Women will lead first-time homebuyers

Women (49%) are more likely than men (35%) to buy homes within the next two years, says an RBC Homeownership Poll.

Overall, 51% of women and 65% of men who say they’re likely to buy in the time period already own a home.

“More single women are 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.

Read: How to advise single clients

She adds, “Women are also being more cautious than men—weighing cost, affordability and job security before buying.”

Read: How to help young women clients

When buying a home, both men and women are equally concerned about affordability, especially when choosing a mortgage. The survey showed Canadian women (16%), regardless of whether it was their first home or not, were less likely to take on a variable mortgage compared to men (25%).

Both, however, were similarly comfortable with the prospect of taking on a fixed-rate mortgage, with women at 40% and men at 44%. As you might expect, this reflects the fact that many Canadians want to lock in at historically low interest rates.

Women (44%) are also more likely than men (31%) to consider a combination mortgage, which has both fixed and variable rate features.

Read: Help clients review their mortgages