As average home prices continue to climb in several major markets, more Canadians are straying away from the traditional home purchasing methods and are either going in alone or seeking help from friends and family, reports Yahoo! Finance.
The results of a study conducted by TD Bank shows that one quarter of Canadians who purchased a home within the past two years acted on their own, while approximately 40 per cent of respondents believe buying with a home with friends and family is a great way to break into the housing market.
Data from Statistics Canada reveals that households comprising of single Canadians comprise 27.6 per cent of all homes across the nation. Furthermore, single young women are the driving force behind solo home purchases.
One-third of all condo sales in Montreal and Toronto were made to women, according to information from The Globe and Mail. Additionally, single women are more likely to be solo homebuyers than their male counterparts. This, says RBC’s Home Ownership Poll, is the direct result of changes in income levels and demographic shifts.
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