TD Canada Trust 2009 Condo Poll Shows Canadians Believe
It's a Buyer's Market
TORONTO, May 4 /CNW/ - In a buyer's market, if you can't go it alone,
find a good friend. The results of the 2009 TD Canada Trust Condo Poll show
that the perceptions of the condo market have improved significantly over 2008
with 44% of urban Canadians believing the current conditions have improved for
buying a condo as an investment (versus 21% in 2008). Why? Respondents say it
is a buyer's market and condo prices are declining. If they can't afford to
buy one on their own, 43% are willing to consider a joint purchase with a
friend or relative to make the condo purchase possible.
"For Canadians looking to purchase their first residence or make a
long-term investment, condos offer a lower maintenance and lower-cost
alternative to houses," says Joan Dal Bianco, Vice President, Real Estate
Secured Lending, TD Canada Trust. "This is a good time to explore a condo
purchase given that mortgage rates are very attractive right now and many
condos have dropped significantly in price."
WHY BUY A CONDO?
The 2009 TD Canada Trust Condo Poll showed that the top reason urban
Canadians would consider a condo purchase is because condos require less
maintenance than houses (39%). The second most popular reason is that condos
are more affordable than houses (21%). Not surprisingly, in Vancouver, where
housing costs have traditionally been high, the responses differed from the
rest of Canada, with 35% of Vancouver respondents citing affordability as the
top reason for a condo purchase.
HOW MUCH ARE CANADIANS WILLING TO SPEND?
While 44% of survey respondents believe the current conditions for buying
an investment condo are better than a year ago, versus just 21% agreeing with
that statement in 2008, the amount Canadians are willing to spend has remained
consistent. For a two bedroom condo, 82% say that they would be willing to pay
less than $400k (compared to 84% in 2008). Prospective condo buyers continue
to want to keep their costs low with 83% saying they would pay less than $400
per month in condo fees (compared to 84% in 2008).
"I imagine there are many people who believed just a year ago that they
would not be able to get in to the housing market -- and now current market
conditions are allowing them to reconsider their options," says Dal Bianco.
"Low interest rates, affordability, the range of condo options and amenities
make a condo an attractive purchase for many Canadians."
WHAT DO CANADIANS WANT?
Ninety-seven per cent of survey respondents chose low condo fees as their
top condo feature or amenity, followed closely by good security at 96%. An
energy efficient building is also important (93%), as is attractive design
(95%). A brand new condo climbed the list of important features in 2009 with
58% selecting it as very or somewhat important compared to 45% selecting it in
TD CANADA TRUST CONDO POLL - OTHER FINDINGS
- Parking is a driving force in deciding whether or not to purchase a
particular condominium. Calgarians were most likely to not want to
purchase a particular condominium because there is no parking (87%
versus 75% nationally). Torontonians were the least concerned about
- Vancouver residents are more willing to raise a family in a
condominium (43%) while residents of Montreal and Halifax are least
likely to consider a condo as a family option (24% and 26%
- Those in Halifax are more likely than other urban Canadians to
purchase a condominium because they are approaching retirement (24%
versus 17% nationally)
- Vancouver and Calgary residents are most likely to purchase a
condominium for the reason that they are more affordable (35% and 23%
respectively). People in Halifax are least likely to purchase a condo
for this reason (6%)
- Montrealers are willing to pay the least in condo fees with 60%
willing to pay less than $200 in monthly condominium fees.
Torontonians will pay the most in monthly condominium fees with 72%
willing to pay more than $200 a month
- Residents of Calgary, Toronto and Vancouver are most likely to
consider owning a condo as an investment (that is not their primary
residence) and residents of Montreal and Halifax are least likely
ABOUT THE 2009 TD CANADA TRUST CONDO POLL
The 2009 TD Canada Trust Condo Poll was conducted through interviews with
200 adult Canadians in each of Greater Vancouver, Calgary, Greater Toronto
Area, Metropolitan Montreal and Halifax, to understand condominium choices
among residents in Canada's urban centres. The survey was conducted by Angus
Reid Strategies between March 30 and April 7, 2009. The sample size includes
1,000 men and women.
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Financial Group. TD Bank Financial Group is the sixth largest bank in
North America by branches and serves approximately 17 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 and TD Insurance; Wealth Management, including TD Waterhouse
and an investment in TD Ameritrade; U.S. Personal and Commercial Banking
through TD Banknorth and TD Bank, America's Most Convenient Bank; and
Wholesale Banking, including TD Securities. TD Bank Financial Group also ranks
among the world's leading online financial services firms, with more than 5.5
million online customers. TD Bank Financial Group had CDN$585 billion in
assets on January 31, 2009. The Toronto-Dominion Bank trades under the symbol
"TD" on the Toronto and New York Stock Exchanges.
For further information:
For further information: Carolyn Abbass/Jennifer Meneses, Paradigm
Public Relations, (416) 203-2223,
firstname.lastname@example.orgemail@example.com; Tashlin Hirani, TD Bank
Financial Group, (416) 982-3375, Tashlin.firstname.lastname@example.org