J.D. Power and Associates Reports: Tridel Corporation Ranks Highest in Satisfying New-Condominium Buyers in the Greater Toronto Area For a Third Consecutive Year



    TORONTO, Oct. 8 /CNW/ - Tridel Corporation ranks highest in satisfying
new-condominium buyers in the Greater Toronto Area (GTA) for a third
consecutive year, according to the J.D. Power and Associates 2008 Canadian
New-Condominium Builder Customer Satisfaction Study(SM) released today.
    The study measures customer satisfaction of condominium buyers throughout
the new-home purchase and early ownership experience in three markets: the
Greater Toronto Area, Calgary and Edmonton. Buyers are asked to evaluate their
builder in eight factors (in order of importance): service/warranty staff;
home/building readiness; building/shared features; price/value; sales staff;
home quality; physical design; and design centre. This marks the third year
that the study has been conducted in the Greater Toronto Area.
    Tridel Corporation achieves a score of 776 on a 1,000-point scale to rank
highest in new-condominium buyer satisfaction in the GTA market for a third
consecutive year. Tridel Corporation performs particularly well in all eight
factors that contribute to overall satisfaction. Daniels Corporation (694) and
Monarch Corporation (684) follow Tridel in the GTA market rankings.
    Overall satisfaction in the GTA condominium market has increased slightly
to 622 in 2008, from 620 in 2007. While GTA condominium builders have made
improvements during the past year in most of the factors that drive overall
satisfaction, builders have experienced challenges with the two most important
areas of the purchase and early ownership experience - home/building readiness
and building/shared features, which are slowing the pace of overall
improvement.
    "Although GTA builders made gains in most aspects of the new-condominium
purchase experience, there is still opportunity for improvement in meeting
buyer expectations, particularly regarding building readiness and shared
features," said Marc Thibault, real estate practice leader at the Canadian
office of J.D. Power and Associates.
    The study finds that, prior to making a purchase decision, more than
one-half of new condominium buyers in Canada have researched builders on their
consideration lists by visiting builder Web sites, reviewing industry
magazines or speaking to previous purchasers about their experiences with
builders.
    The study also finds that buyers who report that they were "delighted"
with their experience with a condominium builder are three times more likely
to recommend that builder to others than are buyers who say they were
"indifferent" about the experience.
    "In many cases, prospective buyers will try to find as much information
as they can about the builders on their consideration lists to ensure they are
making the most informed decision possible," said Thibault. "It is not
uncommon for consumers to perform research by knocking on doors in condominium
complexes and speaking to current owners. Testimonials that prospective buyers
receive from owners can often make the difference between whether or not a
particular builder stays on shopper consideration lists."
    The study finds the total number of reported construction problems has
increased for a second consecutive year to 14.5 problems per home in 2008,
compared with 13.7 problems per home in 2007 and 13.1 problems per home in
2006. Issues with kitchen cabinets are cited most often by new condominium
buyers (41%), followed by problems with hardwood floors (36%).
    "The best way to reduce problems is to place more emphasis on quality
assurance inspections prior to home delivery," said Thibault. "Builders need
to direct resources toward eliminating the root causes of problems, rather
than getting good at fixing them after the buyer finds them. This approach not
only eliminates defects but also relieves demand on builder warranty service
teams."
    The study also finds that GTA builders made gains in their efforts to
improve communication with buyers throughout the new-condominium purchase
experience. In 2008, seven in ten buyers report that they received updates
about the construction status of their new condominium. This is a notable
increase from 2007, when slightly more than three in five buyers (62%) were
provided with some form of proactive communication from their builder.
    "There is a consistent, positive relationship between builder
communication effectiveness and homeowner satisfaction," said Thibault. "While
it is true that GTA builders can continue to improve in this area, it is clear
that they are taking meaningful steps to respond to this important customer
expectation."
    The 2008 Canadian New-Condominium Builder Customer Satisfaction Study is
based on responses from 1,086 buyers within the Greater Toronto Area who
purchased a newly built condominium. All buyers surveyed registered their home
purchase in 2007. The study was fielded from March to May 2008. J.D. Power and
Associates also measures customer satisfaction with new-home builders in the
Ottawa-Carleton region and the province of Alberta (in alliance with The
Alberta New Home Warranty Program). For more comprehensive information on GTA,
Ottawa-Carleton or Alberta builders, visit the J.D. Power Consumer Center at
www.jdpower.com/canada.

    About J.D. Power and Associates

    Headquartered in Westlake Village, Calif., J.D. Power and Associates is a
global marketing information services company operating in key business
sectors including market research, forecasting, performance improvement,
training and customer satisfaction. The company's quality and satisfaction
measurements are based on responses from millions of consumers annually. J.D.
Power and Associates is a business unit of The McGraw-Hill Companies.

    About The McGraw-Hill Companies

    Founded in 1888, The McGraw-Hill Companies (NYSE:   MHP) is a leading
global information services provider meeting worldwide needs in the financial
services, education and business information markets through leading brands
such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power
and Associates. The Corporation has more than 280 offices in 40 countries.
Sales in 2007 were $6.8 billion. Additional information is available at
http://www.mcgraw-hill.com.

    No advertising or other promotional use can be made of the information in
this release without the express prior written consent of J.D. Power and
Associates. www.jdpower.com/corporate

    NOTE: Chart available upon request





For further information:

For further information: Media Relations Contacts: Mark James, Cohn &
Wolfe, Toronto, Canada, (647) 259-3269, mark.james@cohnwolfe.ca; Camille
DePutter, Cohn & Wolfe, Toronto, Canada, (647) 259-3276,
camille.deputter@cohnwolfe.ca; Syvetril Perryman, J.D. Power and Associates,
Westlake Village, Calif., (805) 418-8103, syvetril.perryman@jdpa.com

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