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Calgarians Comfortable With Mid-Range Condo Prices, says TD Canada Trust Poll

3 minute read
By TD Bank Group
• Apr. 10, 2007
- Seven in ten would pay between $200,000 and $400,000. - Less maintenance is the key selling point. CALGARY, April 10 /CNW/ - Among Calgarians who would consider buying a condominium, most would be comfortable with a price range from $200,000 to $400,000, according to an Ipsos Reid survey conducted on behalf of TD Canada Trust. 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 Calgary, Vancouver, Toronto, Montreal and Halifax. 69% of Calgarians indicate they would buy a two-bedroom condo in that price range. Another 23% would spend less than $200,000 and only 4% would spend between $400,000 and $600,000, according to poll results. In 2006, the average condo price in Calgary was $262,456, according to a recent study. This compares with $169,899 in Montreal, $239,816 in Toronto and $289,344 in Vancouver, with the average of the four cities being $240,378. The pattern is similar for monthly condo fees. More than half (53%) would be willing to pay between $200 and $400 and 23% set the upper limit at $200. "Condo price preferences in Calgary reflect the realities of this red hot real estate market," said Ed Michielsen, Senior Manager Sales and Service - Prairie Region, TD Canada Trust. "Among the five cities we polled, Calgarians are the most likely to consider spending at the $200,000-$400,000 level." The Canadian Real Estate Association's average MLS price for all dwellings in Calgary in February 2007 was $393,307 or 29% higher than the previous year. Other Key Findings - 38% of Calgarians would be likely to consider buying a condominium as their primary residence, compared with 32% who said they would be likely in a similar 2006 condo poll. - When asked why they would be likely to buy a condo as their primary residence, 36% of Calgary respondents say less maintenance, followed by 26% who say condos are more affordable than houses. Only 3% would choose condos due to their smaller size, reflecting last year's condo poll finding that indicated Calgarians like to have lots of space when they are looking for a home. - Only 25% of Calgarians would consider raising a family in a condo, below the five-city average of 29% and well below the average of 34% for Vancouver. This accords with another finding that 55% of Calgarians agree that "too many children living in the building" would be a reason not to purchase a particular condo, compared with the five-city average of 47% on this question. - Proximity to public transit is less of a selling point for would-be Calgary condo buyers than in the other cities surveyed. 68% of Calgarians consider it an important amenity versus the five-city average of 79%. 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: Christa Poole, TD Bank Financial Group, (416) 308-0177, christa.poole@td.com

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