One quarter of prospective homebuyers are planning to purchase their home alone, according to a new TD survey released April 12.
This trend is largely driven by unexpected life circumstances, with Canadian homebuyers who are divorced (69%) or widowed (35%) saying they are more likely to purchase a home on their own, along with a growing number of single Canadians who say they'll go it alone (67%), says TD.
"Buying a home can be daunting for people who want to buy solo – but it doesn't have to be," says Marc Kulak, Associate Vice President of Real Estate Secured Lending at TD Canada Trust. "Whether you find yourself in a solo buying situation unexpectedly or by choice, there are ways to make it happen. 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."
Of the one in four Canadians who intend to buy independently, 86 per cent say they are confident in their ability to comfortably afford maintenance and ongoing costs of home ownership.