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Haligonians Most Likely to Choose Condos for Retirement, says TD Canada Trust Poll

4 minute read
By TD Bank Group
• Apr. 10, 2007
HALIFAX, April 10 /CNW/ - Among Canada's urban dwellers, Haligonians are the most likely to consider living in a condominium during their retirement years, according to a recent Ipsos Reid survey conducted on behalf of TD Canada Trust poll. 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 Halifax, Montreal, Toronto, Calgary and Vancouver. When asked how long they would plan to live in a condo, most Haligonians (58%) respond with "the rest of my life". This compares with a five-city average of 43% on this question, and is considerably higher than second-place Vancouver, at 45%. Related poll findings are as follows: - When asked if the main reason they would consider buying a condo is to downsize for retirement, 24% of Haligonians say yes, compared with an average response rate of 18% for all regions. - The main reason cited by Haligonians in considering a condo as their primary residence is less maintenance, with more than half citing this factor, versus the five-city average of 35%. - When asked whether they would consider raising a family in a condominium, only 15% of Haligonians say yes. This is half the average affirmative response for the five cities that were polled. - When asked for reasons they would not buy a particular condo unit, more than half (51%) of Haligonians indicate "too many children living in the building". Only 4% say "not enough children." Holding the Line on Price Most Haligonians (60%) will only pay up to $200,000 for a two-bedroom condominium, compared with a five-city average response of 35%. The only city with a higher percentage is Montreal, with 65%. Another 35% would consider a condo in the $200,000 to $400,000 price range, and none indicate they would buy one priced higher than $400,000, according to poll results. Haligonians are also far less likely than residents of other Canadian cities to want a condo because they are more affordable than houses. Only 6% cite this as a reason for wanting a condo, compared with a five-city average of 22%. In Vancouver, where housing prices are the highest among Canada's major urban centres, the response on affordability is 36%. "In other Canadian cities like Vancouver, Calgary and Toronto, soaring real estate prices are forcing potential condominium buyers to consider more expensive units, especially if they want to live in or near the urban core," said Tom Wheeler, District Vice President, Metro Halifax, South Western Nova Scotia, TD Canada Trust. "Here in Halifax, homebuyers continue to benefit from relatively low prices, and their preferences reflect this reality." The Canadian Real Estate Association's average MLS price for Halifax for all residential dwellings in February 2007 was $213,327, compared with the national average for February 2007 of $311,101. According to Royal LePage's Fourth Quarter 2006 Survey of Canadian House Prices, the cost of a standard two-bedroom condominium in Halifax ranged from $115,000 to $252,000. 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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