{"id":2288,"date":"2012-10-10T07:45:00","date_gmt":"2012-10-10T11:45:00","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/single-homebuyers-are-on-the-rise\/"},"modified":"2018-10-11T15:04:19","modified_gmt":"2018-10-11T19:04:19","slug":"single-homebuyers-are-on-rise","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/single-homebuyers-are-on-rise\/","title":{"rendered":"Single Homebuyers are on the Rise"},"content":{"rendered":"

by Ratehub.ca<\/a><\/p>\n

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Have you seen your neighbours recently? Take a good look. The numbers from Statistics Canada say you\u2019ll find more one-person households than couples with children. The number of single Canadians purchasing homes has been trending upward every year. In fact, the percentage of one-person households has almost tripled since 1961, from 9.3 per cent to 27.6 per cent.<\/p>\n

If the single homebuyer group (3.6 million households) continues to grow, they will surpass \u2018couples without children\u2019 (3.9 million households) as the largest household-by-household-type<\/i> in Canada.<\/p>\n

\u201cA lot of single homebuyers are first-time home buyers<\/a> and they are buying condos,\u201d says Toronto real estate agent Eugene Mezini of Insidercondos.com<\/a>. According to the latest stats from Royal LePage, the average price of a Canadian condo is $243,607. Compared to the average price of a two-storey home at $403,747, a condo is realistically the best entry point for someone looking to purchase a home by themselves.<\/p>\n

\u201cOur young buyers are getting help from their parents to help finance their home purchases. A huge reason [many single homebuyers have been hitting the market] has been the persistence of low Canadian mortgage rates<\/a>,\u201d says Mr. Mezini. He believes that we\u2019ll continue to see single homebuyers hit the real estate market, as long as mortgage interest rates<\/a> remain low in the future.<\/p>\n

Real estate developers have picked up on this growing trend by filling the majority of their condo projects with small one-bedroom units that cater to the single homebuyer.<\/p>\n

So, the next time you see your next door neighbour mowing the lawn or carrying heavy groceries, you should offer a hand because they may not have another person to call on for a little assistance. \u00a0 \u00a0 \u00a0<\/b><\/p>\n

Other notes:<\/b><\/p>\n