In Canada, more single women are purchasing homes, and their numbers are rising. They are now the second-largest group of buyers, behind married couples. When it comes to single women vs. single men, single women account for 25% of buyers, whereas single men account for 10% of buyers. Why? Well, to find out, you’ll have to continue reading. Hopefully, those single ladies will inspire you to get in touch with experienced real estate brokers and start looking for your first Montreal home.
Increasing Financial Independence and Decision-Making Power of Women
One of the undiscussed aspects of the upward trend in single women buying homes is the increasing financial independence and decision-making power of women. Over the years, there has been a significant shift in societal norms and economic dynamics. Women are now more actively involved in making financial decisions, not just for their households but also for themselves.
The increasing number of female entrepreneurs and women occupying high-ranking positions in corporations means that women have access to more resources. They are becoming astute investors and see the potential in investing in real estate. As a result, owning a property is seen as a place to live and a means of securing financial futures.
Why are more single women purchasing homes?
Not so long ago, lenders wouldn’t even think about lending to a woman regardless of how good her credit score was or if she was a career woman. Even credit cards were very difficult to get for a single woman as they were required to have a male guarantor.
Luckily, lifestyles have completely changed. Nowadays, women have been pursuing education and careers for decades. They are free to choose where they will move, where they would like to work, and what they want to do. Also, they can choose whether they want to get married or not. Given that women tend to be single longer, they aren’t interested in waiting to find a life partner to purchase real estate.
What’s fueling this upward trend?
Even though single women make less than single men on average, they have stronger preferences towards homeownership. One of the most important factors that influence their decision is financial stability. Thus, it’s no wonder women are willing to cut costs in different segments of their lives to make this dream come true.
Another thing that is massively driving this trend is the stability that comes with monthly mortgage payments. As monthly rents have been rising, purchasing a home looks like a more favorable option.
For example, let’s say you’re moving from Toronto to Montreal for a job. Montreal rent prices have been rising for months, but this -doesn’t mean you can easily find opportunities here and quickly move into a suitable rental. A better option is to invest in a property that fits your needs and preferences.
So, to conclude, the main reason more single women are purchasing homes is the stability that comes with it. Having a fixed mortgage rate can help you plan your other expenses better and not have to worry about the landlord deciding not to renew your lease or raise your rent (again).
How easy it is for single women to purchase homes
One of the “side-effects” of COVID-19 pandemics is that home values skyrocketed. This made it even more difficult for single people to purchase homes. After all, buying a home even with two paychecks can be challenging.
On top of high prices, there is also an increase in demand. So even if you prepare well and learn the homebuyer’s guide by heart, you can still face fierce competition and potentially lose a bidding war. However, if this does happen, don’t let it discourage you, as your perfect Montreal home is just around the corner. You just need to be a little bit more patient!
How to purchase a home as a single woman?
If you are a single woman looking to purchase a Montreal home, we’d like to congratulate you first. Just stepping out of your comfort zone and considering making such a huge step is worth admiration. To help you make it happen, further in this article, you’ll find three simple tips for single homebuyers.
#1 Sort out your finances
Before going house hunting, you need to analyze your finances in detail and figure out where you stand. Rushing into homeownership when you’re not financially ready can have horrible consequences. Thus, it’s essential to:
- Work on boosting your credit score, which is the crucial factor in determining your future mortgage rate.
- Aim to save at least 20% for downpayment. If that’s not an option, research assistance programs for first-time homebuyers.
- You can also research low-downpayment mortgages and see if that fits your budget better.
- Determine a realistic budget and make sure to stick to it. To be on the safe side, consider consulting a financial advisor.
- Don’t accept the first mortgage offer you get but do some shopping around. Talk to several different lenders and choose an offer that works best for you.
- As you’re buying a home on your own, it’s essential to work on improving your emergency fund, too. Try to save as much as you can each month and ensure you have a safety net to fall on, just in case.
#2 Think long-term and stay confident
While there is no assurance that the home you purchase will appreciate in value, the longer you stay in it, the more likely you will profit. Consider how you would finance the house if your circumstances changed; keep your choices open.
When purchasing a property, it is natural to become emotionally invested. To avoid taking the highs and lows of the purchase process personally, keep in mind that it is a commercial transaction. Don’t let the challenges you face along the way discourage you. The fact you’ve started the homebuying journey is enough to feel proud of yourself.
#3 Build a strong team
Going house hunting on your own, especially if it’s your first time, is not really a good idea. So make sure to hire an experienced real estate broker to help you.
However, don’t rush and hire the first broker you interview. Talk to several brokers and make sure to ask for references. Another good idea is to research their websites and go through their customer reviews. It’s essential you’re happy and comfortable with the people helping you during this process.
According to research, more single women are purchasing homes and they are on their way to dominating the real estate market in the future years. Hopefully, you’ll soon become one of them. And to get started, make sure to reach out to the team of Montreal’s finest real estate brokers. They’ll ensure you quickly turn your dream of becoming a homeowner into reality.