It's becoming increasingly apparent that a greater number of women are now taking the reins when it comes to home purchases. There's a growing trend among single women – and, more precisely, professional single women – who are becoming independent homeowners. While many of them may be putting off marriage, they're not waiting around for Mr Right before taking the plunge into homeownership. It's believed that around 20% of homebuyers in North America are single women based on a report released last year by the US National Association of Realtors. Harvard University's Joint Center for Housing Studies also released a report that said single women are buying in record numbers. There's no equivalent data for Canada, but an abundance of anecdotal information has led to the creation of shows like HGTV's Buy Herself, which follows single women making their first real estate purchases. Women are looking for ways to become financially independent, and investing in real estate and building equity for themselves are ways to invest in their future – building financial security. Women are taking advantage of historically low interest rates and recognizing homeownership is often within their grasps.
Seeking expert advice
One of the amazing things about women looking to invest in real estate is that they're getting more advice before they make the decision to enter the market. They're seeking out mortgage experts and real estate agents, and building a plan for the perfect entry into the market. They're making lists of areas in which they're interested in purchasing, itemizing amenities they would need in their ideal neighbourhoods, ensuring they have all the facts around closing costs and fees associated with making the purchase, and securing a mortgage. Buying a home is likely one of the largest purchases you'll ever make in your lifetime, and can feel overwhelming. That's why working with a mortgage professional, real estate agent, home inspector and so on is essential. You'll be working with these professionals closely – possibly for months – so interactions should feel comfortable, and they should be knowledgeable and responsive even to the smallest question. The more prepared you are, the smoother the experience will be so do a little research on your own over the Internet to get a good idea of what types of properties and areas are of interest to you. Make a list of questions to ask the experts – and keep it on hand so you can add to it as more questions arise. Interest rates are the lowest they've been in history and they have nowhere to go but up. Industry professionals believe that as rates begin to rise, they'll continue to rise for some time. And, effective July 9th, four changes to insured mortgages are coming into effect. The two that will have the largest impact on Canadian borrowers include: 1) a reduction in the maximum amortization period to 25 years from 30 years; and 2) a reduction in the maximum amount of equity homeowners can take out of their homes when refinancing to 80% from the current 85%. So if you're looking to make a purchase, or renew/refinance an existing mortgage, and you're seeking a 30-year amortization and/or access to 85% of your equity, this opportunity expires Monday, July 9th! If you'd like to review your options or if you have any questions, please give me a call or send me an email, and I'll be happy to discuss how these changes may affect your mortgage situation. It's my job to ensure you have the best options and strategies available at all times!
Katarina Kupina - 905.730.4782
