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TD CANADA TRUST

Condos Equal Freedom and Affordability to Urban Canadians, says TD Canada Trust Poll

4 minute read
By TD Bank Group
• May 7, 2008
Condos Equal Freedom and Affordability to Urban Canadians, says TD Canada Trust Poll - Popularity is increasing across Canada - More than half of urban Canadians want to spend less than $400,000 for a 2-bedroom condo; willingness to pay more likely reflects local market conditions - Energy efficiency is a top-ranked amenity - Lowest in importance: "owning a brand new condo" - Lack of parking and poor security are main reasons for not buying TORONTO, May 7 /CNW/ - Urban Canadians say that less maintenance (34%) and the fact that condominiums are more affordable than houses (23%) are the two main reasons they would consider buying a condo, according to the 2008 TD Canada Trust Condo Poll. In Vancouver, however, affordability is the leading factor (40%) and low maintenance is a distant second (20%). 52% of urban Canadians want to spend less than $400,000 for a 2-bedroom condo, and 28% want to spend less than $200,000. But residents of Vancouver, Calgary and Toronto are willing to pay more, likely due to prevalent market conditions in their cities. Across Canada, condo popularity is steadily increasing. Almost half of urban Canadians (48%) indicate they would consider buying a condo as their primary residence, up from 39% in 2007. The findings are part of the 2008 TD Canada Trust Condo Poll. Conducted by Angus Reid Strategies between March 20 and 25, the poll looks at the attitudes of urban Canadians towards condo ownership. A total of 1200 online interviews were conducted with Angus Reid Forum panelists who indicated they are likely to consider purchasing a condominium as a primary residence. The sample consisted of 200 interviews in each of Greater Vancouver, Calgary, the Greater Toronto Area, the Montreal Metropolitan Community, Halifax and Ottawa. "While affordability is still the main driver for many first-timers, the condo market today offers so many options and amenities - including highly energy-efficient buildings - that it is commanding the attention of a much wider range of potential buyers," says Joan Dal Bianco, Vice President, Real Estate Secured Lending. "And with economists predicting improved affordability in Canadian housing markets this year and next, and with continuing low interest rates and flexible mortgages, condos will continue to be an attractive choice for buyers." Royal Lepage's "Survey of Canadian House Prices" indicates that in the first three months of 2008, the national average price of a standard condominium in Canada was $240,423 or 6.9% higher than the same period in 2007. Key Findings: - At 96% each, an energy-efficient building and good building security are the top two amenities important to potential Canadian condo buyers, followed closely by low condo fees (94%), attractive design (92%) and proximity to public transit (86%). An environmentally friendly building is important to 83% of respondents. - Energy efficiency has grown in importance as an amenity. Last year, it was ranked third (90%) after good building security (96%) and attractive design (91%) - At 45%, owning a brand new condo is least important amenity for potential buyers. - Parking is a must. More than three-quarters (76%) of respondents say that no parking would be a reason they would not buy a particular condo. Next on the list of 'deal-breakers' is insufficient security (66%), followed by a lack of energy efficiency (56%). - Almost half of urban Canadians (48%) are willing to pay no more than $400 in monthly condo fees and 36% won't pay more than $200. Montrealers, at 58%, are most likely to set $200 as their limit; Torontonians the least likely (25%). - While most urban Canadians are not looking to raise a family in a condo, attitudes on this issue may be softening. In the 2007 condo poll, 71% of total poll respondents said they would not do so; this year it is 67%. Residents of Montreal and Halifax are least likely to consider raising a family in a condo. - While only 7% of urban Canadians currently own a condo purely for investment reasons rather than as a primary residence, 38% say they would consider making such a purchase. Vancouverites are most likely to consider it (52%); Ottawans are least likely (25%). - Most urban Canadians plan to live a number of years in the condo they purchase. 30% would spend six to ten years in it, 27% would spend three to five years and 25% would spend more than 15 years. All results presented on a total basis for the six cities are weighted averages to reflect the populations of the individual cities. The margin of error for the total sample of six cities is +/-2.9%, 19 times out of 20. 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 seventh largest bank in North America by branches and serves approximately 17 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; U.S. Personal and Commercial Banking through TD Commerce Bank; and Wholesale Banking, including TD Securities. TD Bank Financial Group also ranks among the world's leading on-line financial services firms, with more than 5.5 million on-line customers. TD Bank Financial Group had CDN$435 billion in assets as of January 31, 2008. The Toronto-Dominion Bank trades on the Toronto and New York Stock Exchanges under the symbol "TD", as well as on the Tokyo Stock Exchange. The TD Economics Special Report can be found at http://www.td.com/economics/special/ca0408_housing.pdf For further information: Kelly Hechler, Media Relations, Corporate and Public Affairs, TD Bank Financial Group, (416) 982-2469

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