HALIFAX, April 10 /CNW/ - Among Canada's urban dwellers, Haligonians are
the most likely to consider living in a condominium during their retirement
years, according to a recent Ipsos Reid survey conducted on behalf of TD
Canada Trust poll.
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
Halifax, Montreal, Toronto, Calgary and Vancouver.
When asked how long they would plan to live in a condo, most Haligonians
(58%) respond with "the rest of my life". This compares with a five-city
average of 43% on this question, and is considerably higher than second-place
Vancouver, at 45%.
Related poll findings are as follows:
- When asked if the main reason they would consider buying a condo is
to downsize for retirement, 24% of Haligonians say yes, compared with
an average response rate of 18% for all regions.
- The main reason cited by Haligonians in considering a condo as their
primary residence is less maintenance, with more than half citing
this factor, versus the five-city average of 35%.
- When asked whether they would consider raising a family in a
condominium, only 15% of Haligonians say yes. This is half the
average affirmative response for the five cities that were polled.
- When asked for reasons they would not buy a particular condo unit,
more than half (51%) of Haligonians indicate "too many children
living in the building". Only 4% say "not enough children."
Holding the Line on Price
Most Haligonians (60%) will only pay up to $200,000 for a two-bedroom
condominium, compared with a five-city average response of 35%. The only city
with a higher percentage is Montreal, with 65%.
Another 35% would consider a condo in the $200,000 to $400,000 price
range, and none indicate they would buy one priced higher than $400,000,
according to poll results.
Haligonians are also far less likely than residents of other Canadian
cities to want a condo because they are more affordable than houses. Only 6%
cite this as a reason for wanting a condo, compared with a five-city average
of 22%. In Vancouver, where housing prices are the highest among Canada's
major urban centres, the response on affordability is 36%.
"In other Canadian cities like Vancouver, Calgary and Toronto, soaring
real estate prices are forcing potential condominium buyers to consider more
expensive units, especially if they want to live in or near the urban core,"
said Tom Wheeler, District Vice President, Metro Halifax, South Western Nova
Scotia, TD Canada Trust. "Here in Halifax, homebuyers continue to benefit from
relatively low prices, and their preferences reflect this reality."
The Canadian Real Estate Association's average MLS price for Halifax for
all residential dwellings in February 2007 was $213,327, compared with the
national average for February 2007 of $311,101. According to Royal LePage's
Fourth Quarter 2006 Survey of Canadian House Prices, the cost of a standard
two-bedroom condominium in Halifax ranged from $115,000 to $252,000.
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)