Apr. 29, 2010

Purchasing a Home - Women

A Few years or decades ago the idea of a (single) female purchasing a property herself would have been absolutely unimaginable. Whilst it may have been unimaginable years ago, in todays society a lot of single women now have the financial security to be able to buy a property of their own. Therefore we are seeing many professional and single women doing just that and the trend seems to be growing.

The disparity over the last few years has moved women away from the pigeonholed, uneducated, stay at home wife and mother. Even though there still isn't full gender equality, young girls, just like boys, if they are brainy enough, go to universities and have a brilliant chance to become successful lawyers, doctors or anything they want to be.

Some recent polls give some modicum of truth to my words, so let's have a look at these polls. For example, the 3rd annual TD Canada Trust Women and Home Ownership Poll, completed by the end of 2009, shows that 44 percent of women think the financial security as the most important thing about being a homeowner. That means a 21 percent rise from 2008. Not paying rent to live in a condo was the 2nd most popular answer to the question about benefits of property ownership. 38 percent of females voted for this choice. Again we are observing an increase since the poll in 2008, this choice had risen from 13%.

The general age of a first time property buyer is said to be 29, of which over 80% are single women, according to the IPSOS-Reid poll. Looking at the figures in more in depth detail, we also find that 80% of those women have no children and half have university degrees.

As a (female) Realtor from Toronto I understand that not every bit is as good as it seems. If you look at most professional jobs, there is still a gap in wage, with women being worse off than a man doing the same job. Statistics still show that women purchasing homes by themselves have more chance of running into problems, such as paying off a mortgage, than their male counterparts or if they were part of a married couple.

picture by Tizzie

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