May 24, 2012
In Toronto, there are tons of new condo units being erected every day, and it seems that single women are scooping up the majority of them, according to condo developers.
Because single women have significant buying power, condo developers have changed the way they build their condos in an effort to accommodate their new buyers by paying attention to the amenities, as well as the lifestyle their condos offer.
Single women want condos that are within walking distance of public transit, condo security, not to mention granite and stainless steel kitchens, adequate bathroom storage space and detailed lighting.
And condo developers are happy to accommodate their newfound buyers because, “what appeals to female buyers benefits everyone, according to Tridel president, Jim Ritchie.
Single women, who are averaging 33 years old for their first condo purchase, are more likely to buy a condo unit once it is completed because they like to walk around the place and check out the windows and such.
According to a RBC homeownership poll, of the Canadians who plan to buy a home within the next two years, 49% are single women. Only 35% are single men.
So now it seems that everyone involved in home selling is trying to market to this particular group by focusing on what matters to them. Women want a turnkey home that allows for flexible accommodations and has a good “walk score.”
So it seems that single women are now the powerhouses of condo purchases and it’s no surprise since women are beginning their careers straight out of school and tend to put marriage and children on hold. Real estate is a worthy investment and smart, single women are well aware of that.