Battle of the sexes: home buying edition
A BMO Bank of Montreal survey revealed significant differences between men and women when it comes to the home buying process, including how much they are willing to pay and the type of mortgage they choose.
The survey found that among future first time home owners:
- Men (44 per cent) are more likely than women (28 per cent) to consider a fixed rate mortgage - 16 per cent of men, compared to only 8 per cent of women reported that they have been caught up in a bidding war - 70 per cent of men say they are more likely to consider offering more for a home based on its location, compared to 57 per cent of women
Other key survey findings include:
- When identifying what makes future first time home buyers most anxious about the home buying process, men and women both agree saving for the down payment (50 per cent male, 56 per cent female).
However, men and women significantly differ on other aspects of the home buying process:
- Women are significantly more likely to report feeling overwhelmed by the choices and decisions to make (44 per cent vs. 28 per cent).
- Men are more likely than women to agree that the media’s talk of rising interest rates has influenced their decision to enter the housing market (39 per cent vs. 26 per cent).
