Estimates on the number of single women buying homes run as high as 25%, according to HGTV’s Buy Herself host Sandra Rinomato, who compares that number to approximately 10% of home purchasers by single men. Women are increasingly looking for ways to become financially independent, and investing in real estate and building equity for themselves are ways to invest in their financial future.
For women, safety and security often supersede all other concerns. Is the neighbourhood safe, is there security and is this a secure investment for me? These are important questions to ask – especially for single women looking towards building their equity alone. Property has traditionally been a secure investment and remains a strong investment opportunity in Canada, especially now.
Over the last year, I have worked with a number of single women to help them find mortgage products that work for them, and have seen the trend of single women looking for financial security continue to grow. One of my clients was finding it difficult to find a bank who would lend to her, despite her good credit score and sufficient income to cover her mortgage payments. After a consultation, we were able to take advantage of historically low interest rates and find her a lending institution that recognized the trend of women taking the reins on homeownership.
More and more women are recognizing that buying their own home is often more affordable than renting, and are seeking expert advice to enter the market. Although buying a home, for anyone, can often feel overwhelming, working with professionals in the field can make it feel less stressful. Working with professional mortgage and real estate agents are your first steps, and a strong working relationship with each is important. And, both should help by answering all questions, large or small, related to the home buying experience.
With interest rates at their lowest in Canada, some industry professionals believe that rates will begin to rise within the next few years. So, there has never been a better time for women to make the decision to get into the real estate market to find their perfect home, and get the (key)ring on it!