Single Buyers In Today’s Housing Market

Yes, we do see single people purchasing new homes today, even in the face of high prices. In fact, 2016 Census data show that a substantial percentage of purchasers in Canada were single. In 2019, Statistics Canada published a study that examines the prevalence and characteristics of people living alone in our country. From 1981 to 2016, the number of solo dwellers increased from 1.7 million to 4 million. The report also predicted that one-person households would likely increase over the next few years, especially as our population ages. How is that still possible, and how, oh how do they manage it? Today’s savvy buyers understand the nuances of planning for this major life step.

The downpayment is always a challenge, and nowadays, families (especially parents and grandparents) are helping with that. We see young hopefuls saving money like never before, the way we Baby Boomers did decades ago. They know how to research government programs for first-time buyers and take advantage of everything for which they qualify.

Of course, timing plays a part – and frankly, with the Bank of Canada cutting interest rates by another 25 points on January29th (www.bankofcanada.ca/2025/01/fad-press-release-2025-01-29/) is another feather in the first-time buyer’s cap. Imagine how we felt decades ago when interest rates shot up to double-digit numbers! Today’s home buyers benefit greatly from this step.

Single buyers also choose locations carefully, perhaps choosing an up-and-coming neighbourhood over an already popular one. They may also consider smaller homes or condominiums than they would ideally like for affordability purposes. However they package their approach, singles purchasing new homes are an inspiration to us all!

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