More Likely to Consider Raising a Family in a Condo
MONTREAL, April 10 /CNW/ - Almost two-thirds of Montrealers considering
buying a condominium would only pay up to $200,000 for it, according to a
recent Ipsos Reid survey conducted on behalf of TD Canada Trust. The same
proportion would only pay up to $200 in monthly condo fees.
The on-line survey, which looked 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 Montreal, Halifax,
Toronto, Calgary and Vancouver.
The 65% response among Montrealers regarding the $200,000 condo price
limit compares with an average of 35% for the five cities polled. The same 65%
response for the $200 price cap on condo fees compares with a five-city
average response of 42%.
Respondents are asked how likely they would be to consider purchasing a
condominium as their primary residence if they were thinking about purchasing
a new home. 73% of Montrealers indicate it is unlikely, virtually unchanged
from the 75% response to this same question in a similar poll one year ago.
However, when asked if they would consider raising a family in a
condominium, 37% of Montrealers respond they would likely consider it, well
above the five-city average of 29% on this question. In similar findings,
Montrealers are also the least likely (32%) to say that "too many children
living in a building" would be a reason not to buy a particular condo unit
(average response is 47%). They are also the least likely to care whether or
not other residents of the building are in their age range.
"While housing prices have increased in Montreal, the increase is below
the national average and well below places such as Calgary," said Dominic
Escobar, Regional Sales Manager, TD Canada Trust. "Thus single family homes
are still affordable in the Montreal region, and they remain the preference
for most Montreal home buyers. But Montrealers are also more open to the idea
of raising children in a condo. This could be related to the city's history of
having a large stock of rental flats and apartments, and that many Montrealers
lived in them throughout their childhood."
In 2006, the average condo price in Montreal was $169,899, according to a
recent study. This compares with $262,456 in Calgary, $239,816 in Toronto and
$289,344 in Vancouver, with the average of the four cities being $240,378.
The Canadian Real Estate Association's national average MLS price for all
dwellings in February 2007 was $311,101, or 42% higher than Montreal's average
MLS price of $219,149. Nationally, the price increased by 10% over 2006,
compared with a 7% increase in Montreal's average price.
Montrealers are far less likely than residents of the other four cities
surveyed to consider living out their retirement in a condominium. Only 27%
indicate they would do so, compared with an average of 42% for all regions and
a high of 58% for residents of Halifax.
When it comes to important amenities, Montrealers' choices are similar to
other cities: good building security (top-ranked amenity), attractive design,
energy-efficient building, and close to public transit.
Finally, Montrealers are twice as likely (22%) - to consider buying a
condo because it is a good investment - than residents of other cities
(five-city average response is 11%).
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: Edith Ducharme, TD Bank Financial Group, (514)