Home is where her heart is

Although financial security continues to top the list of home ownership benefits, the comforts of home are increasingly important to Canadian women. According to the third annual TD Canada Trust Women and Home Ownership Poll, which surveyed women who have purchased a home independently, key features of home ownership, including being able to renovate to suit individual tastes and having a garden, are now more essential to Canadian women than they were in 2008.

When asked to describe the best thing about home ownership, Canadian women said it is about making a house a home. Having a place of their own (34%), being able to decorate or renovate the way they want (34%) and having a backyard or garden (32%) were some of the responses that increased dramatically from the first survey conducted in 2008. Women had cited having a place of their own at 22%, being able to decorate or renovate the way they want at 14%, and having a backyard or garden at only 5% back in 2008.

"Even though the comforts of home have become increasingly important to women, the financial reasons for home ownership have also increased in importance," says Chris Wisniewski, Group Product Manager, Real Estate Secured Lending, TD Canada Trust.

This year 44% of women ranked financial security as the best thing about home ownership compared to 23% of a similar sample of women in 2008. Second on the list of best things about owning a home was not having to pay rent or pay other people (38% versus 13% in 2008).

"It's not surprising that the financial reasons for ownership have increased in importance for people," says Wisniewski. "People are looking for ways to feel financially stable again and see home ownership as a way to build equity and invest in their future."

The financial commitment of owning a home can be a double-edged sword; for many women home ownership offers a sense of financial security yet the financial responsibility can be a headache for others. Twenty-nine per cent of women say that the additional expenses and financial responsibility related to owning a home are their least favourite things about home ownership.

In fact, getting more advice when talking to experts and asking even more questions is something most women surveyed wished they had considered when buying their first home. When asked which topics they wish they knew more about when they purchased their home, 40% of women wished they had more knowledge about the fees and costs associated with purchasing a home, 32% wanted more information about the expected annual expense of owning a property and 30% wanted more information about mortgage options.