Single, financially savvy women are increasingly buying homes because it’s a sound investment, according to a national poll released today by TD Canada Trust.

The Ipso-Reid poll, surveyed women aged 20 to 45 who have purchased a home as an individual, rather than jointly with a spouse or common law partner. The average age at which this group purchased their first home is 29 years, 82% are single, 80% have no children and 49% have a university degree.

“With more and more Canadian women marrying later in life or remaining single, we’re seeing the emergence of the young, financially savvy woman who’s taking on the commitments, joys and responsibilities of owning a home,” says Joan Dal Bianco, vice-president, real estate secured lending.

Respondents indicate their main motivation for buying a home was that it was a good investment (71%), that they didn’t want to pay rent anymore (61%), and their desire to get into the housing market (54%).
More than three-quarters (77%) say their biggest worry prior to purchase was the affordability/financial commitment, while half (51%) cited having to assume homeowner responsibilities such as maintenance and a homeowners legal liabilities.

Overall, condominiums are the most popular option for individual women homeowners (42%), followed by houses (34%), townhouses (13%) and duplexes or triplexes (6%). Vancouver women are most likely to buy a condo, followed by Toronto women.

In Calgary, Edmonton and Montreal, condos and houses have the same appeal to individual women buyers. But in Prairie and Atlantic Canadian cities, houses are the top choice for individual women homeowners.

The three top reasons mentioned for buying a home are financial security and building equity, having a place of one’s own and gaining independence and control.

The worst aspect by far is maintenance and repairs, followed by the cost of maintenance and repairs.

“We are witnessing nothing less than a revolution among individual Canadian women,” concludes Dal Bianco. “Right across the country, they are investing in themselves and in their futures by becoming homeowners, and in doing so are strongly reinforcing their financial and personal freedom.”