They are smart, single, successful and are increasingly shaping the Mississauga condo market dynamics.
A report registered in 2011 by the Canada Mortgage and Housing Corp. says that women make up 65% of the single owner condo occupants, and are a growing demographic by the day. While married couples still feature at the top of the condo ownership list, single women follow right after at second place. They are discerning and their decisions are sometimes based on other factors that the condo market can now no longer ignore.
Interestingly, these single women come from a cross-section of demographics. Not all are young adults. At least 19% are young at heart senior citizens, aged 65 or older, many of them who are single parents. Others are younger or older and divorced ladies or unmarried. The youngest in this segment are fresh graduates with new jobs, looking to own their first home before they tie the knot. Many others invest simply because they can. Together women account for 65% of the condo owner occupants.
Reasons why women and Mississauga condo market are made for each other
There are several reasons that prompt women going solo to make a condo choice in Mississauga. Some of the prime reasons are convenience, more amenities, safety, proximity to groceries and 24-hour, seven day a week concierge service. Despite the high condo maintenance fees, they wouldn’t hesitate to opt for Mississauga condo living. Shovelling snow is a big reason why most they mind settling for a high maintenance fee condo. Others believe that concierge facility and 24 hr. security is a big factor. It pays to have someone receive their packages in their absence. Many believe single women look at the gym facility as a big asset. In older buildings, gyms were relegated to the far end with little light or air. In the many new Mississauga condos, gyms take centre stage, occupying sprawling space in the upper floors, overlooking the outside world through floor to ceiling glass panes.
Apparently, after an initial boom over the last couple of decades, the condo market is still not showing any signs of slowing down. High-rise condo units continue to be on the rise totalling to 111,036 in November, says CMHC. In 1981, CMHC recorded 171,000 owner-occupied condo units but by 2011, the figures loomed to 1,154,000. In 1981, about 3.3% of homeowners lived in a condo but by 2011, the number grew to 12.6%. Today, there are over 9,000 residential condominium corporations managing some 589,000 residential condos in Ontario.
With more and more women adding to the ratios, an explosion of condo growth seems to be in the horizon. Of these, one person condo-owners far outnumber couples with children. Some believe that these statistics could very well change a few years down the line. But what remains unchanged is that is that a bulk of the new condos is in Toronto and Mississauga. Women account for nearly one-third of all sales in several Canadian cities, and are the fastest growing segment currently, prompting developers to design units with their interests in mind. In the near future, first time women buyers are likely to outnumber men at 49% to their 35%. Good lighting, a bigger choice of more aesthetically designed suites, more security cameras and storage facilities are some of the factors catering to their needs in new projects.
Urban planners are increasingly incorporating a wide array of amenities to cater to prospective women buyers with grocery stores, cafes and shops powering the neighbourhoods. Other condo projects focus on suites with a washroom access through the walk-in closet, keeping the preference of women in mind. Gyms incorporate zumba and yoga classes to attract this dominant market.
With this sudden surge, the future of the Mississauga condo market is surely looking more beautiful. For more details on condo investment in Mississauga or shopping a Square One condo, feel free to call me at 905-339-5111.