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Single women create change in housing market

The future of the Canadian condo market could and likely will look very different than it does today – thanks to single women. Real estate professionals in the past have been unable to offer single exactly what they were looking for, simply because there wasn’t enough demand. Demand now has risen dramatically, though. In fact, single women now account for more than 20% of all real estate purchases. In Toronto, they account for 30% of all condo purchases too. Why is this important? Because single women have demands and developers are starting to pay attention.

What are single women looking for? Single women prefer some of the following features:

  • Granite countertops
  • Stainless-steel designer kitchens
  • Better bathroom storage
  • More effective lighting

Single women want to be within walking distance of public transportation. If they have their own cars, they prefer to live in buildings with concierge services for safety reasons. Their demands are having an impact on lobby designs and the layout of units.

While men don’t seem to mind buying pre-construction condos, single women also prefer having the ability to walk through what they’re purchasing. This means that they often purchase from investors, which is fine with them since they usually require less of a down payment.

The U.S. National Association of Realtors conducted an interesting survey in 2011. It found the following information:

  • 54% of first time homebuyers are married couples
  • 12% are unmarried couples
  • 12% are single men
  • 21% are single women

Realtors are starting to realize that they have to change the way they deal with clients. Single women just do things differently. They talk, they text, they fact find. And they ask a lot of questions. They’re interested in long-term homes, not something they’ll sell in the near future. They prefer a property that requires little maintenance and they’re willing to make sacrifices to get what they want. They’re also more focused on location than single men are. They think about things like whether or not there is a Starbucks on the way to work or the presence of a good school, just in case their futures hold children.

Experts say the trend is only beginning – and it could be very important to the housing market.

Single women, what are you looking for?

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