You’ve Come A Long Way, Girl

More and more women today are taking the plunge … and I’m not talking marriage. No, the plunge I’m referring to involves taking on something that even just a few short decades ago women weren’t even permitted to do on their own.

The fact is, women are getting into the real estate market in a big way and doing it as a force to be reckoned with.

It was only a few short decades ago, up until the early 1970’s, that women were not even able to obtain a mortgage on their own. Sounds ludicrous to our way of thinking today, right? But if a woman wanted a mortgage up until that time she had to have a male co-sign or be a guarantor because women’s jobs were not seen as ‘stable.’ And if married, a woman’s income wasn’t even considered when a couple was applying for a mortgage for the same reasons.

Today there is a new reality.

First let’s take the single female buyer. Today, single women account for about 20% of new mortgages here in Canada while single men account for less than half of that, at 9%. This demographic now plays a very significant role in the housing market and lenders are sitting up and taking notice. Today's woman is much more financially astute than her counterpart of a decade ago and is also well-versed in real estate as being a long-term investment strategy for her overall financial portfolio.

When it comes to married and co-habitating couples, each partner is now much more likely to take on the role of equal partnership when it comes to working on family financial planning. This includes joint efforts in obtaining a mortgage. Lenders no longer view a woman’s income or role in the partnership as financially ‘insignificant.’ In fact, especially in markets such as Vancouver, many families would find themselves unable to support a mortgage without taking dual incomes into account.

And then there are women in a different stage of their lives, who may find themselves being on their own either through divorce or death of a partner. This is one demographic that has fallen behind the surge for new ownership if they don’t yet have a home that is mortgage free or substantially paid off. Many do not feel they are capable of handling a mortgage on their own and subsequently fail to look at their options. While the vast majority of women out there who fall into this category are, in fact, fully capable of obtaining their own mortgages, many feel unsure of the mortgage process which can stop them cold from seeking advice.

The key to it all is the necessity for women to educate themselves as to what’s being made available and what the possibilities look like.

Women home buyers come in all sizes, shapes, ages and life situations. They are married, divorced, never married, separated, widowed; some have children, some don’t while others live with friends or partners and many live alone. The options available to women today, in terms of choice, are staggering as to what was available just a few short years ago. Lenders are becoming more and more aware of different variables that exist in people’s lives and are working to create products and solutions that work for everyone.

No matter where a woman’s current life path finds her, she should know that mortgage options do exist to allow her to work towards those financial goals she has set for herself and her family.