Almost 1 in 4 homebuyers is buying on their own, often due to unexpected life changes.
A new survey from TD found that 69 per cent of divorced and 35 per cent of widowed people among the 67 per cent of Canadians who are, or are planning to, buy solo.
"Whether you find yourself in a solo buying situation unexpectedly or by choice, there are ways to make it happen,” said Marc Kulak, Associate Vice President of Real Estate Secured Lending at TD Canada Trust.
“Seeking advice from a mortgage specialist and having a solid plan – including understanding how you'll afford your home over the long-term – is the best approach to feeling confident as you shop for a home, mortgage, insurance and that new sofa," added Kulak.
The poll shows that most solo buyers are confident in their ability to comfortably afford the ongoing costs of homeownership including property taxes, maintenance and insurance. Nine per cent said they hadn’t considered these costs though before beginning the buying process.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: