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Montrealers Hold Line on Condo Prices and Fees, says TD Canada Trust Poll

4 minute read
By TD Bank Group
• Apr. 10, 2007
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: Edith Ducharme, TD Bank Financial Group, (514) 289-8978

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