In Canada, single women are buying homes in increasing numbers. They are now the second largest group of buyers, behind married couples. When comparing the proportion of singles who become homeowners, single women represent 25% of buyers, while single men represent 10%. Why is this? You’ll have to read on to find out. Hopefully, these single women will inspire you to get in touch with experienced real estate brokers and start looking for your first home in Montreal.
Why are more and more single women buying homes?
First, let’s remember that not so long ago, financial institutions wouldn’t even consider lending money to a woman, no matter how good her credit or career. Even credit cards were very difficult for single women to obtain, as they had to have a male guarantor.
Fortunately, our lifestyles have changed completely. Today, and for decades, women have been pursuing education and careers. They are free to choose where to live, where to work and what to do. They can also choose whether or not to marry. And since women tend to stay single longer, they don’t want to wait to find a life partner before buying a property.
What’s driving this upward trend?
Although single women earn less on average than single men, they have a stronger preference for home ownership. One of the most important factors influencing their decision is financial stability. So it’s not surprising that women are willing to cut costs in various areas of their lives to realize this dream.
In other words, the stability provided by monthly mortgage payments also weighs in the balance. As monthly rents have risen, buying a home seems a more favorable option.
For example, let’s say you’re moving from Toronto to Montreal for a job. Rent prices in Montreal have been rising for months, and it’s becoming difficult to find a place to live and move in quickly. It’s best to invest in a property that suits your needs and preferences.
In conclusion, the main reason why more and more single women are buying a home is the stability that comes with it. Having a fixed mortgage rate can help you better plan your other expenses and not have to worry about the landlord not renewing your lease or raising your rent (again).
How easy is it for single women to buy a home?
One of the side-effects of the COVID-19 pandemic is the skyrocketing value of homes. This has made it even harder for single people to become homeowners. After all, even with two salaries, buying a house can be a challenge.
In addition to high prices, there’s also an increase in demand. So, even if you prepare well and learn the buyer’s guide by heart, you can still face fierce competition and potentially lose a bidding war. However, if that happens, don’t be discouraged, because your ideal Montreal home is within reach. You just have to be a little more patient!
How do you buy a house as a single woman?
If you’re a single woman looking to buy a home in Montreal, we’d like to start by congratulating you. Simply stepping out of your comfort zone and considering taking such an important step deserves admiration. To help you get there, here are three simple tips for single buyers.
No 1 Put your finances in order
Before you go house-hunting, you need to analyze your finances in detail and know where you stand. Rushing into buying a property when you’re not financially ready can have dire consequences. Here are some essential actions to take:
– Work on improving your credit rating, which is the crucial factor in determining your future mortgage rate.
– Try to save at least 20% for the down payment. If that’s not possible, look for assistance programs for first-time homebuyers.
– You can also research low-down-payment mortgages and see if they fit your budget better.
– Set a realistic budget and stick to it. For greater certainty, consider consulting a financial services advisor.
– Don’t accept the first mortgage offer you receive, but store around to see the different options. Talk to several different lenders and choose the offer that suits you best.
– Since you’re buying a home on your own, it’s essential to build up your emergency fund as well. Try to save as much as you can each month, and make sure you have a safety net to fall back on, just in case.
No 2 Think long-term and stay confident
While there’s no guarantee that the home you buy will increase in value, the longer you stay in it, the more likely you are to make a good profit. Think about how you would finance the house if your situation changed; keep your options open.
It’s normal to take the home-buying process to heart. To avoid taking the ups and downs personally, keep in mind that this is a business transaction. Don’t let the difficulties you encounter along the way discourage you. The fact that you’ve embarked on the purchase of a home is reason enough to be proud of yourself.
No 3 Surround yourself with a solid team
Going house-hunting on your own, especially if it’s your first time, isn’t such a good idea. Be sure to hire an experienced real estate broker to help you.
However, don’t rush into hiring the first broker you meet. Talk to several brokers and don’t forget to ask around for references. Another good idea is to
In conclusion
According to studies, more and more single women are buying homes, and they’re set to dominate the real estate market in the years to come. Let’s hope you soon become one of them. And to get started, be sure to contact one of Montreal’s top real estate brokers. They’ll make sure your dream of home ownership quickly becomes a reality.