- Seven in ten would pay between $200,000 and $400,000.
- Less maintenance is the key selling point.
CALGARY, April 10 /CNW/ - Among Calgarians who would consider buying a
condominium, most would be comfortable with a price range from $200,000 to
$400,000, according to an Ipsos Reid survey conducted on behalf of TD Canada
The on-line survey, which looked at a number of factors that might
influence a potential condo owner's purchase decision, was conducted between
March 1 and March 5, 2007 among 725 adults aged 18 and older living in
Calgary, Vancouver, Toronto, Montreal and Halifax.
69% of Calgarians indicate they would buy a two-bedroom condo in that
price range. Another 23% would spend less than $200,000 and only 4% would
spend between $400,000 and $600,000, according to poll results.
In 2006, the average condo price in Calgary was $262,456, according to a
recent study. This compares with $169,899 in Montreal, $239,816 in Toronto and
$289,344 in Vancouver, with the average of the four cities being $240,378.
The pattern is similar for monthly condo fees. More than half (53%) would
be willing to pay between $200 and $400 and 23% set the upper limit at $200.
"Condo price preferences in Calgary reflect the realities of this red hot
real estate market," said Ed Michielsen, Senior Manager Sales and Service -
Prairie Region, TD Canada Trust. "Among the five cities we polled, Calgarians
are the most likely to consider spending at the $200,000-$400,000 level."
The Canadian Real Estate Association's average MLS price for all
dwellings in Calgary in February 2007 was $393,307 or 29% higher than the
Other Key Findings
- 38% of Calgarians would be likely to consider buying a condominium as
their primary residence, compared with 32% who said they would be
likely in a similar 2006 condo poll.
- When asked why they would be likely to buy a condo as their primary
residence, 36% of Calgary respondents say less maintenance, followed
by 26% who say condos are more affordable than houses. Only 3% would
choose condos due to their smaller size, reflecting last year's condo
poll finding that indicated Calgarians like to have lots of space
when they are looking for a home.
- Only 25% of Calgarians would consider raising a family in a condo,
below the five-city average of 29% and well below the average of 34%
for Vancouver. This accords with another finding that 55% of
Calgarians agree that "too many children living in the building"
would be a reason not to purchase a particular condo, compared with
the five-city average of 47% on this question.
- Proximity to public transit is less of a selling point for would-be
Calgary condo buyers than in the other cities surveyed. 68% of
Calgarians consider it an important amenity versus the five-city
average of 79%.
About Ipsos Reid
Ipsos-Reid is Canada's market intelligence leader and the country's
leading provider of public opinion research. With operations in eight cities,
Ipsos-Reid employs more than 300 researcher professionals and support staff in
Canada. The company has the biggest network of telephone call centres in
Canada, as well as the largest pre-recruited household and on-line panels.
Ipsos-Reid's Canadian marketing research and public affairs practices are
staffed with seasoned research consultants with extensive industry-specific
backgrounds, offering the premier suite of research vehicles in
Canada-including the Ipsos Trend Report, the leading source of public opinion
in the country-all of which provide clients with actionable and relevant
information. Ipsos-Reid is an Ipsos company, a leading global survey-based
market research group. To learn more, visit www.ipsos.ca.
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Financial Group. TD Bank Financial Group serves more than 14 million
customers in four key businesses operating in a number of locations in key
financial centres around the globe: Canadian Personal and Commercial Banking
including TD Canada Trust; Wealth Management including TD Waterhouse and an
investment in TD Ameritrade; Wholesale Banking, including TD Securities; and
U.S. Personal and Commercial Banking through TD Banknorth. TD Bank Financial
Group also ranks among the world's leading on-line financial services firms,
with more than 4.5 million on-line customers. TD Bank Financial Group had
CDN$408 billion in assets, as of January 31, 2007. The Toronto-Dominion Bank
trades on the Toronto and New York Stock Exchanges under the symbol "TD".
For further information:
For further information: Christa Poole, TD Bank Financial Group, (416)