A report was release the other day by Royal LePage, entitled ‘2007 Royal Lepage Female Buyers Report’. Given that Royal LePage has committed the resources to conduct such a study, it can probably be assumed that females indeed represent a growing segment of the homebuying community in Canada. Perhaps one that real estate agents should consider when putting together their marketing plans.
Below are some highlights. Click here to see the complete report.
“Female purchasers in Halifax are quite astute with their approach to home ownership and have a great deal more confidence than in previous years. Single women are emerging as the second largest purchaser group in Halifax, behind couples, and slightly ahead of single men.” Valerie Folk, broker, Royal LePage Atlantic
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.
In Ottawa, home buying activity among females has increased steadily over the last three to five years, with a noticeable upswing over the last year. Most single women with job security and a solid income are making the leap from renting to home ownership. Many are focussing on their careers first and then entering the real estate market to build equity through a home purchase. Marriage is an afterthought for many.
“Female buyers in Toronto are astute and savvy. They enter the real estate market intent on finding their perfect home, and making a smart investment,” said Dianne Usher, vice president, Royal LePage Real Estate Services Ltd., J&D Division. Women tend to proactively research the market, neighbourhoods and property prices, before making a purchasing decision. When it comes to research, however, it is the first-time female buyer who appears to rely on on-line research, whereas mature female buyers rely more on past experiences in home ownership.
Female buyers in Edmonton will typically spend six months searching for homes on the Internet before entering the market. They do their research in advance, know which neighbourhoods they want to see, and establish their budget. However, when it comes to bidding wars, women remain very controlled and are not willing to pay any price to get what they want.
Among Calgary’s female buyers, it is the first-time homebuyer who is a little more prepared in her research, having used the Internet in advance of meeting with an agent. Typically a mature buyer who is entering the market after a divorce is a little more tentative and will look to her agent for guidance. For some buyers who have been out of the market for a number of years, the purchasing process is unfamiliar and needs to be relearned.
While women have always played a significant role in Vancouver’s housing market, their impact in the past three to five years has become increasingly more profound. Among women, first-time homebuyers represent the most active purchasing group, followed closely by divorced women, mature move-up buyers, and widows.