Down payment a top concern among women

Mario Toneguzzi – Calgary Herald

Women are more likely than men to be first-time homebuyers among Canadians who plan to buy a home within the next two years, according to the 19th Annual RBC Homeownership Poll released Monday.

The poll said 49% of women and 35% of men plan to be first-time homebuyers.

“We are seeing more single women entering into the housing market, as income levels, changing demographics and lifestyle patterns shift purchasing habits,” said Marcia Moffat, head of home equity financing, RBC. “But women are being more cautious than men, weighing cost, affordability and job security before buying a home.”

Of the Canadians who have recently become first-time homebuyers, men and women were tied (47%) in saying affordability was the biggest concern that prevented them from purchasing a home earlier.

Other reasons that caused people to delay their first home purchase were: not interested/ready for home ownership, 25% women, 14% men; unsure of job security, 23% women, 15% men; and saving for a large down payment, 22% women, 14% men.

The survey also showed Canadian women (16%), regardless of whether it was their first home or not, were less likely to take on a variable mortgage compared with men (25%). Both sexes were similarly comfortable with the prospect of taking on a fixed-rate mortgage (women, 40%; men, 44%), which largely reflects the current trend where Canadians are now looking to lock in at historically low interest rates, said RBC.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto Realtor with Century 21 Regal Realty. He did not
write these articles, he just reproduces them here for people who are
interested in Toronto real estate. He does not work for any builders.
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