say their biggest worry prior to purchase was the affordability/financial commitment, while half (51 per cent) cited having to assume homeowner responsibilities such as maintenance and a homeowners legal liabilities.

Overall, condominiums are the most popular option for individual women homeowners (42 per cent), followed by houses (34 per cent), townhouses (13 per cent) and duplexes or triplexes (six per cent). Vancouver women, at 73 per cent, are most likely to buy a condo, followed by Toronto women (52 per cent). In Calgary, Edmonton and Montreal, condos and houses have the same appeal to individual women buyers.

"We are witnessing nothing less than a revolution among individual Canadian women," said Dal Bianco. "Right across the country, they are investing in themselves and in their futures by becoming homeowners, and in doing so are strongly reinforcing their financial and personal freedom."

This survey from the Calgary Herald in almost a mirror image of the Vancouver results published in this blog indicating a six in ten buyers were single females.

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