Females Drive Housing Demand

…And hammer away at renovations

Royal LePage survey finds 25% of women searching for a home are looking for a ?fixer-upper? and plan to do the work themselves ? Currently, 30 per cent of single, never-before married women own their own home, while 45 per cent of divorced or separated women and 64 per cent of widowed women are homeowners, according to the Royal LePage Female Buyers Report released today.

?The notable upswing in real estate activity among females is not surprising given that women are earning higher salaries than ever before,? said Lisa da Rocha, vice president, marketing, Royal LePage Real Estate Services. ?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. Our findings reveal that 66 per cent of women who intend to purchase would not find the process of buying a home on their own intimidating.

“In Montreal, home buying activity among females has increased significantly over the last three to four years. Activity growth has been supported by the larger number of women in executive and professional careers, which has afforded them the financial freedom to purchase a home on their own. Women of all age groups tend to favour condominiums for their maintenance-free lifestyle, and generally spend an average of $300,000 on such properties. They tend to place the style, design, and security of a property at a high priority, and are not interested in undertaking renovations. The centre of Montreal is a popular neighbourhood for female purchasers who are looking to stay close to the city centre, while Old Montreal offers heritage-style properties in a desirable location.”

Additional Poll Findings:

• Among those who own and rent and intend to purchase a home/condo in the next three years, men and women both rank equally (81%) taking out a mortgage from a bank, however, nine per cent of men said they would rely on their family to pay for their entire home, in comparison to only three per cent of women.
• Of women who own, who don?t intend to purchase in the next three years, when asked, ?Which one of the following motivations most influenced your decision to purchase your home?? the top three responses included: it makes more sense than renting (36%), want to put my money into a good investment (22%) and pride of ownership (13%).
• Among women who are intending to purchase in the next three years, when asked, ?Which methods will you use to educate yourself about home purchasing?? the top three responses cited were speaking with a real estate agent (83%), speaking with friends and relatives (78%) and using real estate and financial websites (64%).

Source: Royal LePage Female Buyer Release

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