TORONTO, May 5 /CNW/ - Low maintenance, affordability, downtown living. Torontonians choose condos for lifestyle reasons. Sixty-three per cent of those who would consider purchasing or already own a condo, say that they would still purchase a condo or that their decision would be the same even if they had more money. Additionally, more than one-third of Torontonians thinking about buying a condo would consider raising a family in one (36%). This is according to the 4th TD Canada Trust Condo Poll which surveyed Canadians who would consider purchasing a condo.
"Torontonians continue to see the value in purchasing a condo, whether it is a place to call home for themselves or for their children," says Chris Wisniewski, Associate Vice President, Real Estate and Secured Lending, TD Canada Trust. "Affordability and stable monthly expenses can make condos very attractive for both first-time buyers and investors."
Why buy a condo?
People in Toronto and Montreal are most likely in the country to say that wanting to live downtown is the main reason for buying a condo (14% vs. 12% nationally). The biggest motivation for Toronto buyers, according to the TD Canada Trust Condo Poll, is the lower maintenance needs of condos versus homes (39%). Affordability is the second most popular reason for condo purchases (19%). Downsizing from a house to prepare for or during retirement is the next most popular reason (15%).
Is a condo a good investment?
Thirty-eight per cent of Torontonians surveyed would consider buying a condo that is not their primary residence. Compared to this time last year, the number who feel market conditions have improved for buying a condo as an investment has dropped (from 42% in 2009 to 32% in 2010). The number who would consider purchasing a condo as an asset to sell when condo prices increase, has dropped by one third (from 27% in 2009 to 18% in 2010).
"The results may reflect a growing perception among investors that the profitability of investment condo ownership will be reduced due to higher condo prices, expected interest rate hikes and the imminent increases in carrying costs due to HST," says Georgia Stamatakos, Mobile Mortgage Specialist, Toronto, TD Canada Trust.
Torontonians know what they want to pay
For the fourth year in a row, the majority of Torontonians who would buy a condo (82%) say they would spend no more than $400,000 for a two bedroom condo. However, when it comes to condo fees, Torontonians are willing to pay more than the rest of the country. Twenty six per cent are willing to pay over $400 a month in condo fees versus 17% nationally.
About the 4th TD Canada Trust Condo Poll
The 2010 TD Canada Trust Condo Poll was conducted through interviews with adult Canadians who are likely to purchase a condo as a primary residence. Two hundred interviews were conducted 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 Public Opinion, a division of Vision Critical, on April 14 - 20, 2010. The sample size of 1,012 men and women includes 201 Torontonians.
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 more than 18 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, including 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 6 million online customers. TD Bank Financial Group had CDN$567 billion in assets on January 31, 2010. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group
For further information: For further information: Carolyn Abbass/Anne Locke, Paradigm Public Relations, (416) 203-2223, firstname.lastname@example.orgemail@example.com; Tashlin Hirani, TD Bank Financial Group, (416) 982-3375, firstname.lastname@example.org