It’s a singles world out there, and buying a home doesn’t have to be out of reach just because you’re doing it solo. Whether you’re a single woman or man, homeownership is totally possible—and more common than you might think.
In fact, more women than men are buying homes on their own, and it’s a great way to build financial independence. That said, it does come with its own challenges, especially in today’s unpredictable economy. Between 2001 and 2008, the number of single homeowners in Canada jumped by 11.8%, with single-owner households making up nearly half of the total singles population. While things may have slowed down since then, the dream of homeownership is still very much alive.
Since a single buyer is relying on just one income, there’s a bit more risk involved, especially if job security is ever an issue. That’s why it’s extra important to pick the right home and be financially prepared. If your job is stable and your income prospects look solid for the next few years, it could be a great time to enter the market. Starting with something smaller can be a smart move, keeping your finances flexible and leaving you with room to upgrade down the road—whether that’s for a growing investment, a lifestyle change, or a future partner.
A lot of first-time single buyers come in with big wish lists that don’t always match their budgets, but it’s key to stay realistic. Owning a home comes with extra costs that renters don’t have to think about, like maintenance and repairs. When something breaks, there’s no landlord to call—it’s all on you. That’s why it’s smart to keep some financial wiggle room. I recommend making sure you have at least a 20% cushion in your monthly budget after covering your essential bills. That extra savings can help with surprise expenses like a leaky roof or a broken appliance, keeping you in a strong position as a homeowner.
If you’ve been paying rent comfortably, switching to a mortgage could be a solid long-term move. It builds equity and gives you more control over your space. Just make sure to factor in other costs like property taxes, insurance, and upkeep, which can add up if you’re used to renting.
The other thing to keep in mind is that homeownership means handling all the maintenance and chores yourself. Be honest with yourself about how much time and effort you’re willing to put into things like yard work and home repairs. If that’s not your thing, a condo or townhouse with strata-covered maintenance might be a better fit than a detached house.
At the end of the day, nearly half of all single buyers own homes, even on just one income. If you’re thinking about taking the plunge, chat with a real estate professional to see what’s possible within your budget. Being single doesn’t have to hold you back from homeownership—it’s a chance to take control of your future and build something that’s all yours.
