Single Women Dominate Luxury Real Estate
A compelling shift in the luxury real estate landscape is underway, with single women of all ages emerging as a significant driving force. A recent Sotheby’s International Realty Luxury Outlook Report underscored this trend. The report focuses strictly on the luxury market, but I see this trend at all price points in my real estate practice, which mirrors the US experience.
The growing financial independence of women is undeniable. By 2030, women in the US are projected to control a substantial portion of investable assets, a trend fueled by both personal wealth accumulation and an impending intergenerational wealth transfer, as highlighted by a Bank of America Institute report. Similar patterns of increasing female financial autonomy are also evident in Canada.
In the US, the National Association of Realtors (NAR) reports a notable disparity in homeownership, with single women significantly outnumbering single men. This inclination towards independent homeownership is increasingly visible in Toronto, where single professional women across all age groups, including baby boomers looking to downsize, are actively shaping the luxury market.
The influence of younger generations, particularly millennials, is reshaping the luxury market as well, as social media and visual platforms like Instagram have significantly impacted their preferences. Millennials are drawn to properties that align with their digitally influenced aesthetic, and younger buyers are seeking properties that blend a luxury aesthetic with modern, social media-worthy features.
Finally, the trend of individuals seeking international relocation is also relevant to Toronto. As a global hub, Toronto attracts affluent individuals seeking a stable and vibrant lifestyle, further contributing to the dynamism of its luxury real estate market.
It’s important to note that Toronto, like other major Canadian cities, has a foreign buyer ban in place. However, specific exemptions and pathways are available. Those interested in exploring these options should reach out to me for personalized guidance.
