One in three Torontonians would consider buying a condo purely for investment purposes, says TD Canada Trust Poll

- Less maintenance is still the main attraction for Torontonians - Energy efficiency is high and growing in importance - Lowest in importance: "owning a brand new condo" TORONTO, May 7 /CNW/ - Slightly more than one-third of Torontonians (34%) would consider owning a condo solely for investment purposes rather than as their primary residence. 8% have already made this kind of investment. By comparison, more than half (52%) of Vancouverites say they would buy a condo strictly as an investment, yet only 5% have actually done so. Among Montrealers, only 3% say they already own an investment condo. 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 These 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. "Toronto is blessed with one of the most vibrant condo markets in Canada in terms of price ranges, building styles and amenities," says Joan Dal Bianco, Vice President, Real Estate Secured Lending. "The fact that Torontonians have a wide range of pricing preferences, from low-end to high-end, reflects the variety available to buyers." Royal Lepage's "Survey of Canadian House Prices" indicates that in the first three months of 2008, the average price of a standard condominium in Toronto was $298,662, or 6.9% higher than the same period in 2007. The year-over-year change from 2006 to 2007 for the same time period was 7.2%. "With economists predicting improved affordability in Canadian housing markets this year and next," continues Dal Bianco, "this should make condos even more affordable for Torontonians entering the market for the first time." Key Findings: - When asked the main reason they would buy a condo, 38% of Torontonians say it is due to less maintenance. This is consistent with respondents in other cities polled, with the exception of Vancouver. In that city, 40% say affordability is key and only 20% cite maintenance. - More than half (56%) of Toronto residents say they would pay between $200,000 and $400,000 for a two-bedroom condo. The six-city total is 52%. - In Toronto, one-in-four (24%) say $200,000 is the most they will pay for a two-bedroom condo. In high-priced Calgary and Vancouver, only 14% of respondents set this price limit. Montrealers, at 58% are most likely to want a condo under $200,000, followed by Halifax residents at 52%.The six-city total is 28%. - One quarter of Torontonians (25%) don't want to pay more than $200 in monthly condo fees, half (50%) will pay between $200 and $400 and one-in-five (21%) will pay between $400 and $600. The comparative six-city totals are 36%, 48% and 14% respectively. Only 2% of Canadians will go above $600 in condo fees. - Good building security (99%) is the most important amenity for Toronto residents. - An energy-efficient building, at 96%, is a close second in importance. In the 2007 condo poll, energy efficiency was in third place (92%) behind "attractive design" (94%). - At 56%, owning a brand new condo is least important amenity for Torontonians. - Attitudes towards raising a family in a condo seem to be softening. Last year, 74% of Torontonians said they would not raise a family in a condo, whereas in this year's poll, 68% say no. This is almost the same as the six-city total of 67%,who say no to raising a family in a condo, but less than residents of Montreal (81%), Halifax (79%) and Calgary (71%). - No parking (71%) is on par with lack of building security (70%) as the main reason Torontonians would not buy a particular condo. - Like residents of all six major cities, most Torontonians are looking to spend at least five years living in a new condo. 30% would spend six to ten years and 28% would spend three to five 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 Toronto poll is +/-6.9%, 19 times out of 20. For the total sample of six cities, the margin of error is +/-6.9%, 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

One in three Torontonians would consider buying a condo purely for investment purposes, says TD Canada Trust Poll

See you in a bit