More single female homebuyers of all ages are buying real estate and taking on home repairs, according to a new report by Royal LePage.
The Royal LePage Female Buyers Report said 30 per cent of single, never-before married women currently own their own homes, while 45 per cent of divorced or separated woment and 64 per cent of widowed women are homeowners.
Meanwhile, 31 per cent of single, never-before married women who have not yet bought a home said they were thinking of buying a home within the next three years.
"The notable upswing in real estate activity among females is not surprising given that women are earning higher salaries than ever before," said Royal LePage Real Estate Services vice-president of marketing Lisa da Rocha. "There has been a shift in mindset whereby women have distanced themselves from the traditional notion that you must first find Mr. Right and then together you buy a home."
Ms. da Rocha said 66 per cent of women who are looking at buying their first home said they would not find the process of buying it on their own intimidating.
Also, while more than half of women who intend to purchase within the next three years are shopping for a property in the $150,000 to $350,000 price range, 10 per cent of those surveyed are looking for more expensive properties and are comfortable with spending more than $350,000 on their new home.
Female homebuyers are also becoming more aggressive in getting the homes that they want, with the poll results showing that 56 per cent of women are willing to participate in bidding wars, compared to only 49 per cent of men who are willing to compete.
A quarter of female homebuyers are considering buying a fixer-upper and plan to do home renovations themselves, while only nine per cent will hire a contractor, the report said.
"Single women now play a significant role in the housing market. Eager to experience the pride of ownership and exercise their independence, we are seeing growing numbers of women buying their first home on their own, trading up homes as they progress professionally and taking on home renovations," said Ms. da Rocha. "Today's woman is much more financially astute than her counterpart a decade ago, and is well-versed in real estate as a solid long-term investment."
In Ottawa, home-buying activity among women has seen a steady increase over the last three to five years, especially in the last year, the report noted.
"Women in Ottawa have taken note of the steady property price appreciation which has characterized Ottawa's housing market over the last five years. As such, confidence levels are high and real estate is viewed as a secure investment," said Royal LePage Performance Realty Ottawa sales representative Janny Mills. "Rising rental costs have contributed to an increase in real estate activity among females homebuyers, as many are paying upwards of $1,000 per month, and would prefer to put money towards their own mortgage."
More first-time female Ottawa homebuyers are looking at buying and are considering properties which cost between $250,000 and $300,000. This demographic tends to favour condominiums located in safe, centrally located neighbourhoods, the report added.
Meanwhile, seasoned, mature female buyers are comfortable with spending more than $350,000 on their new homes, and prefer to buy income-generating properties such as duplexes or homes with a basement rental unit.
However, Ottawa females are less likely than other female homebuyers to buy fixer-upper homes, and tend to favour properties which are "move-in ready," the report said.
"More seasoned, mature female buyers tend to be steadfast in their criteria when searching for a home in comparison to their less experienced counterparts," added Ms. Mills. "First-time female purchasers are often more emotional about the home-buying process, drawn to properties which are decorated to their tastes."
The report was based on the survey results of 1,002 Canadian females and 1,000 males aged 18 years and older.
