It turns out many people aren't waiting to find "The One" before plunging into home ownership. Singles are equipped with good paying jobs, need a place to live like the rest of us and are making intelligent choices to invest in a home rather than throw away their hard earned income to rent.
Tridel, a major condominium builder, commented that one third of their buyers are single females. That's what I call Girl Power!
Here are a few more highlights from the report:
- One of every two homes sold in the past two years have been purchased by first time buyers, amounting to more that 250,000 sales per year, new and resale combined.
- The average age of these first time buyers is 33 years old, 60% were within the 25-34 age group, 25% were 35-49, and some first time home buyers in the 50-plus age range.
- Across Canada, the average house price for first time home buyers was $273,000, based on their average earnings of $69,000, the cost of their first house is approximately four times their income.
- 10 years ago homes were being purchased for less than three times income, so it has become a bit tougher to buy a home.