Lately, more women are buying real estate. Television shows like “Buy Herself” and “Property Virgins” are displaying more and more women independently buying properties. This new emerging trend can be explained through numerous ways; young women wanting to move out and being independent, a high divorce rate, women having better job positions and equally paid positions and also young women who wish to focus on their careers instead of settling down too soon with a family.
At the moment the housing market is healthy within the GTA, especially Mississauga, allowing more people to buy and invest in real estate, including women. RBC Royal Bank predicts that within the next 2 years, women are more likely to become first time home buyers as compared to men. The results of their annual survey on homeownership showed 49% (women) vs. 35% (men). A recent study done by Genworth Financial demonstrates that a quarter of Canadian home purchasers in 2011/2012 were single, and the majority were women. In Mississauga, the single women buyer boom has expanded. Single women buyers represent approximately 15-20% of Mississauga’s condo market, up from barely 1% in the 1990s.
In today’s society, it is not so unusual for single women to invest in condos. Women are more educated than a few decades ago, they hold better-paying positions and it is also not uncommon to find women in leading positions (CEOs, political leaders, judges etc). They know that investing in a new condo is a great idea and they know that in today’s society they can be independent. They don’t rely on men, they don’t sit around and think about settling down. They are a new power force and they know that they can take care of themselves financially.
What are women seeking when they purchase a condo?
For women, it’s all about location. They want to live within walking distance to transit, the neighbourhood has to be safe. They have to feel safe inside the condo with cameras in the parking areas and they appreciate security personnel on a different level as compared to men. They prefer a place that is at least a 1 bedroom plus den as they often desire the additional living space. Storage is of vital importance. Women bachelorettes need storage, space and closet space, whereas men really don’t care about too much storage. Walk-in-closets are also more popular among women buyers. From my observations, I also see that the majority of women prefer resale condos over pre-construction condos, as they like to get a feel for their units and to look out the windows and fall in love with the city skyline.
Jim Ritchie, president of Canada’s biggest condo builder, Tridel, (Grand Ovation, Ultra Ovation and Skymark in Mississauga) states that” women are the driving force behind granite and stainless steel designer kitchen, better bathroom storage, and even lighting – especially over the makeup mirror”. What appeals to women, appeals to other buyers as well. They are the driving force of today’s housing industry. I can only agree. Women are known to have higher standards and expectations for their homes than men. They know exactly what they want and it adds a bonus to the industry.
Ultimately, women condo shoppers want to feel safe, independent and financially secure. They wake up in the morning in their new condos to call it their own. It’s the best feeling in the world to know that you have achieved this on your own.
Good luck ladies in finding that perfect Mississauga condo that best suits you!
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