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In Toronto, Less Maintenance is Key to Condo Happiness, Says TD Canada Trust Poll

3 minute read
By TD Bank Group
• Apr 10, 2007
TORONTO, April 10 /CNW/ - Among Torontonians who would consider purchasing a condominium as their primary residence, the most important reason by far is less maintenance, 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 Toronto, Vancouver, Calgary, Montreal and Halifax. Four in ten Toronto respondents (41%) cite less maintenance as the main reason for considering a condo, followed by the desire to downsize one's living space as one approaches retirement or is already retired (19%), the desire to live downtown (16%), affordability relative to single family homes (14%) and the fact that condos are a good investment (9%). At 43%, the tendency of Torontonians to consider buying a condo as their primary residence is somewhat higher than the five-city average of 39% and is virtually unchanged from last year's poll finding for Toronto (42%). Overall, the likelihood of residents in all five cities to purchase a condo as their primary residence has increased by 4% year over year. Most Torontonians (57%) say they would buy a two-bedroom condo in a price range between $200,000 and $400,000, slightly higher than the five-city average of 51%. 22% would not pay more than $200,000, 7% would pay between $400,000 and $600,000, and only 2% would pay more than $600,000. According to a recent study, in 2006 the average condo price in Toronto was $239,816. This compares with $262,456 in Calgary, $289,344 in Vancouver and $169,899 in Montreal, with the average of the four cities being $240,378. The Canadian Real Estate Association's average MLS price for all dwellings in Toronto in February 2007 was $368,687. In terms of amenities, Torontonians rate proximity to public transit highly, with 87% saying it is important versus a five-city average of 80%. Other amenities such as a gym, pool and party room, also have a higher level of importance in Toronto (77%) than in other regions of the country (five-city average of 63%). "The poll findings for Toronto are fairly consistent with those in other cities, and demonstrate a pragmatic approach by potential condo buyers to market conditions," says Joan Dal Bianco, Vice President, Real Estate Secured Lending. "The somewhat greater weight attached to proximity to public transit is of course a reflection of traffic and parking issues within the GTA, and the fact that many condo buyers are choosing to live in or close to downtown." 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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